SunEdison has closed an approximately $146m non-recourse debt financing to develop three solar photovoltaic (PV) power plants, totaling 81.7MW, in Honduras.
The company signed the financing agreement with the International Finance (IFC), the Central American Bank for Economic Integration (CABEI) and the OPEC Fund for International Development (OFID).
Scheduled to be developed in the region of Choluteca, Honduras, the solar projects will be commissioned during the second half of 2015 and are expected to expand the energy mix in Honduras by providing clean, renewable energy.
SunEdison Europe, Middle East, Africa and Latin America president Jose Perez said: "Solar energy will play a key role in meeting Honduras’ growing energy demand and will reduce the country’s dependency on imported fuel."
Power generated by the three solar plants, which include23.3MW Pacifico, 23.3MW Choluteca I and 35.1MW Choluteca II, will be delivered to national grid to state-owned electricity under a under 20-year power purchase agreements with generation, transmission and distribution company ENEE.
IFC Latin America and the Caribbean infrastructure head Gabriel Goldschmidt said: "By helping Honduras develop its solar resources, we are signaling our commitment to this critical sector, helping to reduce oil imports, and lowering the cost of energy for the country’s industries and consumers."
The project will be operated and maintained by SunEdison under a long-term operation and maintenance agreement and management services agreement.
CABEI president Dr Nick Rischbieth said: "This project helps bridge the gap between energy supply and demand, and furthers the development of the energy sector in the country."