MPC Energy Solutions signs long-term agreement with IMSA Group, enters Guatemalan energy market

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Feb 20, 2023, 02:29 ET

Power Purchase Agreement agreed with private off-taker to provide 135 GWh annually

AMSTERDAM and OSLO, Norway, Feb. 20, 2023 /PRNewswire/ -- MPC Energy Solutions (MPCES) has announced its entry into Guatemala after signing a long-term power purchase agreement (PPA) with Comercializadora de Energía Para el Desarrollo S.A., a subsidiary of Ingenio Magdalena S.A. (IMSA Group), the country's leading producer and exporter of refined sugar, alcohol, and energy. The planned solar photovoltaic (PV) project will have an installed capacity of 65 MWp. Development of the project will begin immediately. MPCES targets to start construction in twelve months.

The off-taker is a subsidiary of IMSA Group. The group which processes 6.5 million tons of sugarcane per year, is also the largest private energy producer in Guatemala. IMSA Group also supplies 8% of Guatemala's total energy consumption. The group has a total annual turnover of around USD 500 million.

Today's announcement comes as MPC Energy Solutions continues to expand its operations across Latin America and the Caribbean, with projects now under development, construction or operation in eight countries across the region. This new project shows the growing private corporate PPA demand in Central America and is the largest secured PPA of MPCES to date.

Fernando Zuniga, Managing Director for Latin America and the Caribbean at MPC Energy Solutions, said: "Establishing development activities in Guatemala demonstrates how MPC Energy Solutions is spearheading the drive to meet high demand for renewable energy in Central America, as countries across the region seek to decarbonize energy production. Signing the PPA is a testament to our capability of originating new projects and providing tailored solutions to leading private off-takers."

Jorge Leal, CEO of Ingenio Magdalena S.A., said: "We are excited to partner with MPC Energy Solutions for this important and innovative project. This PPA is a milestone for IMSA Group as it confirms our commitment to help accelerate the energy transition in Guatemala. We believe that this can be the starting point of a very important cooperation between our two companies."

With the announcement of this new project, MPCES strengthens its presence in the region and underlines its ability to develop, finance, build, and operate assets as a full-cycle Independent Power Producer (IPP).

About MPC Energy Solutions

MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind farms, and other hybrid and energy efficiency solutions. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com

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