SunEdison PV Solar Power

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Project description On May 29, 2015, MIGA issued guarantees covering equity investments by SunE Solar B.V. of the Netherlands[1]in Participaciónes Choluteca Uno S.A. of Honduras. The coverage is for a period of up to 20 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The project consists of the development, construction, and operation of three solar photovoltaic power plants in the southern region of Choluteca, with a total installed capacity of 81 megawatts. The operators have also signed three 20-year power purchase agreements with the state-owned utility company, Empresa Nacional de Energía Eléctrica. MIGA's guarantees, in conjunction with financing from the International Finance Corporation, are supporting one of the first large scale grid-connected solar photovoltaic projects in Honduras. The project is part of a larger solar program through which the Government of Honduras is seeking to develop solar resource to diversify the country's energy mix and reduce its reliance on imported fuels. MIGA's support for this project is aligned with the agency's priorities of insuring investments into countries eligible for financing from the International Development Association as well as supporting investments that contribute to energy efficiency.   [1] In December 2016,  Globeleq Mesoamerica Energy (Wind) Limited  became the Guarantee Holder under the cover In June 2017, Globeleq Mesoamerica Energy (Wind) Limited as a Guarantee Holder was replaced by Investment Energy Resources Limited.

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