Nordic Solar

Subsidy : September 2023

BIO has granted USD 100 K of technical assistance to Nordic Solar, to finalise the transaction for the financing of a solar power plant in Nicaragua.

Amount

$ 100,000.00

Type of investment

Subsidy

Beneficiary locations

Latin America and Caribbean:

Investment field

Infrastructure

Activity

DD.35.113 Production of electricity: solar

Organisation

Nordic Solar

Domicile

Nicaragua

More investments in

Nordic Solar

Debt $ 8,800,000.00 (2023)

Nordic Solar is a new 14MWac (or 16MWdc) solar project to be constructed in Malpaisillo (department Leon) around 100 km north of the capital Managua, Nicaragua. The project has been under development since early 2020. BIO has been involved in the project from the outset and mobilized ElectriFI as co-investor.

With the Covid crisis disturbing pricing of hardware and transport costs, the procurement process of the project slowed down, but the start of construction is now scheduled for mid-2023.

The plant will be connected to an existing substation of the national grid and is scheduled to produce 33.2 GWh in year 1, all production being sold to the national transmission company (Enatrel).

Technical assistance

The technical assistance will contribute to the legal due diligence costs and the establishment of the legal documentation.

Expected impact

Finalising the transaction will enable the project to:

Generate 33.2 GWh/year of clean, affordable, sustainable, and reliable energy to the benefit of local households (equivalent to an estimated 58,450 households) and manufacturing SMEs in the area.
Save 20,120 tons of CO₂ emissions/year.
Increase the supply of energy in the least served region of Nicaragua (Atlantic coast).