Yinson Renewables acquires 97Mwp Matarani solar project in Peru

Cuatrecasas has advised global company Yinson Renewables, leader in renewable energy generation, on acquiring the 97Mwp Matarani solar project in Peru from Grenergy Renovables. The transaction included buying all the shares of the Matarani project’s special purpose vehicle, valued at approximately US$ 25 million; the formalizing of the engineering, procurement, and construction (EPC) contract; and settling other contingent payments, valued at approximately US$ 65 million.

Thanks to this transaction, Yinson Renewables will continue with its expansion in Latin America, particularly in Peru. Yinson Renewables is also the controlling shareholder of the Majes project and is studying other investment opportunities in Peru. The Matarani project, currently in construction, is expected to be in operation in the third quarter of the year. During the first two years, Grenergy Renovables will provide the services for operating and maintaining the plant. 

“This acquisition is not only an important milestone for the growth plans of Yinson Renewables in Latin America, but also a positive development for the renewable energy sector in Perú,” said Oscar Trelles, managing partner and head of advisory services at the Cuatrecasas Lima office. “The Matarani project will inject 260 GWh of renewable energy into the Peruvian network every year, which is enough to meet the energy needs of approximately 62,000 Peruvian homes and will help avoid annual carbon dioxide emissions of over 56,000 tons. We are proud to have participated in the acquisition of this project and to contribute to Peru’s sustainable development,” he added.

The Cuatrecasas advisory team also included lawyers Diego Carrión, Álvaro Klauer and Augusto Hostia.