US$176 million Financing agreement signed for 300 MW Solar Project in Peru

Solarpack has closed a senior financing package for the 300 MW San Martin solar PV plant in Peru for a total amount of US$176.6 million.

The financing has been signed with lenders Crédit Agricole Corporate and Investment Bank, Natixis Corporate & Investment Baking, BBVA and BNP Paribas, using a project finance structure, being the first renewable project financed in Peru based on a Power Purchase Agreement (PPA) between private parties.

The Solar PV project is currently under construction and is expected to generate more than 819 GWh per 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 tonnes of CO2 each year. 

In addition to the senior financing package, San Martín has also closed with BBVA, a revolving credit facility for up to US$19 million to fund working capital requirements during the project's construction.