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$185 million earmarked for 40 MW Peruvian solar project

The U.S. Government's development finance institution, the Overseas Private Investment Corporation (OPIC) has approved US$185 million worth of financing for two 20 MW solar plants in Peru.

The solar projects are expected to be located in the south of Peru.

Flickr/staypuftman

According to a statement released, the funds will enable private equity investment firm, Conduit Capital Partners, to finance the construction and operation of the Tacna and Panamericana solar plants, which are expected to be located in the south of Peru. It added that the generated electricity will be sold to the country’s national grid.

"The Peruvian government, in partnership with the private sector, continues to make great strides in bringing electricity to the majority of its population. This project will enable Peru to take advantage of its great solar potential in order to increase energy access in rural, poorer areas where the need is greatest," stated OPIC president and CEO, Elizabeth Littlefield.

Last year, OPIC said it made $123 million available, again for the construction of two 20 MW solar plants. The project was reportedly named the "2011 Latin American Renewables Deal of the Year" by Euromoney Institutional Investor.

No further details were disclosed and OPIC could not be immediately contacted for further comment.