Conduit Capital Partners LLC, a private equity investment firm focused on energy infrastructure investment and development in Latin America and the Caribbean, and CAF, development bank of Latin America, today announced they have invested in the Tacna and Panamericana solar projects in southern Peru, and that the Tacna project has entered into operation. Construction continues on the Panamericana project.
Together the solar power projects total 40MW. Solarpack and Gestamp Solar, Spanish multinational companies that develop and construct solar photovoltaic (PV) generation plants, remain as partners.
"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,” said Michelle Haigh, Vice President at Conduit. “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."
Conduit and CAF together acquired 81% of the projects, which have a total project cost of approximately $210mn. The projects utilise proven solar photovoltaic technology and will sell energy through 20-year power purchase agreements in US dollars to the Peruvian system, with the energy ultimately being sold on Peru’s national grid. This is the first solar investment made by Conduit Capital Partners and the project is expected to be the first portfolio investment in Latin Power IV.