September 7 (Solar) – The Guam Power Authority (GPA) today announced it has signed power purchase agreements (PPA) for 120 MW of solar projects with Hanwha Energy Corp and a consortium including Korea Electric Power Corp (KEPCO).
Under the deal with Hanwha Energy, GPA will sell the output of a 60-MW photovoltaic (PV) park according to current and projected Levelized Energy Adjustment Clause (LEAC) rates. The solar park will be installed in Inarajan, on the southeastern coast of Guam, and is planned to become operational in 2021.
Additionally, GPA has sealed a PPA with tie-up including KEPCO and LG-CNS, part of South Korea’s LG Corp (KRX:003550), for a 60-MW solar project in Mangilao. Commissioning of the plant is also scheduled for 2021.
GPA expects to get USD 43 million (EUR 37m) in savings to its ratepayers in the first five years of operation. Under the country's Renewable Portfolio Standard, GPA must have 25% of its energy supplied by renewables by 2035.
(USD 1.0 = EUR 0.859)