European Investment Bank provides $150m for renewable energy in Peru

The European Investment Bank (EIB) has announced that it will provide $150m towards new renewable energy projects in Peru.

The bank stated that the investment will go towards building a wind farm and solar power plant with a combined capacity of 312 megawatts (MW).

While the EIB usually has a remit to fund infrastructure projects within the EU, it also has a stated priority to support policies which combat climate change and contribute to the UN’s Development Goals.

The 132 MW wind farm, set to become Peru’s largest, will comprise of 42 turbines and offset 288,000 tonnes of CO2, according to developers Enel. The Peruvian government has also signed a 20-year contract to purchase the wind farm’s electricity.

The new 180 MW solar power plant is currently being built in the Moquegua region, close to Chile, and within the Atacama desert. Both projects are expected to be completed in 2018.

EIB Vice-President Román Escolano said: “This agreement is a clear example of the EIB's support for projects helping to combat climate change, both inside and outside the EU. In fact, we are dedicating more resources to this goal than any other multilateral financial institution in the world. This project is covered by our priorities for Latin America. It will make it possible to expand clean energy production in Peru, facilitating the development of new infrastructure to benefit its people.”

Antonio Cammisecra, CEO of Enel Green Power, said: “The EIB’s support for two of our projects in Peru constitutes an important recognition of our commitment to promote the development of renewable energy sources in the country. We aim to create value for local communities and the national energy system as a whole, fostering sustainable growth and diversification of the energy mix. To this end, we will continue to promote new projects in Peru.”