World Bank Supports SunEdison’s 80 MW Solar Projects In Honduras
A World Bank entity has become the latest financial institution to provide finance to solar power projects in Honduras by global renewable energy major SunEdison.
The Multilateral Investment Guarantee Agency (MIGA), a part of the World Bank, has pledged guarantees for investment worth $56.7 million across three solar PV power projects being implemented by SunEdison in Honduras. The total generation capacity of the projects is around 80 MW with the largest project having a capacity of 35 MW.
The projects are being implemented by SunE Solar B.V, a Dutch subsidiary of SunEdison.
In December last year, SunE Solar closed debt financing for the projects. It secured financing worth $86 million from another entity of the World Bank — the International Finance Corporation, $45 million from the Central American Bank for Economic Integration, and $15 million from the OPEC Fund for International Development.
SunEdison expects that all three projects will be commissioned by the second half of 2015. The power generated from the power plants will be supplied to ENEE, the state-owned electricity generation, transmission, and distribution company, under a 20-year power purchase agreement.
A number of solar power project developers have been attracted to Honduras over the last few months. US-based Upower had signed power purchase agreements for 100 MW worth of solar power projects with ENEE last year. Norwegian power project developer Scatec Solar last year also announced that it is working on a 60 MW solar power project in Honduras. Work on more than 200 MW of solar power capacity was initiated last year in the country with several of the projects expected to be commissioned this year.
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