Spanish solar project developer Solarpack has closed a €176.6 million ($191 million) financing package for the San Martín solar plant in Peru.

The lenders were BBVA, BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Natixis Corporate and Investment Banking.

San Martín has also finalized a revolving financing facility of up to $19 million with BBVA to cover the payment of the General Sales Tax (IGV) generated during the project's construction, in addition to the senior financing package.

According to Solarpack, the plant is the first renewable project financed in Peru based on a bilateral PPA.

The San Martín solar plant, with a total installed power of about 300 MW, is currently under construction. Solarpack claims that “it is the largest solar plant in the history of Peru.”

The company unveiled the project in January and said that it was ending its joint-venture with Ardian in Peru and Chile.