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Project Salvador will be "the world's largest solar power project based on spot market electricity revenues," the companies said in a release. Etrion, Total and Solventus will control 70%, 20% and 10% of the project, respectively.
The total project cost is estimated at US$200mn, with 70% financed through non-recourse project debt from the US Overseas Private Investment Corporation. The remaining 30% will be funded by Etrion, Total and Solventus based on their ownership interests.
Total affiliate SunPower (Nasdaq: SPWR) will build, maintain and operate the complex through a long-term, fixed-priced agreement. Construction is expected to begin next quarter and operations in 1Q15 with annual output of 200GWh.