Astris Finance is pleased to announce the successful financial closing of a non-recourse term facility for the 19.3 MWp PV solar power plants located in Moquegua, Southern Peru

The Project is sponsored by Solarpack, a Spanish solar PV developer and the leader in Latin American solar project development. The Project will benefit from long-term Power Purchase Agreements, which have been allocated through a public tender process by the State of Peru in 2011. The Project was the only successful bidder in the 2013, and is the third large-scale PV project financed in Peru.

The financing structure of the Project has been tailor-made to mitigate the impact of some specific aspects of Peruvian renewable energy PPAs on Project cash-flows. The loan term was sized to match the Project’s long-term contracted cash flows, with a total term of 18.5 years and coverage ratios consistent with the outstanding credit quality of the off-takers.

Astris Finance acted as financial advisor to Solarpack for the raising of a USD 41.5 m non-recourse, project finance debt facility, throughout the structuring, placement, due diligence, documentation and closing of the transaction. The debt is provided by the Overseas Private Investment Corporation.

This is Astris Finance’s third financial closing in the Peruvian solar sector, further consolidating the firm’s unique track record in the renewable energy sector in the region.