– Solarpack signed a financing agreement with lenders for the San Martine solar PV plant in Peru for US$176.6 million.
– The financing is the first renewable project in Peru based on a power purchase agreement between private parties and has been qualified as green financing.
– The San Martin solar plant will have a capacity of almost 300 MW, generate over 819 GWh/y, prevent the emission of over 564,000 tpy of carbon dioxide, and is the largest solar plant in Peru’s history.
Solarpack has secured a financing agreement of US$176.6 million with lenders like BBVA, BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Natixis Corporate & Investment Banking for the San Martine solar PV plant in Peru. This project involves a project finance structure and is the first renewable project in Peru financed based on a power purchase agreement (PPA) between private parties. The loan has been classified as green financing under Solarpack’s Green Financing Framework, aligning with the Green Loan Principles. The San Martin solar plant aims to become the largest in Peru’s history, with an installed capacity of almost 300 MW, producing over 819 GWh/y, enough for more than 440,000 homes, while preventing the emission of over 564,000 tpy of carbon dioxide.
In addition to the senior financing package, San Martín has also secured a revolving credit facility of up to US$19 million from BBVA for working capital during the project’s construction. Solarpack’s Chief Financial Officer, Luis Alvargonzalez, highlighted the confidence of major international financial institutions in the company’s solvency, business model, and management. The project supports the decarbonisation goals of Kallpa Generación, a key player in the Peruvian power market, contributing towards the country’s power sector decarbonisation. The financing enables Solarpack to continue developing renewable solutions and expand its impact in Latin America, showcasing its commitment to sustainable energy development.