The project special purpose vehicle (SPV) PV Salvador has signed a project finance facility agreement with the Overseas Private Investment (OPIC), the US government’s development finance institution.
As part of the deal, OPIC will provide 70% finance for about $200m project through long term and non-recourse project debt.
Etrion, Total and the initial project developer, Solventus will provide remaining 30% equity portion, based on their ownership interests of 70%, 20% and 10%, respectively.
Etrion CEO Marco Northland said, "This is Etrion’s first project to be financed and under construction in the Americas, and we look forward to working with the same partners on future projects."
The project, which is expected to start its construction in January 2014, has been designed by Total’s affiliate SunPower, which will also proceed with construction.
Project Salvador, which will initially operate on a merchant basis, is expected to produce about 200 gigawatt-hours of solar electricity per year, once enters into operation.
