Proparco, France’s development finance institution, has provided a USD 40 million senior loan for the 467 MWp Illa solar power plant being developed by Spain’s Grupo Enhol in southern Peru. With this contribution, announced on 24 September 2026, the project’s total USD 289 million syndicated financing has been completed.
Set to become Peru’s largest solar plant
According to Proparco, Illa will be Peru’s largest solar plant when it enters operation in 2027 and will meet around 2.5 percent of the country’s electricity supply. The plant is expected to avoid around 369,000 tonnes of CO₂ equivalent emissions a year, improve access to energy services for 263,000 people and help create or maintain 2,425 indirect jobs.
Financing structure
Within the USD 289 million syndicated financing, the loans from development finance institutions have a seven-year tenor. Banco Santander is also providing a USD 250 million mini-perm facility. The lenders include, besides Proparco and Banco Santander, Spain’s ICO, COFIDES and FIEX, Peru’s COFIDE and Canada’s FinDev Canada.
What the partners said
Stanislas De La Riviere, Proparco’s Andean Regional Director, said supporting transformative renewable energy infrastructure shows the value of bringing private and development finance institutions together. Roberto Aguado, Finance Director of Grupo Enhol, said Proparco’s participation completed the lender group and fully closed the project’s financing.
Sources
- Proparco, “Proparco and Grupo Enhol partner to advance Peru’s solar energy transition with landmark Illa project”, news, 24.09.2026 – proparco.fr
Image: Proparco
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