MPC Energy Solutions has completed the acquisition of its Neol CHP plant, a 3.4MW Combined Heat and Power (CHP) plant in Caguas, Puerto Rico.
The US$9 million investment was pending the completion of the construction phase. The plant is majority-owned by MPC Energy Solutions and is now generating its first kWhs with a long-term Power Purchase Agreement (PPA) in place to supply Neolpharma, a pharmaceutical company.
Martin Vogt, CEO at MPC Energy Solutions, said: "The commissioning of Neol CHP is another important step in terms of executing on our project pipeline and a demonstration of MPC Energy Solution's commitment to Puerto Rico. The territory has an ambitious target to transition to 100% renewable energy by 2050. Projects such as the Neol CHP power plant are a part of that transition."
Energy production from the Neol CHP plant is expected to be 26,000MWh per year. Having a dedicated power source will enable Neolpharma to benefit from a stable supply and reduced thermal energy consumption, resulting in substantial environmental benefits. The plant is forecast to avoid 100,000 tons of CO2 emissions over the lifespan of the PPA – a reduction in carbon emissions of up to 30%.
The project was developed and built by Enernet Global under an exclusive asset development partnership with MPCES. Enernet Global and MPCES are aiming to initiate the development and construction of further sustainable energy projects for the private sector in Puerto Rico this year.
"We look forward to continuing to work in partnership with businesses to continue to support Puerto Rico as it strives to reduce its carbon emissions and make the transition from fossil fuels towards cleaner energies," said Vogt.