Proparco and Banco Santander finance Grupo Enhol’s 467MW Illa solar PV project

Type: Financing · Technology: Solar · Country: Peru · Capacity: 467 MW · Value: $40M · Announced: 2026-09-28

Proparco and Banco Santander provided financing into Grupo Enhol for the 467 MW Illa solar PV project, with Proparco contributing a US$40 million senior loan as part of a larger US$289 million financing package. The Illa project is under development in southern Peru and is planned to begin commercial operations in 2027, at which point Grupo Enhol says it will be the largest operational solar PV facility in Peru. The financing package includes a US$250 million mini-perm facility underwritten by Santander, Proparco and other global development financiers including Spain's Instituto de Crédito Oficial E.P.E. (ICO), and the mini-perm has a seven-year maturity to cover construction and operational maturity. The developer expects the Illa project to supply about 2.5% of Peru's national electricity demand and the financing supports Peru's plan to expand solar and wind to 20% of generation by 2030. The transaction combines private bank structuring and syndication with development finance institution risk-sharing and environmental and social expertise, according to Proparco regional director Stanislas De La Riviere.

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