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US photovoltaic (PV) developer the T-Solar Group, a subsidiary of Spanish power company Isolux Corsan, has signed three loan agreements worth a combined $145m to finance the construction of two PV plants in Peru.
The new facilities are set to have a combined capacity of 44MW and will be among the first utility-scale PV systems in Latin America. Panels will be produced by T-Solar in Spain with Isolux acting as engineering, procurement and construction contractor on the developments.
Building the plants is expected to cost more than $165m and the US government's Overseas Private Investment Corporation is providing $131m in senior debt, partially guaranteed by US credit insurance company Assured Guarantee.
Dutch development bank FMO and France's Proparco will lend up to $14.3m in mezzanine debt, with T-Solar funding the remainder through equity.
The developments are expected to create more than 160 jobs for the local population with the sites are scheduled to be operational by the second half 2012.
Isolux has been winning an increasing amount of business in South America and in September was contracted to build 247km of new transmission lines in Brazil.
