The Spanish energy company Solarpack has closed a senior financing package for the 300 MW San Martin solar plant in Peru for more than US$176m. The agreement was the first renewables scheme financed in Peru based on a Power Purchase Agreement (PPA) between private parties (Crédit Agricole Corporate and Investment Bank, Natixis Corporate & Investment Baking, BBVA and BNP Paribas) using a project finance structure. The 300 MW San Martin solar plant is currently under construction and is expected to generate more than 819 GWh/year, equivalent to the annual electricity consumption of more than 440,000 homes. In addition, it will prevent the emission of more than 564,000 MtCO2/year.
At the end of 2022, Peru had a total installed capacity 15.7 GW, of which solar accounted for 2% (286.5 MW).
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