By Kari Williamson
The construction will be led by Global Energy Services, USA, a Philadelphia based construction firm, and AES Ilumina will sell the solar power output to the Puerto Rico Electric Power Authority (PREPA) under a 20-year power purchase agreement.
The solar PV plant is expected to begin production in the summer of 2012.
“We are honoured to have been selected to develop, finance, and operate Puerto Rico’s first utility scale solar energy project. Ilumina is a good example of how we were able to leverage AES’ existing presence in the market to expand into a renewable platform. This power plant is also the first investment in our planned expansion into the US solar market. We look forward to future investments in order to support further energy diversification on the island,” says Robert Hemphill, CEO of AES Solar.
AES Solar's subsidiary, AES Ilumina closed on a construction loan, term loan and tax equity non-recourse financing facilities provided by MetLife, in September.