The European Investment Bank (EIB) will provide USD 150 million to renewable energy production company Enel Green Power Perú (a local subsidiary of the Enel Group) to build and operate a wind farm and photovoltaic solar power plant currently under construction in the Andean country. The two facilities will have an installed capacity of 312 MW when they enter service (expected for the first half of 2018), strengthening the production and use of clean energy in Peru.

The wind farm will be located in the Nazca region, 470 km to the south of Lima, while the new solar power plant is being built in the Moquegua region, close to the Chilean border. Their operation will make it possible to meet growing electricity demand in Peru, helping to diversify the country's energy sources. In addition to its environmental benefits, the project will also help create jobs during the construction and operation phases.

The EIB's financing of this project is covered by the Bank's priority action to support environmental policies helping to combat climate change (inside and outside the EU) and facilitate the development of strategic projects. The project also contributes to implementing the UN Development Goals to help all countries to access clean, sustainable and affordable energy.

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, Enel Head of Global Renewable Energies and 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.”

The operation is the EU bank's fifth in Peru, where the EIB has to date financed investment projects for a total financing amount of USD 360 million.

The EIB in Latin America

The European Union is Latin America's main economic development partner and the EIB, as the EU bank, supports cooperation between the two regions by financing projects that help meet EU foreign policy objectives: economic development, social and environmental infrastructure, private sector development and tackling climate change.

The EIB provides economic support for projects in Latin America by facilitating long-term investment with favourable financing conditions and by providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results.

Since the EIB began operations in Latin America in 1993, it has provided financing for over 100 projects in 14 countries in the region, with total investment of EUR 7bn. In recent years, the EU bank has provided around EUR 900m to implement projects in Argentina, Bolivia, Brazil, Ecuador, Mexico, Panama, Paraguay and Peru.