AES Solar – a joint venture between AES Corp. and Riverstone Holdings LLC – says that one of its subsidiaries, AES Ilumina, has begun construction of the 24 MW photovoltaic power plant located in Guayama, Puerto Rico.
The construction will be led by Global Energy Services USA, a Philadelphia-based construction firm. AES Ilumina will sell all of its output to the Puerto Rico Electric Power Authority under a 20-year power purchase agreement. The company purchased land for the project from the Puerto Rico Industrial Development Co.
The plant is expected to begin production in the summer of 2012, according to AES Solar. The company has also closed on a construction loan, term loan and tax equity non-recourse financing facilities provided by MetLife. CP Energy served as financial advisor to AES Solar on this transaction, and Cornerstone Financial Advisors served as financial advisor to MetLife.