The International Finance Corporation (IFC) has approved a corporate loan of up to $600 million for ENGIE Energía Perú. The financing is directed towards renewable energy development and energy transition. The first tranche ($120 million) is structured as a green and sustainability-linked loan.
Proceeds from the financing will be directed toward three projects. First, it will be used for the construction of the 51.7 MW Central Expansión Solar Intipampa in Moquegua. Second, it will be used for the refinancing of the 36.8 MW Duna and Huambos wind farms in Cajamarca. Third, it will cover part of the funding for the 26.5 MW Chilca-BESS project at the ChilcaUno thermal power plant.
Moreover, the loan is linked to three performance indicators, which include increasing the share of renewable energy in the ENGIE Energía Perú’s total installed capacity, implementing site and asset-specific climate adaptation plans across all the company’s facilities, and increasing the representation of women in management roles.
IFC is supporting ENGIE Energía Perú in expanding its renewable portfolio with this funding. The company has a development pipeline of over 1,600 MW, with renewable generation already accounting for 30 per cent of its total output.
Earlier this month, the IFC invested around $45 million in CleanMax Energy (Thailand) Company Limited to develop 35 MWp of new solar capacity and refinance 41 MWp of existing operating solar projects.