news - 2011 Deal of the Year award for solar photovoltaic plants in Peru

In New York, the solar photovoltaic power plants project in Peru was granted the “2011 Latin American Renewables Deal of the Year” award, by Euromoney Institutional Investor PLC. For FMO, this project is the first investment in a solar photovoltaic power plant. Project sponsor is the Spanish T-Solar Group, a major operator in the solar photovoltaic power generation market.

The two new plants will be the first large-scale solar photovoltaic energy projects in Latin America. Located in the districts of La Joya and Caylloma, the total output of the two plants will be 80 GWh a year. This is enough electricity to supply a town of 80,000 inhabitants. The construction itself will generate over 160 direct jobs for the local population. The connection to the national grid is scheduled for the second half of 2012.

The total project cost is 166 million USD; FMO and Proparco will put up 14.4 million USD of this in subordinated loans while the T-Solar Group will provide the 19.6 million in equity. OPIC will provide the balance of USD132 million in the form of a senior loan, partly guaranteed by Assured Guaranty Corp.

For more information about the deal:

• Read the interview with Director Iván Paja, Deputy CFO at T Solar in the March edition of Upsides magazine.
• Deal news from 6 December 2011 

The award ceremony was held in NewYork on March 1, 2012