Yinson Renewables has secured $59m in senior secured green financing for the Matarani solar project, Peru.
The financing was arranged by IDB Invest and Natixis Corporate & Investment Banking (Natixis CIB) and is structured in accordance with the Green Loan Principles 2023 [guidelines developed by a working party drawn from leading financial institutions active in the global syndicated loan markets].
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The 97 megawatts peak Matarani project near Arequipa, Peru, is supported by a long-term power purchase agreement (PPA) with Orygen, a leading renewable energy supplier in Peru.
It is a landmark project in Peru’s energy sector as the first non-subsidised operational solar plant financed through a green project finance facility.
Natixis CIB director of infrastructure and energy finance Amaury Chastan stated: “Natixis CIB has a proven track record of financing renewable energy infrastructure in Latin America, and this transaction reinforces our regional and sectorial leadership position. This transaction, structured as a green loan, is completely aligned with Yinson and the Bank’s efforts to support the global energy transition.”
The Matarani plant began operations for power export and sales in July 2024 and achieved full operations by September 2024.
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By GlobalDataIt will deliver 260 gigawatt hours (GWh) of renewable energy annually, equivalent to the electricity consumption of 62,000 Peruvian households.
Yinson Renewables chief financial officer Vegard Urnes stated: “We are thrilled to have successfully executed the mini-perm financing for the Matarani solar project, marking a significant milestone for Yinson Renewables in Latin America. This achievement not only underscores our commitment to advancing renewable energy solutions but also highlights the importance of strategic partnerships with esteemed institutions like IDB Invest and Natixis CIB.
“This collaboration is a testament to our shared vision of fostering sustainable development and addressing climate change. We look forward to continuing our work in Peru and beyond, leveraging these strong partnerships to drive future projects that contribute to a greener and more resilient energy landscape.”
Yinson Renewables acquired the project from Grenergy Renewables in January 2024. Grenergy provided a full turnkey engineering, procurement and construction contract for the project, and will provide operation and maintenance services for its first two years.
The solar project supports Peru’s energy transition and its goal of reducing reliance on thermal and hydroelectric power.
IDB Invest CEO James Scriven said: “We are pleased to support Yinson Renewables´ first project in the region. This financing is key to Peru’s energy transition to renewable sources. The Matarani Solar project enhances environmental sustainability and demonstrates the vast potential for non-conventional renewable energy in Peru.”
Natixis CIB served as the Sole Structuring Bank, Green Loan Coordinator, and Joint Lead Arranger alongside IDB Invest.
