Hagåtña, Guam – A consortium of Buenavista Renewables (BVR) and Micronesia Renewable Energy (MRE) has signed a US$4.2 million loan agreement with Bank of Guam for the construction of the Latte Stone Solar 1 (LSS1) portfolio of distributed generation PV solar facilities. LSS1 is the first of three phases of the Latte Stone portfolio that the consortium is developing in Guam and the Commonwealth of the Northern Mariana Islands (CNMI). The off-takers for the portfolio are all commercial and industrial clients. Upon completion, the Latte Stone projects will total roughly 8 MW of installed capacity.
“We are excited to have closed this debt facility with Bank of Guam,” says Dean G. Hull, Principal – Structured Finance of BVR. “Financing distributed generation facilities for commercial and industrial clients has always been a challenge in the U.S. market. We have always thought that these sorts of DG portfolios would be attractive investments for community banking institutions, such as Bank of Guam.”
Jeff Voacolo, Vice President of MRE, stated: “We are very happy and excited for our commercial clients. This will enable them to hedge and lower their energy costs for many years to come in a very turbulent time with the ever-increasing costs of oil and the volatility of energy markets globally”
The PV solar systems installed under LSS1 will be located at off-taker locations throughout Guam and on Saipan in the CNMI. Subsequent phases will include more systems on Guam, as well as on almost all the populated islands in the CNMI.
Buenavista Renewables is a renewable energy project developer focused on emerging markets and select island economies. BVR designs innovative financial, legal, and technical solutions to develop greenfield utility-scale and distributed renewable solutions in difficult markets worldwide. The company is particularly active in Mexico, the Philippines, and the islands of the Western Pacific. The company holds a development pipeline of more than 2 GW throughout the world in various stages of development, construction, and operations.
Micronesia Renewable Energy, Inc. is a solar energy developer and EPC contractor with a presence throughout Micronesia; it maintains offices in Guam, the CNMI, and the Federated States of Micronesia. MRE is the largest energy developer in the region that strictly focuses on solar energy.
Jesús Ruiz, +52 1-614-247-7006