T-SOLAR—T-Solar signs 3 loan agreements for solar projects worth 44 MW
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December 22, 2011

Continuing on with its Peruvian photovoltaic plans, T-Solar has signed three loan agreements worth US$145 million.

The funds will be used to finance two photovoltaic systems worth 44 megawatts (MW). According to the company, when complete in the second half of 2012, they will represent Latin America’s biggest solar projects. Over 160 jobs are expected to be created.

A total of 113,600 thin film amorphous hydrogenated-silicon modules will be installed across an area of 206 hectares in the Arequipa region of southern Peru. They will be supplied from T-Solar’s Spanish manufacturing facility.

Parent company, Isolux Corsan, will act as engineering, procurement and construction contractor, and will carry out the construction work. When complete, the systems are expected to generate 80 gigawatt hours of energy annually.

Project investment is said to amount to over $165 million. In a statement released, the company explained, "The Overseas Private Investment Corporation (OPI) … will provide up to $131 million in senior debt, partially guaranteed by Assured Guarantee, a US credit insurance company." Meanwhile, "the Netherlands’ FMO and France’s PROPARCO will lend up to $14.3m in mezzanine debt. T-Solar will fund the balance through equity."