MPC Energy Solutions announces grid connection of solar PV plant Planeta Rica in Colombia; plant will help reduce emissions by over 4,000 tons of CO2 per year

OSLO, Norway, Dec. 5, 2023 /PRNewswire/ -- MPC Energy Solutions ("MPCES", "Company") announced today that its 26.7 MW solar photovoltaic ("PV") plant Planeta Rica has been connected and is now supplying energy to the power grid. The project is a joint venture with French developer Akuo Energy. MPCES and Akuo Energy both own a 50% stake in the project.

"We are happy to achieve yet another milestone in our company's history. We expect the plant to achieve full capacity early next week, and the project is now delivering clean and affordable energy to the Colombian market. We are proud of this achievement", said Stefan H.A. Meichsner, Chief Financial Officer of MPCES.

The Planeta Rica plant will supply over 48 GWh of electricity per year to the grid and is expected to generate around USD 1.6 million in proportionate revenues for the Company in 2024. MPCES now has five projects under operation across four countries in the region.

The power plant was built by the international engineering and construction group Mota-Egil. Bancolombia provided a project finance facility to the project to fund construction and the operational phase of the project. Planeta Rica will sell electricity under a 15-year power purchase agreement (PPA) to Celsia, one of the country's leading energy companies. The plant is expected to avoid the emission of over 4,000 tons of CO2 each year.

"Expanding its solar footprint is core to Colombia's transition towards a more diversified renewable base. Today the country is highly reliant on power from hydro sources, and the recent dry periods have shown how negatively this lack of diversification impacts electricity prices in the market", adds Fernando Zuñiga, the Company's Managing Director for Latin America.

About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind farms, and other hybrid and energy efficiency solutions. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com

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Mats Samdahl Weltz
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Email: msw@saltoadvisers.no