Project Description
SunEdison HON3 (the “Project”) comprises the development, construction and operation of 3 solar PV power plants (the “Sub-Projects”) located in two clusters in the southern region of Choluteca, Honduras. With 80.8MWp of installed capacity, the capital expenditure required to implement the Project total approximately US$200 million. Participaciones Choluteca Dos S.A. (the “Company”), a wholly-owned indirect subsidiary of SunEdison, Inc. (“SunEdison” or the “Sponsor”), is developing the 3 solar PV power plants through two fully-owned Special Purpose Vehicles (“SPVs”) and has successfully secured 20-year Power Purchase Agreements (“PPAs”) with state-owned utility, Empresa Nacional de Energia Eletrica (“ENEE”). The PPAs, which include a special solar incentive, are part of a wider effort by ENEE and the Government of Honduras to diversify the country’s electricity supply and improve the reliability of the power grid. SunEdison will employ equipment (e.g. panels, inverters, trackers) from top-class manufacturers and expects to start construction of the Sub-Projects in Q4 of 2014 supported by an intercompany Engineering, Procurement and Construction (“EPC”) contract. The Sub-Projects are expected to become operational by the second half of 2015.