T-Solar has signed three loan agreements worth US$145 million to finance two PV plants in Peru.

The systems, which have a combined capacity of 44MW, are the first large-scale solar installations in Latin America and will cover 206 hectares of land in the Arequipa region of southern Peru. Grid connection is expected in the second quarter of 2012, when the systems will start generating electricity at a rate if 80GWh per annum.

Isolux Corsán, T-Solar's parent company, has been chosen as engineering, procurement and construction (EPC) contractor and will install 113,600 thin-film amorphous hydrogenated-silicon modules produced from T-Solar's factory in Orense, Spain.Over 160 jobs will be created for the local workforce during construction.

The total cost of the development is currently estimated at US$165 million, with the Overseas Private Investment Corporation (OPIC) providing up to US$131 million in senior debt. Up to US$14.3 million of the remaining cost will be covered in the form of mezzanine debt from Holland’s FMO and France's Proparco, while T-Solar will fund the rest through equity.