Renewable energy developer MPC Energy Solutions has signed a long-term power purchase agreement (PPA) with sugar cane exporter IMSA for a 65MW solar PV plant in Guatemala.
The agreement was made for the power of the plant with sugar cane processor and exporter Ingenio Magdalena S.A (IMSA) subsidiary Comercializadora de Energía Para el Desarrollo S.A.
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It marks MPC Energy’s entry into the Guatemalan market, having already established a presence across Latin America and the Caribbean.
Project development will begin immediately and construction of the plant is set to start within twelve months. IMSA Group is the largest private energy producer in Guatemala and supplies around 8% of the country’s power, it claimed.
Fernando Zuniga, managing director for Latin America and the Caribbean at MPC Energy Solutions said: “Establishing development activities in Guatemala demonstrates how MPC Energy Solutions is spearheading the drive to meet high demand for renewable energy in Central America, as countries across the region seek to decarbonize energy production.”
PV Tech reported in March last year that solar PV represents the most cost-effective route to decarbonisation for Central American countries, as the International Renewable Energy Agency reported that installations must double in the next decade.
A recent policy change in Mexico supporting a state owned solar-plus-storage project was hailed as a shift in thinking for the country last month, which is one of the largest markets in the region.