EIB lends USD 150m to Enel for solar, wind in Peru

The European Investment Bank (EIB) will provide US$150 million to the renewable energy production company Enel Green Power Peru, a local subsidiary of the Enel group, for the construction and operation of a wind farm and a photovoltaic solar plant currently under construction in the Andean country.

Once operational in the first half of 2018, the facilities will have a capacity of 312 megawatts that will allow to reinforce the production and consumption of clean energy in Peru.

The wind farm will be located in the Nazca region, 470 kilometers south of Lima, while the new solar plant is being built in the Moquegua region, near the border with Chile. The two plants will make it possible to meet the growing demand for electricity in Peru, contributing to the diversification of energy sources in the country. In addition to its environmental benefits, the project will also facilitate the creation of employment during the construction and exploitation phases.

The EIB's financial support for this project falls within the Bank's priorities of supporting environmental policies that allow combating climate change, also outside the European Union, and facilitating the development of strategic projects. The project also contributes to implementing the development objectives proposed by the UN to facilitate access for all countries to clean, sustainable energy at affordable prices.

The operation is the fifth of the Bank of the EU in Peru, a country where, to date, the EIB has financed investment projects for a total financing volume of US$360 million.

The Vice President of the EIB, Román Escolano, said:

"This agreement demonstrates the clear support of the EIB for projects that contribute to the fight against climate change, also outside the European Union. We are, in fact, the multilateral financial institution that dedicates the most resources in the world to this objective. This project is part of our priorities in Latin America. It will allow to expand the production of clean energy in Peru, facilitating the development of new infrastructures that will benefit its citizens "

Antonio Cammisecra, Director of the Global Renewable Energy Division and Managing Director of Enel Green Power, commented:

"The support of the EIB for two of our projects in Peru is an important recognition of our commitment to promote the development of renewable energies in the country. Our objective is to create value for local communities and the national energy system as a whole, promoting sustainable growth and the diversification of the energy mix. For this, we will continue promoting new projects in Peru"