Spain-based renewables firm Solarpack has secured a senior financing package worth USD 176.6 million (EUR 162.6m) to support its San Martin solar photovoltaic project in Peru, the company said on Thursday.

Lenders BBVA, BNP Paribas, Credit Agricole Corporate and Investment Bank and Natixis Corporate & Investment Banking extended project finance, marking this the first time that a renewable energy project in Peru secured financing based on a power purchase agreement (PPA) between private parties, according to Solarpack.

In parallel, Solarpack closed a revolving credit facility with BBVA to obtain up to USD 19 million for working capital requirements during the construction of the project.

The nearly 300-MW San Martin solar farm is currently under construction in the district of La Joya, Arequipa province. The plant is expected to produce over 819 GWh of electricity per year, one fully operational.

The project is backed by a PPA with Peruvian generation Kallpa Generacion, which will off-take all of San Martin’s production.

Solarpack currently owns 343 MW of renewable energy projects in operation and under construction in Peru.