DFC circling Ecuadorian solar farm
The US International Development Finance Corporation (DFC) is interested in providing financing for Solarpack’s 200MW El Aromo solar farm in Manabí, Ecuador.
DFC is “very interested” in the project and would be looking to finance “around 70%” of the projected $145 million investment cost, according to a source familiar with the matter.
Solarpack formally signed the 20-year concession agreement in early March (2023). The company has 180 days from the signing of the contract to secure financing.
The developers are seeking a 70:30 gearing to finance the solar farm for the length of the concession, intending to reach FC within 6-8 months.
There are 9 x 20-year PPAs already in place – all with state-owned electricity distributors. The price of electricity will be around $0.6/KWh.
The concession is also pending environment approval, which is set to be given in around 4 months.
Solarpack won the concession in December 2020.
Advisers to Solarpack include:
Internal team – financial
Flor Bustamante Pizarro Hurtado Abogados – local legal