Why is the El Salvador power project important?

The power project, which began taking shape in 2013, is important for El Salvador because it offers cleaner energy production, replacing heavy fuel oil for power generation while offering flexibility the country needs to support the addition of more renewable energy resources to the national power grid.

Who financed El Salvador's infrastructure project?

The more than $1 billion transformative infrastructure project, the largest-ever private investment in El Salvador, was financed by leading global financial institutions U.S. International Development Finance Corporation, International Finance Corporation, IDB Invest, Finnish Export Credit Ltd and KfW IPEX-Bank.

Why is El Salvador a big importer of electricity?

El Salvador currently imports about one-quarter of the country’s total electricity, making it the largest importer of electricity in Central America. Government officials have said the heavy reliance on imported power creates energy security risks, along with providing an economic challenge.

How much money has El Salvador made from foreign direct investment?

Carral said financing was completed in December 2019, and represents a foreign direct investment of about $1 billion for El Salvador—the largest private investment ever made in the country.

Why is El Salvador completing EDP?

The completion of EDP is a major uplift in electric reliability and lower emissions through natural gas supply to the Central American region. The project represents the country's largest ever private foreign direct investment and is providing clean and reliable power to meet up to 30% of El Salvador's energy demand.

Will EDP project reduce imports of electricity in 2023?

Officials said the EdP project, expected to supply about 30% of the country’s total electricity, will reduce imports of power to about 5% in 2023. Carral said additional contracts related to the project were pursued for different technology solutions. The FSRU includes partnerships with BW LNG and BW Offshore.