The PPA has been signed with Comercializadora de Energía Para el Desarrollo S.A., a subsidiary of Ingenio Magdalena S.A. (IMSA Group), the country’s leading producer and exporter of refined sugar, alcohol, and energy. Development of the solar project will begin immediately. MPCES targets to start construction in twelve months.
The off-taker is a subsidiary of IMSA Group. The group which processes 6.5 million tons of sugarcane per year, is also the largest private energy producer in Guatemala. IMSA Group also supplies 8 percent of Guatemala's total energy consumption. The group has a total annual turnover of around $500 million.
The announcement comes as MPC Energy Solutions continues to expand its operations across Latin America and the Caribbean, with projects now under development, construction or operation in eight countries across the region. This new project shows the growing private corporate PPA demand in Central America and is the largest secured PPA of MPCES to date.
“Establishing development activities in Guatemala demonstrates how MPC Energy Solutions is spearheading the drive to meet high demand for renewable energy in Central America, as countries across the region seek to decarbonize energy production” said Fernando Zuniga, Managing Director for Latin America and the Caribbean at MPC Energy Solutions. “Signing the PPA is a testament to our capability of originating new projects and providing tailored solutions to leading private off-takers.”
Jorge Leal, CEO of Ingenio Magdalena S.A., added that the PPA is a milestone for IMSA Group as it confirms the group’s commitment to help accelerate the energy transition in Guatemala.
With the announcement of this new project, MPCES strengthens its presence in the region and underlines its ability to develop, finance, build, and operate assets as a full-cycle Independent Power Producer (IPP).
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