Financing secured for 100 MW solar project in Puerto Rico

Puerto Rico’s 100 MW Montalva solar project – deemed critical by the U.S. Financing Management and Oversight Board in late April – is lining up a robust financing package. Canada’s Greenbriar Capital Corp has signed $265 million mandate agreement with Pegasus Renewable Energy and Sustainable Infrastructure Credit Advisors LP, a subsidiary of Pegasus Renewable Energy and Sustainable Infrastructure Credit Fund LP (RESIC). This is addition to a $50 million agreement announced on May 1 with the same firm. The Montalva Solar Facility would be located between the municipalities of Guanica, Lajas and Barrio de Montalva, in the southwest of the unincorporated U.S. territory. If the project receives approval, it will be fast-tracked for development and construction. Puerto Rico’s Financial Oversight and Management Board is currently reviewing eight large solar projects with a combined capacity of 280 MW. Notably, the Montalva project proposed site is in an area with one of the highest levels of solar insolation in Puerto Rico.