More than 100,000 homes in El Salvador will soon be powered by solar energy under a U.S.-backed program to help that country meet its growing energy demands.
The U.S. is helping to finance the construction of 10 solar power plants across El Salvador.
The solar project is part of $1 billion that the U.S. is galvanizing in private sector investments in El Salvador, Honduras and Guatemala over the next two years. The projects are expected to result in 10,000 new jobs for the region.
The U.S. agency spearheading the solar plant project in El Salvador is the Overseas Private Investment Corporation (OPIC), which helps American businesses invest in developing markets around the world.
Like other U.S.-backed programs, the solar project will create jobs and grow economies locally without burdening developing countries with debt.
Three solar plants were recently completed in the easternmost region of El Salvador. Plans are underway to build the remaining seven solar plants in the western and central parts of the country.
The sun is out in #ElSalvador. AES El Salvador and partner Corporación Multi Inversiones (CMI) recently announced the completion of the first 30 MW phase of our 100 MW Bosforo #solar project. Congratulations to the team on this important milestone! pic.twitter.com/04JCRQcdtg
— The AES Corporation (@TheAESCorp) October 2, 2018
Each plant will provide 10 megawatts of energy. All together, the solar energy project will reduce more than 175,000 metric tons of carbon dioxide emissions into the atmosphere a year.
OPIC will provide up to $49.5 million in financing for the 10 solar plants, which is expected to mobilize $160 million in capital.
“It’s a testament to the critical role private capital plays in advancing development,” OPIC’s Ryan Brennan said in 2017 when the agency made the first payment on the solar project.
