Yinson Renewables secures $59m financing for Peru’s Matarani solar project
Author: PPD Team Date: November 29, 2024
Yinson Renewables has obtained $59 million in senior secured green financing for the 97 MW peak Matarani solar project in Peru.
The financing, arranged by IDB Invest and Natixis Corporate & Investment Banking (Natixis CIB), adheres to the Green Loan Principles 2023.
The Matarani solar project, located near Arequipa, is Peru’s first non-subsidized operational solar plant financed through a green project finance facility. It is backed by a long-term power purchase agreement (PPA) with Orygen, a prominent renewable energy supplier in Peru.
The plant began power export operations in July 2024 and achieved full operation by September 2024, delivering 260 GWh of renewable energy annually—sufficient to power 62,000 Peruvian households.
Vegard Urnes, Yinson Renewables’ CFO, emphasized the importance of strategic partnerships with institutions like IDB Invest and Natixis CIB in driving renewable energy projects that address climate change.
The Matarani project supports Peru’s energy transition by reducing reliance on thermal and hydroelectric power. It was developed by Grenergy Renewables, which remains responsible for operations and maintenance during the first two years. Natixis CIB served as Sole Structuring Bank, Green Loan Coordinator, and Joint Lead Arranger, alongside IDB Invest.