A consortium of Buenavista Renewables (BVR) and Micronesia Renewable Energy (MRE) 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. 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.
“We are excited to have closed this debt facility with Bank of Guam,” said Dean G. Hull, principal – Structured Finance of BVR. “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.”
Buenavista Renewables is a renewable energy project developer focused on emerging markets and select island economies.
Micronesia Renewable Energy is a solar energy developer and EPC contractor with a presence throughout Micronesia.
