T-Solar Group signs up $145m to fund 44 MW worth of photovoltaic power plants in Peru
The two solar plants are expected to produce 80 GWh a year, enough electricity to supply 80,000 people. Project construction will generate over 160 direct jobs amongst the local population. The plants are expected to be connected to the national grid by the second semester of 2012. The total capital expenditure for the two projects is over $165m. The Overseas Private Investment Corporation (OPIC), a US government agency promoting sustainable US investment abroad, will provide up to $131m in senior debt, partially guaranteed by Assured Guarantee, a US credit insurance company. The Netherlands’ FMO and France’s PROPARCO will lend up to $14.3m in mezzanine debt. T-Solar will fund the balance through equity. T-Solar was advised by Astris Finance, a US-based transaction advisory firm specialized in infrastructure and energy in emerging markets.
Latin America is an important target market for T-Solar. Given the region’s high level of solar irradiation and in the context of an increasing focus on energy transition and renewable energy, T-Solar expects the continent’s strongest economies to provide interesting opportunities in the photovoltaic sector in the next 5 years.
Visit T-Solar at www.tsolar.com
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