El Salvador signs financial guarantee for the 10 MW solar project in Acajutla

The Government of El Salvador through its Ministry of Economics has signed an agreement with the project developer Sonsonante Solar SA de CV for the proposed 10 MW solar photovoltaic plant in Acajutla in the Sonsonante Department.

The agreement will guarantee that the existing conditions applicable to direct taxes on state and municipal levels, free transfer of funds and customs regimes will be maintained while the developers construct the project. The deal with the government also assures the favorable immigration status of the staff of the company. 

The solar farm will consist of 38,460 modules that would generate up to 25 GWh of energy per year. The project is expected to be operational by April 2020. 

Sonsonante Solar, a company established by REAL Infrastructure Capital Partners LLC, will invest up to US$13 million for the development of the project and will allocate about 3% of the amount to the social causes within the municipality.