Finnish development finance company Finnfund has provided a $15 million loan for the construction of ten solar power plants in El Salvador with a capacity of 100 MW. The facilities are expected to be fully operational in 2019. Total investment is $160 million. The company responsible for the project is Bosforo Ltda de CV, owned by AES Soluciones, Ltda de C.V., part of AES El Salvador and a subsidiary of the international energy company AES Corporation, and CMI Solaris Investments, S.L., owned by a conglomerate Corporación Multi-Inversiones (CMI).
According to Finnfund, the PV plants will be located in poor rural areas where many residents are dependent on remittances coming from abroad. Currently, Bosforo has made an agreement in three municipalities in the eastern part of the country: Conchagua, El Carmen and Pasaquina. The construction projects and the community projects are planned in close cooperation with the residents. It is estimated that a labor force of up to 70 people will be employed throughout the initial two years of construction.