Madrid December 05, 2012.- COFIDES chairman, Salvador Marin, signed an agreement with ALARDE CEO Isidoro Pardilla, the sole director of Doble Río, Eduardo López Simón, and the sole director of ATYC Honorato López, whereby COFIDES will fund with these companies 4.4 million euro for the launch of a hydroelectric plant in Peru.
COFIDES provides this funding from its own funds and through the Fund for Overseas Investment for Small and Medium Enterprises (FONPYME), managed exclusively for the Ministry of Economy and Competitiveness via the Secretariat of Commerce.
The target of this operation is the construction, operation and maintenance of Las Pizarras hydroelectric plant, in the department of Cajamarca (Perú), with an 18MW installed capacity, and able to generate 105,700 MWh per annum.
Following the agreement signature, Marin pointed out that "we are fulfilling one of the main goals we have set to support Spanish SMEs to make their way into international markets." In fact, he stressed that "we want SMEs to know they have a reliable partner and the financial backup of COFIDES for their internationalization, as in the case of ATYC and ALARDE".
ALARDE CEO, Isidoro Pardilla, added that "the development of business opportunities abroad is for us the best way to skip the increasing lack of activity in the sector within Spain; consequently the support afforded by the public sector to SMEs like ours is essential".
COFIDES is a combined private-public concern which for the past 25 years has provided financial support to Spanish enterprises abroad. COFIDES administrates FIEX and FONPYME funds, dependent of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders also include the participation of Bilbao Vizcaya Argentaria (BBVA), Banco Santander and Banco Sabadell.
