Providencia 60MW photovoltaic power plant

Overview:

• Providencia 60MW photovoltaic power plant
• Providencia Solar is developing the project.
• The Inter-American Investment Corporation (IIC) is acting on the financing.
• The project is the first-ever commercial-scale solar project in El Salvador.
• The Inter-American Development Bank acted as senior lender, granting a loan of $87.7 million and as administrator of the Canadian Climate Change Fund, and Proparco granted a $30 million credit facility to finance the project, which brought the aggregate financing to $150.7 million.
• Solar energy is a hot topic in El Salvador. In October 2015, the government extended tax incentives which would have otherwise ended in 2015. This new law also allowed projects over 20MW to receive the benefits.  

Rani Mehta - Journalist