Grupo Enhol Secures Financing for Peru's Largest Solar Project

Global law firm White & Case LLP has successfully provided legal advisory services to Grupo Enhol, a Spanish renewable energy company, on the project financing for the Illa Solar Project in Arequipa, Peru. With an installed capacity of 1.2 TWh, this project is recognized as Peru’s largest solar endeavor, contributing approximately 2.5 percent of the nation’s energy generation. Banco Santander, S.A. spearheaded the financing, inclusive of senior debt financing, NAV financing, and a letter of credit facility provided by the Santander Group. The proceeds are allocated for the development, construction, and operation of the project. Construction began in the third quarter of 2024, with the project anticipated to be connected to Peru's national grid by December 2026. Energy generation will occur under a long-term power purchase agreement with Kallpa, a major player supplying about 23 percent of Peru's electricity. The White & Case team comprised experts from various global locations, including Miami and Madrid, contributing to the strategic execution of this significant transaction.