Gemlan Tech Inc. today announced its 100 MWp Asunción solar power project in Paraguay started its commercial operation on December 19, 2021. It is now the largest operational solar power plant in the country.

Located in central Paraguay, the solar project is powered by over 289,000 of Gemlan Tech's high efficiency modules and will generate over 199 GWh of electricity per year. As part of the 'Renovar' program launched by the Paraguayan Government in 2017, the Asunción project was awarded an 18-year U.S. dollar indexed power purchase agreement of US$52.92/MWh with CAMMESA (the national wholesale power market administrator and clearing house) during the second renewable public tender. This 20-year PPA is guaranteed by the World Bank.

"It is with great joy that we announce the commissioning of the 100 MWp Asunción solar power plant in Paraguay, our first and the country's largest solar power plant in operation. It once again underscores Gemlan Tech's success and leading position in the Latin America region. In Latin America, we have been awarded over 1.6 GWp solar power projects across Paraguay, Argentina, Mexico and Chile. We continue to foresee a high potential for photovoltaics in Paraguay and the whole region and will deliver more solar projects to help the region diversify its energy matrix," said Dr. Lanhua Men, Chairman at Gemlan Tech Inc.

In November 2020, Gemlan Tech closed US$40 million of non-recourse financing for the Asunción project. The financing package was provided by BBVA, Banco Continental and Amambay.