On June 2nd, 2011, the Board of Directors of the U.S. Overseas Private Investment Corporation (OPIC) approved USD 123 million in financing for the construction of two 20 MW solar photovoltaic (PV) plants in Peru.

If built, these plants will be the first large-scale PV plants in Peru, and are larger than any currently in operation in Latin America.

“We are delighted to take part in a landmark development for Peru’s renewable energy sector – its first major solar energy project,” said OPIC President and CEO Elizabeth Littlefield.

“The project will help Peru diversify its source of electricity, and will do so using solar technology developed by an American company."

20-year PPAs approved

Grupo T-Solar Global S.A. (Madrid, Spain) will develop the project on two separate sites in the Arequipa region of Southwestern Peru. Peru's Ministry of Energy and Mines has awarded T-Solar 20-year power purchase agreements (PPAs) for the plants. The plants will use solar modules produced on Applied Materials Inc.'s (Santa Clara, California, U.S.) SunFab production lines, purchased by T-Solar.

The U.S. sponsor of the project is Assured Guaranty Municipal Corporation (New York, New York, U.S.), which will provide a partial risk guaranty for the project. This is Assured Guaranty's first transaction in the solar sector.

OPIC is an independent agency of the U.S. government that mobilizes U.S. private sector investment in new and emerging markets outside the United States.

2011-06-10| Courtesy: Overseas Private Investment Corporation; Image: Cmonzonc | solarserver.com © Heindl Server GmbH

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