IFC is supporting the project’s construction with senior and subordinated loans totaling $30m and has also mobilized $68m for the project, including a $23m parallel loan from OeEB.
The power project, La Vegona, is expected to begin operation in mid-2013 and generate approximately 181GWh of electricity per year.
This project is being developed by COHERSA and it is IFC’s first renewable energy investment in Honduras.
COHERSA president Adolfo Larach said La Vegona will make a significant contribution to help reduce Honduras’ dependence on imported oil, by providing a reliable source of low cost, clean energy.
