LSS2 is the second phase of the multi-phase Latte Stone portfolio that the company is developing in Guam and the Commonwealth of the Northern Mariana Islands
Buenavista Renewables and Micronesia Renewable Energy close debt financing for Latte Stone Solar 2 distributed generation solar portfolio. Photo: courtesy of Michael Schwarzenberger from Pixabay.
Buenavista Renewables (BVR) and Micronesia Renewable Energy (MRE) have closed a US$4.3 million loan with Bank of Guam for the construction of the Latte Stone Solar 2 (LSS2) portfolio of distributed generation PV solar facilities on Guam. LSS2 is the second phase of the multi-phase Latte Stone portfolio that the company is developing in Guam and the Commonwealth of the Northern Mariana Islands (CNMI). The first phase, Latte Stone Solar 1, reached commercial operation in Q4 of 2018. Like LSS1, the off-takers for LSS2 are all commercial and industrial clients.
“We are pleased to have closed this second senior debt facility for the construction of PV facilities on Guam and to continue aiding the region in its energy transition,” says Dean G. Hull, Principal – Structured Finance of BVR. “Moreover, we believe these types of projects are solid investments for community banks and are delighted that our partners share this view.”
Jeff Voacolo, Vice President of MRE, stated: “Our firm is very excited to be part of this team together with BVR and our finance partner. This portfolio will enable these business owners to reduce their very high energy costs with clean, sustainable energy from solar energy. These savings every year can now be placed where they belong, back into their businesses.”
The PV solar systems installed under LSS2 are all located in Guam; LSS1’s systems are located on Guam and in the CNMI. Future phases will include systems on Guam and on virtually all the populated islands of the CNMI.
Source: Company Press Release