Spain’s state-owned fund manager COFIDES has committed USD40m in financing to support the 396 MW Illa solar PV project in Peru, led by the Spanish family-owned investment group Grupo Enhol (COFIDES press release, 22/04/2026). This solar project is located in the Arequipa region and will request a total investment exceeding USD350m.
Grupo Enhol will oversee the full project lifecycle, including development, engineering, construction, operation, and maintenance. The Illa project is projected to become the largest solar installation in Peru, according to the press release. Approximately 80% of its electricity generation will be covered by a long-term power purchase agreement with Kallpa Generación.
Peru currently has a portfolio of 13 solar projects holding the necessary definitive concessions, which are expected to increase the country’s installed solar capacity to around 3,490 MW by 2028, based on a recent statement by the Minister of Energy (Renewables Now, 16/04/2026).
Under the “National Energy Plan 2014–2025”, Peru set a goal for wind and solar energy to reach a 20% share by 2030 (compared to 8% in 2024). The country’s electricity mix remains largely dominated by hydropower, whose contribution varies with water availability (52% on average over the past five years; 50% in 2024), followed by natural gas (39% in 2024). In 2024, wind energy accounted for 6% and solar energy for 2% of total generation (Enerdata Global Energy Research).
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