pv

Bank of Guam Provides Loan for Construction of PV Facilities

The Bank ofis providing a $4.2 million loan to Buenavista Renewables and Micronesia Renewable Energy for the construction of the Latte Stone Solar 1 portfolio of distributed generation PV solar facilities.

LSS1 is the first of three phases of the Latte Stone portfolio that the consortium is developing in Guam and the Commonwealth of the Northern Mariana Islands. The off-takers for the portfolio are all commercial and industrial clients. Upon completion, the Latte Stone projects will total roughly 8 MW of installed capacity.

Jeff Voacolo, Vice President of MRE, stated, "We are very happy and excited for our commercial clients. This will enable them to hedge and lower their energy costs for many years to come in a very turbulent time with the ever-increasing costs of oil and the volatility of energy markets globally."

The PV solar systems installed under LSS1 will be located at off-taker locations throughout Guam and on Saipan in the CNMI. Subsequent phases will include more systems on Guam, as well as on almost all the populated islands in the CNMI.