Pacifico Solar Power Plants

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Participaciones Choluteca Dos S.A., a subsidiary of the American company Sunedison, was granted the authorization to build and operate three solar power plants located at the southern region of Choluteca. The electricity generated by the power plants was set to be directed to the country's national grid (a 20-year power purchase agreement (PPA) was signed with Honduras’s state-owned company Empresa Nacional de Energía Eléctrica). The power plants were named Pacific I, Choluteca I and Choluteca II, with an installed capacity of 20 MW (23.2 MWp), 20 MW (23.3 MWp) and 30 MW (35.0 MWp), respectively. The project cost was estimated at US$ 210 million. Operations were expected to commence in the second semester of 2015. Financial closure was achieved in September 2014. The IFC provided direct financing for US$85.9 million, including US$65.5 million senior debt and US$20 million subordinated debt. IFC’s funding included US$19.5 million in concessional senior and subordinated debt from the Clean Technology Fund, as well as US$20.7 million senior debt from institutional investors under the Managed Co-Lending Portfolio Program. The IFC played a leading role in bringing CABEI and OFID, which provided US$45.0 million and US$15.0 million respectively. The total financing for the project is approximately US$146 million. In June 2015, MIGA issued a US$ 56.7 million guarantee to Sun Edison's project in Choluteca. https://www.miga.org/pages/projects/project.aspx?pid=1448