$4.3 million BOG loan will finance phase 2 of Latte Stone solar farm

Tthe island’s educational institutions --- GDOE, UOG, GCC, and charter schools --- are being urged to procure renewable energy through purchase or lease-back agreements. (UOG photo)

Buenavista Renewables (BVR) and Micronesia Renewable Energy (MRE) have closed a US$4.3 million loan with Bank of Guam for the construction of the Latte Stone Solar 2 (LSS2) portfolio of distributed generation PV solar facilities on Guam.

LSS2 is the second phase of the multi-phase Latte Stone portfolio that the company is developing in Guam and the Commonwealth of the Northern Mariana Islands (CNMI).  The first phase, Latte Stone Solar 1, reached commercial operation in Q4 of 2018.  Like LSS1, the off-takers for LSS2 are all commercial and industrial clients.

“We are pleased to have closed this second senior debt facility for the construction of PV facilities on Guam and to continue aiding the region in its energy transition,” says Dean G. Hull, Principal – Structured Finance of BVR.  “Moreover, we believe these types of projects are solid investments for community banks and are delighted that our partners share this view.”

Jeff Voacolo, Vice President of MRE, stated: “Our firm is very excited to be part of this team together with BVR and our finance partner. This portfolio will enable these business owners to reduce their very high energy costs with clean, sustainable energy from solar energy. These savings every year can now be placed where they belong, back into their businesses.”

The PV solar systems installed under LSS2 are all located in Guam; LSS1’s systems are located on Guam and in the CNMI.  Future phases will include systems on Guam and on virtually all the populated islands of the CNMI.

Buenavista Renewables is a renewable energy project developer focused on emerging markets and select island economies. BVR designs innovative financial, legal, and technical solutions to develop greenfield utility-scale and distributed renewable solutions in difficult markets worldwide.  The company is particularly active in Mexico, the Philippines, Colombia, Chile, and the islands of the Western Pacific. The company boasts a development pipeline of more than 2 GW throughout the world in various stages of development, construction, and operations.

Micronesia Renewable Energy, Inc. is a solar energy developer and EPC contractor with a presence throughout Micronesia; it maintains offices in Guam, the CNMI, and the Federated States of Micronesia. MRE is the largest energy developer in the region that strictly focuses on solar energy.