CABEI promotes clean electricity generation in El Salvador
CABEI reaffirms its commitment to projects that mitigate climate change and contribute to the Sustainable Development Goals in the region.
San Salvador, October 29, 2019.- The Central American Bank for Economic Integration (CABEI) structured a financing in the amount of US$110.81 million dollars for the Bosphorus Photovoltaic Solar Project, which will begin to generate 100 megawatts (MW) of clean energy.
Bosphorus, which is an important project executed by AES El Salvador in association with the Multi Investment Corporation, has been developed under an environmentally responsible concept, since its solar panels require little maintenance and cleaning is done naturally with rainwater, contributing to reducing water consumption. Most of the electronic structures and equipment used in its construction may be recycled in the future; likewise, it has been designed to help prevent emissions of more than 175 thousand metric tons of CO2 annually.
The project works involve the design, supply, installation and startup of 10 photovoltaic power generation plants that together will have a total installed capacity of 100.0 MW (equivalent to 142.1 MWP 9). The 10 power generation plants that make up this project were developed in three phases.
As a structuring bank, this operation allowed CABEI to strengthen its role as a catalyst for attracting resources to the Central American region through the participation of the following first-order extra-regional commercial and development financial institutions: Overseas Private Investment Corporation ( OPIC), Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV (FMO), Finnish Fund For Industrial Cooperation LTD (FINNFUND), Belgian Investment Company for Developing Countries NV / SA (BIO) and CIFI LATAM, S.A. The latter will be able to invest their resources in the region with CABEI as their regional strategic ally for future operations.