MPC Energy Announces Grid Connection of Solar PV Plant Planeta Rica in Colombia

Source: www.gulfoilandgas.com 12/5/2023, Location: South America

MPC Energy Solutions ("MPCES", "Company") announced today that its 26.7 MW solar photovoltaic ("PV") plant Planeta Rica has been connected and is now supplying energy to the power grid. The project is a joint venture with French developer Akuo Energy. MPCES and Akuo Energy both own a 50% stake in the project.

"We are happy to achieve yet another milestone in our company's history. We expect the plant to achieve full capacity early next week, and the project is now delivering clean and affordable energy to the Colombian market. We are proud of this achievement", said Stefan H.A. Meichsner, Chief Financial Officer of MPCES.

The Planeta Rica plant will supply over 48 GWh of electricity per year to the grid and is expected to generate around USD 1.6 million in proportionate revenues for the Company in 2024. MPCES now has five projects under operation across four countries in the region.

The power plant was built by the international engineering and construction group Mota-Egil. Bancolombia provided a project finance facility to the project to fund construction and the operational phase of the project. Planeta Rica will sell electricity under a 15-year power purchase agreement (PPA) to Celsia, one of the country's leading energy companies. The plant is expected to avoid the emission of over 4,000 tons of CO2 each year.

"Expanding its solar footprint is core to Colombia's transition towards a more diversified renewable base. Today the country is highly reliant on power from hydro sources, and the recent dry periods have shown how negatively this lack of diversification impacts electricity prices in the market", adds Fernando Zuñiga, the Company's Managing Director for Latin America.


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