Thursday, July 5, 2012

Peru's Renewable Energy Sector Takes Leap Forward

A US development finance institution, the Overseas Private Investment Corporation (OPIC) has approved financing for the construction of two 20 megawatt solar power plants in Peru. These plants will generate almost 100 million kWk of clean, renewable electricity per year. The investment amounting to $185 million will enable Conduit Capital Partners to finance the construction and operation of the plants.

OPIC President and CEO Elizabeth Littlefield said, “The Peruvian government, in partnership with the private sector, continues to make great strides in bringing electricity to the majority of its population. This project will enable Peru to take advantage of its great solar potential in order to increase energy access in rural, poorer areas where the need is greatest.”

The two solar power plants will be constructed in Peru's southern mountain range, which offers significant solar energy potential. Peru will benefit from the increase in electricity and provide more rural communities with access. In 2011, electricity coverage in rural communities was about 30%, with more than 6 million Peruvians lacking electricity.

This is a great step forward for the development of Peru and their renewable energy sector.

Angelica Oman
Graduate Program Assistant