Puerto Rico to get its first utility-scale PV plant at 24MW

One of AES's existing solar facilities in Spain

One of AES's existing solar facilities in Spain

MetLife will provide AES Ilumina with a loan to build a $97m, 24MW PV plant in Puerto Rico — the Caribbean island’s first utility-scale solar project.

AES Ilumina, a unit of AES Solar, itself a joint venture of AES Corporation and private-equity firm Riverstone Holdings, has won construction and term loans plus tax-equity non-recourse financing facilities from MetLife, the insurance and financial services group. The amount of the loan has not been disclosed.

The plant will be built in Guayama, with construction led by Global Energy Services of Philadelphia.

Ilumina will sell all the output to the Puerto Rico Electric Power Authority under a 20-year power-purchase agreement.

The plant is expected to begin production Log in to read complete article.

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