Conduit has acquired, together with the CAF development bank of Latin America, an 81% stake in the US$210 million project to build two photovoltaic parks at Tacna and Moquegua in southern Peru.
The Tacna plant is already up and running and the Panamericana plant, at nearby Moquegua, is expected to be online by the end of 2012.
When fully operational, the parks both near the southern border with Chile will have a combined capacity of 40 MW, producing around 98 GWh of electricity per year, enough to power around 67,000 households and saving 65,000 tons of CO2 annually.
The dual plants are expected to be the first portfolio investment in Conduit’s Latin Power IV fund.
Conduit vice president Michelle Haigh said, "We are pleased to continue to build on our long history of successful investment in Peru with the acquisition of these exciting renewable power projects. We are committing capital, development and operating expertise to complete the projects and position the assets as they begin operations."
Eleonora Silva, director of CAF for Peru, added, "As one of the largest photovoltaic plants connected to a public Latin American power grid, this is an emblematic project for our institution. This investment is also representative of CAF’s ongoing strategy to promote the use of renewable energy and demonstrates our commitment to the sustainable development of Latin America."