ahuachapan gender smart solar project

Ahuachapán Solar, S.A., is expanding solar energy generation in El Salvador after Deetken Impact invested USD $2.2MM via its Ilu Women’s Empowerment Fund—a debt impact fund that seeks to advance gender equality in Latin America and the Caribbean. Deetken Impact also provided direct and comprehensive project development services that are promoting gender equity within Ahuachapán Solar’s operations. 

VANCOUVER, BC (December 6th, 2022) – Ahuachapán Solar, S.A., is a 2.511 MW solar project that began operating at full capacity this year with support from Deetken Impact. Ahuachapán Solar is one of 10 projects participating in the Investment, Enterprise, and Sustainability (INES) program, a Deetken Impact initiative in partnership with the United States Agency for International Development (USAID) to accelerate economic opportunities that support job creation and address some of the root causes driving irregular migration in El Salvador.

Ahuachapán Solar is owned by four Salvadoran businesspeople: Guillermo Altamirano, Pascale Schwartz, Cosme Ozamiz, and Rodrigo Dumont. With the support of the Deetken Impact team and their expert advisory, the project has commenced operations and is now generating 3,216 MWh per year, powering the equivalent of 2,680 households while displacing 427 tons of CO2 from the atmosphere. 

Deetken Impact has over a decade of experience investing in the renewable energy sector, focusing on small and medium-sized projects developed by local sponsors that often have unmet financing needs. 

“We are delighted with the partnership and support provided to Ahuachapán Solar. Together with the Ahuachapán shareholders, we are committed to continue supporting green energy projects in El Salvador.”

Jose Lamyin | Managing Partner, Deetken Impact.

With the USD $2.2MM investment, Ahuachapán Solar was able to refinance its existing debt to reduce the cost of capital and gain additional liquidity needed for redeployment of capital to a second, larger project under development in the western part of the country. 

Deetken Impact also accompanied the project owners over the course of the last year with hands-on and comprehensive acceleration services. These services focused on readying the project for investment from the Ilu Fund, building technical capacity within the team for this and future projects, and optimizing positive social, environmental, and gender impacts. The support provided directly strengthened the management, administration, and operation of the solar power plant itself. 

¨Deetken Impact has been a most valuable key partner to the continuity of our projects. We have learned professionally thanks to the financial, technical and social contributions of their team. It has driven us to work closely as a team and achieve the project’s objectives. We thank the Deetken Impact team for their professionalism and patience, willingness and kindness that they have always shown to our team.¨

Pascale Schwartz | Co-Owner, ASOLAR

Notably, the Deetken Impact team also advised the project owners on the design and integration of gender smart initiatives into project operations to meet requirements from the Ilu Fund, while ensuring project benefits are optimized and equitable. The project owners received training on fundamental gender concepts and the intersection of climate change and gender equality, as well as support to develop inclusive recruitment practices. Deetken Impact also led the development of a gender-sensitive community engagement strategy and action plan, after conducting socioeconomic community research focused on understanding the community’s needs and opportunities for sustainable development.. As a result, the project owners will implement gender inclusive community initiatives focused on vocational training and education, health and wellbeing, and infrastructure. 

ahuachapan solar award

In November 2022, the project received an award at the “Sustainable Innovation Solutions” event organized by AES El Salvador, recognized as leaders in the solar project category.

The Deetken Impact team is proud to contribute an improved renewable energy transition in the region and the positive expected impacts on strengthening climate resilience, advancing gender equality, while expanding opportunities in underserved communities.

 

About Deetken Impact:

Deetken Impact is a Canadian registered investment fund manager with a 10-year track record of delivering strong, stable returns to investors by supporting businesses that make a meaningful contribution to the Sustainable Development Goals. Together with its joint venture partners, Deetken Impact Sustainable Energy and Deetken Impact Alternative Finance, Deetken Impact currently manages US$150 million in impact assets. In 2022, Deetken Impact was selected to the ImpactAssets 50 Impact Investment Fund Manager Showcase.

 

 

About Ahuachapán Solar:

Ahuachapán Solar, S.A., is a 2.511 MW solar project founded in 2018 by four Salvadoran owners: Guillermo Altamirano, Pascale Schwartz, Cosme Ozamis and Rodrigo Dumont. It is located about 105 kms from San Salvador in the municipality of Villa de Jujutla in the Ahuachapán department of El Salvador. 

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