AES and Corporación Multi Inversiones inaugurated a 10 megawatt solar power plant in Guazapa, El Salvador.
The plant was inaugurated on 29 October and forms part of the Bosphorus project, which consists of the commissioning of 10 power generation parks of 10 MW each.
Lack of legal certainty, electricity theft and social conflicts are forcing businessmen in Guatemala's energy sector to choose to relocate their investments to El Salvador.
Last year, the companies Applied Energy Services (AES) and Corporación Multi Inversiones (CMI), both US and Guatemalan capital, decided to invest $47 million in solar energy projects, encouraged by the facilities offered to the energy sector in El Salvador.
AES El Salvador and Corporación Multi Inversiones have announced an investment plan that includes the construction of ten solar plants with capacity to generate 10 MW each in different areas around the country.
The solar power generation project will be operated by AES El Salvador, and is expected to be developed in three phases, according to the two companies involved in the initiative.
Work on the 114 MW plant on the river Cahabón in Alta Verapaz, could be finished months ahead of its estimated end date.
In August, with an advance of 7 months in the term of contract execution, the Energy Division of Corporación Multi Inversiones (CMI) could deliver the project which would provide 114 MW to the national grid, making it the largest private hydroelectric project in the country.