PASH Global reaches fin close for USD-26m solar strategy in Puerto Rico

Aug 20, 2021 03:35 PM ET
  • UK-based programmer PASH Global has secured the needed financing for a USD-26-million (EUR 22.3 m) project in Puerto Rico that asks for photovoltaic panels to be set up in addition to pick gasoline station owned by oil provider Puma Energy.
PASH Global reaches fin close for USD-26m solar strategy in Puerto Rico
Image: PASH Global

As revealed in May, PASH Global and Puma Energy strategy to set up 18.3 MWp of distributed generation (DG) solar power systems on the roofs of 200 neighborhood gasoline station. The UK firm will certainly provide USD 11 million in equity, while Oriental Bank will certainly fund the equilibrium, according to a brand-new declaration from the programmer. Oriental is the financial subsidiary of OFG Bancorp (NYSE: OFG).

With each other, the planned solar setups will produce an estimated 28,500 MWh of electrical energy per year.

"Thanks to this long-term funding we have supplied PUMA gasoline station will generate and also take in a substantial proportion of their very own power. This is significant considering that only somewhat over 2% of the power produced on the island is eco-friendly," commented Patrick Haggarty, executive vice president for industrial financial and also trust fund at Oriental. He added that the collaboration has currently caused the launch of two local pilot projects at Puma stations in Guaynabo and also Caguas that can create around 285 MWh yearly.

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