The European Investment Bank (EIB) will provide US$150 million to renewable energy company Enel Green Power Perú to build and operate both a wind farm and PV power plant currently under construction within the country.

Both installations will have an installed capacity of 312MW when they enter service — which is expected for the first half of 2018.

The PV project will be developed in the Moquegua region, close to the Chilean border. Once completed, these two sites will help meet growing electricity demand within Peru. 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 assist environmental policies helping to combat climate change and facilitate the development of strategic projects.

EIB vice-president Román Escolano noted: “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, added: “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.”