London, March 7, 2023 – 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.”
About PASH Global
PASH Global (PASH) is an energy transition investor. Headquartered in London, PASH was established in 2012 with the intention of using the latest innovations in technology to develop, finance, build, operate and maintain clean energy assets globally. As an impact investor, PASH works to enhance the social and environmental impacts of its Projects. For more information on PASH, visit: https://www.pashglobal.com
About ERIH Holdings (ERIH)
ERIH was created in 2008 to capitalize on the emerging opportunities in the Turkish and Hinterland’s energy sector as the umbrella organization to integrate renewable energy and technology investments, energy trading, investment management companies of the group.For more information on ERIH Holdings, visit: https://www.erih.com
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PASH Global PR & Communication Team:
Tel: +44 (0)207 846 1741
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