The Inter-American Development Bank (IDB) said Thursday it has agreed to provide a USD-5-million (EUR 4.4m) loan to Grupo Corinsa for the installation of a 3-MW rooftop solar array at its facilities in Honduras.
Corporacion Industrial del Norte SA (Corinsa) will deploy the photovoltaic (PV) panels at its bottling plant buildings in the city of San Pedro Sula.
The whole project is valued at USD 10 million.
Upon completion it will become the largest industrial-scale rooftop PV system in Latin America, IDB noted. It will be able to generate enough electricity to meet 20% of the factory’s electricity consumption, while offsetting 53,000 tonnes of carbon dioxide (CO2) emissions per year.
The loan falls under the USD-50-million Energy Efficiency Finance Facility (EEFF), set up by the IDB and the Nordic Development Fund (NDF) to help companies mainly across Latin America and the Caribbean invest in renewable energy schemes. “The investment in solar PV will not only generate considerable savings and a good return on investment, it will also help the company manage future energy cost fluctuations and reduce our carbon footprint,” Corinsa Group general director Roberto Larach explained.
Electricity demand in the area is expected to increase by more than 50% over the next decade, which will make many other local firms turn to solar, IDB noted.