Cuatrecasas and PPU guide Peruvian solar buy

Malaysian energy project developer Yinson has called on Cuatrecasas (Peru) to acquire a solar project in the south of the Andean country from Spain’s Grenergy for US$90 million.

The seller relied on Philippi Prietocarrizosa Ferrero DU & Uría (Peru) for the deal, which closed on 24 January.

In the transaction, Yinson bought 100% of Matarani solar project, located in the southern Peruvian region of Arequipa, from Grenergy’s local subsidiary. The solar farm is currently under construction and is expected to enter commercial operation by the end of 2024.

The acquisition value consisted of a US$25 million payment for the special purpose vehicle (SPV) that controls the project itself, in addition to US$65 million for the engineering, procurement and construction (EPC) contact for the development of the project.

Grenergy has agreed to provide the operation and maintenance services for the plant for the first two years.

Once in operation, the Matarani solar farm will supply 260 gigawatt hours of energy to the Peruvian grid each year. This is equivalent to the energy consumption of 62,000 Peruvian households.

Grenergy operates in Latin America, the US and Europe. The Madrid-headquartered company has solar assets in Chile, Colombia, Mexico and Peru. Last year, the company obtained a US$148 million financing to build two solar plants in Chile.

Yinson is involved in energy infrastructure projects across Asia, the Americas and Europe. In Latin America, it is present in Brazil, Chile, Colombia and Peru. In 2021, the company bought shares in a Colombian solar farm from Chilean renewables developer Verano Capital.

Counsel to Yinson Renewables

Cuatrecasas (Peru)

Partners Oscar Trelles and Diego Carrión, and associates Álvaro Klauer and Augusto Hostia

Counsel to Grenergy Renovables and Grenergy Perú

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partner Rafael Puiggros and associates Sergio Rodríguez and Luciana Carpio-Rivero


Latin Lawyer