Neoen shuts funding for 11 MW/8 MWh of storage space projects in El Salvador
- French renewable resource firm Neoen SA (EPA: NEOEN) claimed that it has secured the financing for 2 battery storage projects amounting to 11 MW/8 MWh in El Salvador.
The non-recourse debt for an unrevealed sum will certainly be supplied by IDB Invest, the private sector arm of the Inter-American Development Bank, with the resources from the Canadian Climate Fund for the Economic Sector of the Americas-- Phase II.
The settlement schedule of the funding is linked to the operational financial savings that the batteries will produce for 2 solar farms which they will certainly service. The storage devices will certainly provide main as well as second reserve services for Neoen's 140-MWp Capella and the 101-MWp Providencia plants located in El Salvador's departments of Usulutan and La Paz, respectively.
Spain's TSK Electronica y Electricidad SA as well as France's Gensun SAS have been picked to provide engineering, purchase as well as building (EPC) solutions for the battery projects. Neoen claimed that the construction work has actually already begun, and also anticipates the storage space systems to be commissioned in the 2nd quarter of 2022.
The new batteries will increase Neoen's storage capacity in El Salvador to some 14 MW/10 MWh. The firm has one lithium-ion battery mounted and running within the Capella solar complex.