AES Solar subsidiary AES Illumina closed on a loan and financing package and has begun construction of a 24MW PV power plant in Guayama, Puerto Rico, said to be the largest solar power installation yet to be undertaken on the island. Global Energy Services will act as the primary construction contractor on the project.
AES Ilumina will sell all of its output to the Puerto Rico Electric Power Authority (PREPA) under a 20-year power purchase agreement. It purchased land for the project from the Puerto Rico Industrial Development Co.
The plant is expected to begin production in the summer of 2012. Approximately 200 jobs will be created during construction, the companies said.
Neither the amount of the financial package nor the types of modules to be deployed or inverters and other balance of systems equipment to be used have not been disclosed.
A joint venture between the AES Corp. and Riverstone Holdings, AES Solar and its AES Illumina unit closed on a construction loan, term loan, and tax equity nonrecourse financing facilities provided by MetLife earlier this month. CP Energy served as financial adviser to AES Solar on this transaction, and Cornerstone Financial Advisors served as financial adviser to MetLife.
AES Solar said it has 191MW utility-scale PV plants in operation or under construction in the United States, Spain, Greece, Italy, France, Bulgaria, and India with substantial development activity in other countries