Buenavista, Micronesia Renewable close $4.2 million loan agreement

By Sarah Lizee

Olympia, Wash., March 15 – Buenavista Renewables and Micronesia Renewable Energy signed a $4.2 million loan agreement with Bank of Guam for the construction of the Latte Stone Solar 1 (LSS1) portfolio of distributed generation PV solar facilities, according to a press release.

LSS1 is the first of three phases of the Latte Stone portfolio that the consortium is developing in Guam and the Commonwealth of the Northern Mariana Islands.

The off-takers for the portfolio are all commercial and industrial clients. Upon completion, the Latte Stone projects will total roughly 8 MW of installed capacity.

"We are excited to have closed this debt facility with Bank of Guam," Dean G. Hull, principal, structured finance of Buenavista Renewables, said in the release.

"Financing distributed generation facilities for commercial and industrial clients has always been a challenge in the U.S. market. We have always thought that these sorts of DG portfolios would be attractive investments for community banking institutions, such as Bank of Guam."

The PV solar systems installed under LSS1 will be located at off-taker locations throughout Guam and on Saipan in the commonwealth. Subsequent phases will include more systems on Guam, as well as on almost all the populated islands in the commonwealth.

Buenavista Renewables is a Hagatna, Guam-based renewable energy project developer focused on emerging markets and select island economies. Micronesia Renewable Energy is a solar energy developer based in Tamuning, Guam.

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