Sojitz Corporation of America reached an agreement with Grupo T-Solar Global, S.A. and to invest in the Majes and Reparticion Solar Power Plants in Peru, the first mega solar business in the country.
SCA will now own a 49 percent equity interest.
The project, located in a sunlit area at the south end of Peru, began commercial operations on July 1, 2012, and has two 20-year fixed-price power purchase agreements guaranteed by the Ministry of Energy and Mines of Peru.
The project is the first utility scale solar power generation business in Latin America with interconnection through Peru’s national power grid. SCA will advance collaboration with Isolux through electricity and infrastructure projects in the Americas starting with this project.
Peru has one of the highest levels of economic growth in Latin America. The country also has wide-ranging economic policies and advanced legal frameworks for the introduction of renewable energies. Peru is expected to bring approximately 1,000 MegaWatts of renewable energy online in the next 10 years.
The Sojitz Group has developed solar power generation businesses in Japan and Germany. The project will allow the group to collect more operational know-how in the field. Sojitz will continue to promote its renewable energy business to contribute to the development of a sustainable society.