PASH Global and ERIH Holdings (ERIH) have signed an agreement to form a 50/50 joint venture (JV) to develop utility-scale solar and energy storage projects of 100 megawatts (MW) cumulative capacity in Paraguay.
The first project will start production in 2024, and the remainder will be put on stream between 2024 and 2025. The projects will produce clean and reliable energy across Paraguay and lead to the creation of jobs in engineering, construction, and plant operations.
The JV builds on a strong partnership that combines ERIH’s decade-long international expertise in the development of solar projects with PASH’s investment expertise in the renewable energy projects.
“We are pleased to partner with PASH and see significant opportunities for our JV to expand our solar and energy storage footprint. I am confident that this will pave the way to more opportunities in the LATAM renewables and storage market”- commented ERIH’s CEO, Akin Gunduz.
“Both PASH and ERIH have a strong understanding of one another’s business strategies and investment standards. This is a great partnership, and we are excited to work with the ERIH team and further our joint commitment to clean renewable energy and low-carbon investments”- said Vine Mwense , Co-Founder and Executive Director, PASH Global.
ERIH’s LATAM development and investment partner Honest Holding’s Chairman and Honorary Consul of Paraguay in Istanbul, Cengiz Deveci said “We are very proud to be collaborating with PASH and ERIH. This joint venture is not just a partnership between parties, it is also a vote of confidence for Paraguay. We look forward to fully deploying the projects and facilitating the country’s transition to a sustainable future.”
