Spanish solar developer Solarpack has closed a US$176 million senior financing package for a 300MW solar PV plant in Peru.
Using a project finance structure, this marks the first renewable project financed in Peru based on a power purchase agreement (PPA) between private parties, said the company.
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The green financing has been signed with European lenders Crédit Agricole Corporate and Investment Bank, Natixis Corporate & Investment Baking, BBVA and BNP Paribas.
The San Martin solar PV plant – located in the southern province of Arequipa – started construction earlier this year and is expected to be complete in the second quarter of 2025.
The Spanish developer continues to increase its foothold in Latin America, where last year it signed a contract with the government of Ecuador to build a 258MWdc solar plant in the coastal region of Manabí. The project will require an investment of US$150 million and be built on a construction waste landfill area. According to Solarpack, once completed the project will be Ecuador’s largest PV plant.
Earlier this month, Solarpack appointed José Luis García Pérez as Latin America’s CEO with the goal of strengthening the company’s presence in the region, where it has projects in Colombia, Chile, Peru and Ecuador. The solar, wind and energy storage portfolio in these four countries combines 5.5GW, with 889MW contracted, according to Solarpack.
In a recent conversation with PV Tech Premium, renewables developer Verano Energy’s CEO, Dylan Rudley, Rudley highlighted Peru’s PV potential as “under the radar”. The Chile-based developer submitted in January an environmental impact assessment for a 5.85GW solar PV project intended to power a green ammonia facility. Once fully operational, the plant is expected to have a capacity of 1.65 million tons per year, with the first phase to commission 1.5GW of solar PV and over 420,000 tons of green ammonia annually.