Madrid, April 22, 2026. COFIDES has supported Navarra-based investment group Enhol in the development, design, construction, operation, and maintenance of a photovoltaic plant with an installed capacity of 396 MW in the Arequipa region of Peru. Known as the Illa project, the facility is set to become the largest solar plant in the country, marking a significant milestone in Peru’s energy sector.
The project, with a total investment of more than $350M, is backed by COFIDES, which is contributing $40M through the Fund for Foreign Investment (FIEX) and its own resources, via a syndicated loan structured under a project finance scheme.
Eighty percent of the energy generated will be secured under a long-term power purchase agreement (PPA) with Kallpa Generación, one of Peru’s leading energy companies, ensuring stability in the supply of clean energy.
The photovoltaic plant will increase the share of non-conventional renewable energy in Peru’s energy mix—currently dominated by hydroelectric and thermal generation—and has already created more than 600 jobs in the country.
Miguel Ángel Ladero, Chief Investment Officer at COFIDES, stated: “Supporting this landmark renewable energy project in Peru reflects COFIDES’ commitment to sustainability and to companies such as Enhol that are helping drive the energy transition. This initiative will have a positive impact on emissions reduction and the generation of clean, dependable, and affordable energy, while also fostering technological innovation and sustainable infrastructure.”
Nicolás Larumbe, Project Execution Director at Grupo Enhol, added: “This project marks a milestone in our international growth strategy and reinforces our ability to develop large-scale energy infrastructure in key markets. PSF Illa strengthens our position in Latin America and establishes us as a relevant player in the transformation of the country’s energy model.”
Through this project, Grupo Enhol continues to strengthen its position as a key player in the development of sustainable energy infrastructure at the international level.
ABOUT GRUPO ENHOL
Grupo Enhol is a family-owned investment group with nearly a century of experience.
Active in sectors including renewable energy, agribusiness, sustainable food, and real estate, the group combines strong local roots with a clear international outlook. It currently operates across nine locations, employs more than 400 people, and has a presence in 28 countries, with annual revenues of €200M. Grupo Enhol promotes and invests in transformative projects—initiatives driven by ambition, innovation, and a strong commitment to social impact and regional development.
COFIDES has supported Navarra-based investment group Enhol in the development, design, construction, operation, and maintenance of a photovoltaic plant with an installed capacity of 396 MW in the Arequipa region of Peru. Known as the Illa project, the facility is set to become the largest solar plant in the country, marking a significant milestone in Peru’s energy sector.
The project, with a total investment of more than $350M, is backed by COFIDES, which is contributing $40M through the Fund for Foreign Investment (FIEX) and its own resources, via a syndicated loan structured under a project finance scheme.
Eighty percent of the energy generated will be secured under a long-term power purchase agreement (PPA) with Kallpa Generación, one of Peru’s leading energy companies, ensuring stability in the supply of clean energy.
The photovoltaic plant will increase the share of non-conventional renewable energy in Peru’s energy mix—currently dominated by hydroelectric and thermal generation—and has already created more than 600 jobs in the country.
Miguel Ángel Ladero, Chief Investment Officer at COFIDES, stated: “Supporting this landmark renewable energy project in Peru reflects COFIDES’ commitment to sustainability and to companies such as Enhol that are helping drive the energy transition. This initiative will have a positive impact on emissions reduction and the generation of clean, dependable, and affordable energy, while also fostering technological innovation and sustainable infrastructure.”
Nicolás Larumbe, Project Execution Director at Grupo Enhol, added: “This project marks a milestone in our international growth strategy and reinforces our ability to develop large-scale energy infrastructure in key markets. PSF Illa strengthens our position in Latin America and establishes us as a relevant player in the transformation of the country’s energy model.”
Through this project, Grupo Enhol continues to strengthen its position as a key player in the development of sustainable energy infrastructure at the international level.
ABOUT GRUPO ENHOL
Grupo Enhol is a family-owned investment group with nearly a century of experience.
Active in sectors including renewable energy, agribusiness, sustainable food, and real estate, the group combines strong local roots with a clear international outlook. It currently operates across nine locations, employs more than 400 people, and has a presence in 28 countries, with annual revenues of €200M. Grupo Enhol promotes and invests in transformative projects—initiatives driven by ambition, innovation, and a strong commitment to social impact and regional development.
COFIDES has supported Navarra-based investment group Enhol in the development, design, construction, operation, and maintenance of a photovoltaic plant with an installed capacity of 396 MW in the Arequipa region of Peru. Known as the Illa project, the facility is set to become the largest solar plant in the country, marking a significant milestone in Peru’s energy sector.
The project, with a total investment of more than $350M, is backed by COFIDES, which is contributing $40M through the Fund for Foreign Investment (FIEX) and its own resources, via a syndicated loan structured under a project finance scheme.
Eighty percent of the energy generated will be secured under a long-term power purchase agreement (PPA) with Kallpa Generación, one of Peru’s leading energy companies, ensuring stability in the supply of clean energy.
The photovoltaic plant will increase the share of non-conventional renewable energy in Peru’s energy mix—currently dominated by hydroelectric and thermal generation—and has already created more than 600 jobs in the country.
Miguel Ángel Ladero, Chief Investment Officer at COFIDES, stated: “Supporting this landmark renewable energy project in Peru reflects COFIDES’ commitment to sustainability and to companies such as Enhol that are helping drive the energy transition. This initiative will have a positive impact on emissions reduction and the generation of clean, dependable, and affordable energy, while also fostering technological innovation and sustainable infrastructure.”
Nicolás Larumbe, Project Execution Director at Grupo Enhol, added: “This project marks a milestone in our international growth strategy and reinforces our ability to develop large-scale energy infrastructure in key markets. PSF Illa strengthens our position in Latin America and establishes us as a relevant player in the transformation of the country’s energy model.”
Through this project, Grupo Enhol continues to strengthen its position as a key player in the development of sustainable energy infrastructure at the international level.
ABOUT GRUPO ENHOL
Grupo Enhol is a family-owned investment group with nearly a century of experience.
Active in sectors including renewable energy, agribusiness, sustainable food, and real estate, the group combines strong local roots with a clear international outlook. It currently operates across nine locations, employs more than 400 people, and has a presence in 28 countries, with annual revenues of €200M. Grupo Enhol promotes and invests in transformative projects—initiatives driven by ambition, innovation, and a strong commitment to social impact and regional development.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages financial funds from the Spanish State, as well as its own resources and those of third-party institutions with various objectives: the internationalization of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to the development of the countries in which it invests. In addition to the State, which holds a majority position, other shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
