Union Group arranges US$59 million in financing for two Peruvian hydropower projects

Peru Map

Peru's 19-MW 8 de Agosto and 8.4-MW El Carmen hydropower projects have received a US$59 million financing package arranged by energy investor Union Group.

The package includes senior debt contributions from Germany's DEG, the Netherlands Development Finance Company (FMO), Austrian development bank OeEB and Peruvian development bank COFIDE.

"We are delighted to have brought this transaction to a close and we welcome the four development banks as strategic partners in this project," Union Group president and founder Juan Sartori said. "Each of them share our long-term ambitions for the hydropower sector in Peru and our vision to deliver clean energy while creating jobs, encouraging economic growth and delivering investor returns.

Both plants are being developed by Union Group subsidiary Generacion Andina and backed by 20-year power purchase agreements with the Peruvian government.

The hydroelectric projects are located in the Monzon district and are scheduled for completion in January 2016.

HydroWorld.com reported in July that the Union Group had acquired the 5.3-MW Canchayllo plant as part of a plan to expand its Peruvian hydropower portfolio. The investment firm said it is developing close to 1,000 MW-worth of assets in the country.

 

For more news from Latin America, visit here.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs