Diconelec, an experienced electric power and telecommunications engineering company has introduced five solar energy and battery projects in Honduras totalling 120 MWn and 169.53 MWp.
Five Solar Power Plants Boost Energy Capacity
These solar projects include the Lindo Caracol Solar Plant with a capacity of 20.52 MWp, the NACO I Solar Plant with 41.73 MWp, the NACO II Solar Plant with 38.95 MWp, Villanueva I with 41.73 MWp and Villanueva II with 26.60 MWp. Each plant is equipped with battery storage systems.
"We hope to add allies that will make the projects more competitive in the financial and technical aspects so that we can choose to participate in the spot market, agree on a private PPA or submit offers in a State tender," said Samuel Rodríguez, technical and commercial director of projects at Diconelec.
Exploring Investment and Partnership Opportunities
Diconelec has indicated they are actively seeking partnerships and investments for these solar projects. Potential collaborators include investment funds, private investors, financial institutions and banks for initial capital. Additionally, they are open to selling the projects in their early stages or as completed turnkey assets. The company is also exploring opportunities for supply contracts between private entities.
“Our horizon as developers and planners is to seek efficiency and ensure competitive prices in the long term based on a scheme where initially the owners of the projects are almost always the banks, but we need the support of both industrialists, the government and the generators because we seek to be a comprehensive solution to all the needs of the electricity market,” added Rodríguez.
Establishment of SPVs for the Solar Projects
To facilitate these developments, the companies LINDO CARACOL SA and OCAN ENERGY SA de CV were created as special purpose vehicles (SPVs) under Honduran law. Both companies have obtained electricity sector registration from the Electric Energy Regulatory Commission (CREE) to enter into power purchase agreements with the national electric company, ENEE.
This authorization is based on Articles 17 and 55 of the General Law of the Electricity Industry and its corresponding regulations. These agreements allow the companies to supply energy for their projects through the Spot Electricity Market.
Industry Veteran to Spearhead 120 MW Solar Project
Samuel Rodríguez, a seasoned energy expert with over two decades of experience and a track record of developing 364 MW of projects in Honduras is set to construct a 120 MW solar project with storage. As a first step, Rodríguez will focus on the 20.52 MW Lindo Caracol Solar Plant while securing financing for the remaining phases.
“We are going to start with the Lindo Caracol Solar Plant of 20.52 MWp, one of the projects of LINDO CARACOL SA. We already have the financial closure and we will soon begin construction.” Rodríguez stated.
Regarding this solar project, which will be situated in the Municipality of San Antonio de Cortés, Rodríguez noted that it will be fully integrated into the opportunity market. As for the other projects, it is still under consideration whether they will participate in a potential renewable energy tender from the public sector or enter the private contract market with qualified consumers.