San Isidro solar

Country

Nicaragua

Technology

Solar PV

Business model

IPP

ElectriFI and BIO-Invest are financing the construction of the greenfield 14MWac San Isidro solar project located in Malpaisillo municipality, Leon Department in Nicaragua developed by Nordic Solar S.A.

Contract signature date: December 2023

Total ElectriFI financing:  USD 1.88 m, equiv. €1.725m

Environmental and Social Category: B+
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

About the project:

The project has an installed capacity of 14MWac (16.33MWdc) and a storage facility of 1.1 MWh. It is set to deliver 33,200Mwh/year (P90) to the grid at the Malpaisillo substation located 380 meters from the project site. The project is structured against a 20-year power purchase agreement with ENATREL, the transmission company. Construction period is approximately 9 months from financial close and is scheduled for November 2024.

Investment rationale

ElectriFI is supportive of the business model of Nordic Solar for the following reasons:

• High financial additionality with the use of subordinated capital to catalyse an investment from BIO-Invest;
• Contribution to the country’s objective of 90% of renewable energy in the electricity mix and therefore help decarbonizing energy supply;
• The Project is among the first sizable photovoltaic power project in Nicaragua
• Currently the cheapest tariff as per the PPA with ENATREL.
• Truthful and experienced Sponsor owning and operating other RE assets.

Investment disclosure

Impact

Energy output

33.200 MWh/year

Improve existing/new connections

45.152

GHG avoidance (tCO2eq/y)

20.949

Key indicators

Beneficiary:

Nordic Solar, SA

Financial Instrument:

Subordinated loan

Amount:

USD 1.88m equiv. €1.725m

Country:

Nicaragua

Technology:

Solar PV and storage

Business Model:

IPP

Year:

2023

Facility:

ElectriFI Global

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