Cofides finances $40M for 396 MW solar project Illa in Peru

The Spanish development finance institution Cofides committed $40 million in financing for the 396 MW Illa Solar Project in Peru's Arequipa region, structured under a project finance scheme. The project, developed by Spanish renewable energy company Grupo Enhol, represents a total investment exceeding $350 million and includes a long-term power purchase agreement (PPA) with Kallpa Generación covering 80% of production. Cofides' financing is part of a syndicated loan under the FIEX fund, complemented by $56 million in financing from Canada's FinDev Canada to Energía Renovable La Joya, a Grupo Enhol subsidiary. The project, located in Mollendo district, Islay province, is Peru's largest solar plant and is expected to generate over 600 local jobs during construction. Cofides framed the deal within its strategy to support internationalization and energy transition projects, while Grupo Enhol strengthened its utility-scale portfolio in Latin America.

Counterparts (4)

borrower

Grupo Enhol

company · 1 deals

Grupo Enhol is a Spanish company focused on infrastructure development and management. They operate in various sectors including renewable energy and real estate.

Offtaker

Kallpa Generación

company · 1 deals

Peru-based power generation company operating a 2.6 GW diversified portfolio of hydroelectric, combined cycle gas, and renewable energy assets, supplying 22% of Peru's electricity demand.

Lender

FinDev Canada

company · 1 deals

FinDev Canada is Canada's bilateral Development Finance Institution (DFI), supporting development through the private sector. They provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs) aligned with the Sustainable Development Goals (SDGs) and Paris Agreement commitments.

Cofides

company · 1 deals

Madrid-based development finance institution providing financing for Spanish company internationalization and sustainable development projects. Has approved over 1,200 projects in 100 countries with €4.7B committed capital and €1B portfolio.