Spanish T-Solar secures USD-145m-financing for PV solar plants construction in Peru

Dec 22, 2011 - Spanish solar power developer T-Solar today announced it secured a USD-145-million (EUR 111m) financing for the construction of two solar photovoltaic (PV) power plants with a combined capacity of 44 MW in Peru.

The Overseas Private Investment Corporation (OPIC), a US government agency promoting sustainable US investment abroad, will provide up to USD 131 million in senior debt. It will be partially guaranteed by the US credit insurance company Assured Guarantee. In turn, the Netherlands Development Finance Company (FMO) and French foreign development finance institution Proparco will lend up to USD 14.3m in mezzanine debt.

The two plants have a total cost of USD 165 million. They will be the first large-scale solar PV energy projects of T-Solar in Latin America and are expected to be connected to the Peruvian grid by the second half of 2012. The engineering, procurement and construction (EPC) contract was awarded to T-Solar's parent company Isolux Corsan.

T-Solar expects Latin American strongest economies to provide interesting investment opportunities in the PV sector in the next five years due to the region's high level of solar irradiation and in the increasing focus on renewable energy.

T-Solar is now developing or operating power plants with a total capacity of 230 MW in Spain, Italy, India and Peru.

(USD 1 = EUR 0.765)

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