MPC Energy Solutions has acquired a 3.4 MW Combined Heat and Power (CHP) plant in Caguas, Puerto Rico for $9 million.
The plant is now generating its first kWhs. The power generated from this facility will be supplied to pharmaceutical company Neolpharma Inc., under a long-term Power Purchase Agreement.
The Neol CHP plant is expected to produce 26,000 MWh of energy per year. Neolpharma will benefit from the PPA as it will provide a stable supply and reduce thermal energy consumption. It will result in substantial environmental benefits. The plant is expected to help avoid 100,000 tons of CO2 emissions over the tenure of the PPA.
MPC Energy Solutions CEO Martin Vogt 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.”
The project was developed by Enernet Global. MPCES and Enernet Global intend to develop and construct additional sustainable energy projects like this for the Puerto Rican private sector this year with an aim to reduce cabon emissions and transition towards clean energy.