Cox is moving forward with the development of the Chiquimulilla photovoltaic solar project, a 75.2 MWp plant that will be among the largest solar complexes in Guatemala and will strengthen the company's presence in Central America.
The facility will be located in the municipality of Chiquimulilla, department of Santa Rosa, an area that the company highlights for its high levels of solar irradiation.
The project will be developed in two phases and will have 15-year power supply contracts with Empresa Eléctrica de Guatemala (EEGSA) and Distribuidora de Electricidad de Occidente (DEOCSA), obtained previously in the PEG4 tender.
This contractual backing provides predictable income for the project and is complemented by a financing structure agreed with a pool of entities headed by CIFI .
The institution acts as the structurer and lead agent of the syndication and also participates with its own resources, together with the Sustainable Infrastructure Debt Fund managed by CIFI Asset Management, BICSA and Banco Aliado .
Banco Aliado also participates as the agent bank and payment administrator for the facility.
“ The Chiquimulilla project reflects our ability to identify, develop and execute strategic infrastructures that respond to the energy needs of the markets where we operate ,” said Luis Manresa, Director of Business Development – Energy for Arco Central at Cox.
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The executive added that Guatemala has a high potential for renewable energy generation and that the initiative seeks to strengthen the company's position in Central America.
Once operational, the park will have an estimated production of 167,600 MWh of renewable electricity per year , a volume equivalent, according to Cox, to the consumption of around 200,000 homes .
The company also estimates that the plant will prevent approximately 19,600 tons of CO₂ equivalent annually .
Long-term contracts and regional expansion
Chiquimulilla is part of Cox's growth strategy in Latin America, where the group seeks to expand its portfolio of energy and infrastructure assets.
The combination of long-term supply contracts and multilateral and bank financing appears as one of the central elements of the project's structuring.
“With Chiquimulilla, Cox continues to expand its portfolio of energy assets in the region and reaffirms its commitment to the development of essential infrastructure,” said Martín Sucre Champsaur , Cox’s Central Arc regional manager.
With 75.2 MWp of installed capacity , the project will scale up the company's solar portfolio in Guatemala and add new renewable generation backed by contracts awarded in the local electricity market.
For Cox, the initiative also represents a new step in its expansion through Central America, with a focus on projects capable of combining scale, long-term contracts and structured financing to move towards commercial operation.