Montreal (Quebec), 5 February 2026 – Canada’s bilateral development finance institution, FinDev Canada, announces a USD 56 million loan to Energía Renovable La Joya S.A. The commitment will support the development, construction, and operation of Project Illa, a 396 MW solar photovoltaic (PV) power plant in Arequipa, Peru. This will be the largest solar PV power plant in the country.
Peru’s energy supply is led by hydroelectricity power and natural gas, with wind and solar contributing 6% and 2%, respectively. With electricity demand projected to grow by more than 2% annually through 2050, meeting future needs will require significant investment in new generation capacity. To support this transition, Project Illa aims to increase the national energy supply through the generation of over 890,000 MWh of solar energy annually. This will avoid more than 305,000 tons of emissions. By expanding renewable energy production, Project Illa supports Peru’s goal of achieving net zero greenhouse gas emissions by 2050, while helping diversify the country’s energy mix, and promoting more sustainable and affordable power.
The solar PV power plant addresses the challenge of meeting increasing regional energy demand while supporting the transition to sustainable power sources. By strengthening renewable energy generation, Project Illa is expected to create economic opportunities for local communities through job creation. During construction, it aims to support an estimated 500 jobs and provide 10 permanent roles for ongoing operations and maintenance. Through these efforts, FinDev Canada’s commitment advances climate mitigation while contributing to low-carbon economic growth and development in Peru.
FinDev Canada’s loan is part of a USD 289 million facility led by Santander CIB.
Energía Renovable La Joya S.A. is wholly owned by Enhol Energía. The holding company for Enhol’s energy operations, combines expertise in energy, agriculture, and real estate.
“FinDev Canada is proud to expand its sustainable infrastructure portfolio through this commitment in Peru, Canada’s second-largest bilateral merchandise trading partner in South and Central America. We are also thrilled to collaborate with Grupo Enhol and Santander CIB, leaders in renewable energy and sustainable finance, to deliver the country’s largest solar PV project, scaling renewable energy capacity, promoting economic diversification, enhancing infrastructure resilience, and delivering measurable impact,” said Lori Kerr, CEO, FinDev Canada.
“FinDev Canada’s commitment is a clear vote of confidence in Project Illa and in our ability to execute. It reinforces the facility’s strength and supports the timely delivery of a landmark solar asset for Peru. We are grateful to FinDev Canada for backing Grupo Enhol and our long-term, family-owned approach to building infrastructure with measurable environmental and social impact. We also thank Santander for leading the financing and welcome FinDev Canada as a long-term partner,” said Diego Oliver and Gonzalo Oliver, Co-CEOs, Grupo Enhol.
“Santander is grateful to be part of this landmark transaction for Peru and Grupo Enhol and pleased to have worked with such a talented team within FinDev Canada. The process was marked by clear communication, strong cooperation, efficiency and a shared commitment to timely delivery. FinDev Canada’s participation in this deal is strategic and reinforces their confidence in Grupo Enhol, Peru, and sustainable financings in the region,” said Tfeila Abass, Managing Director, Private Debt Mobilization Latam, Santander.”
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution, supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Grupo Enhol
Grupo Enhol is a Spanish family-owned business group with more than 95 years of history, operating across renewable energy, agriculture, and real estate. In renewable energy, Grupo Enhol has successfully delivered 1.2 GW of completed projects, including 700 MW of installed renewable capacity, and has developed more than 30 wind and solar installations across Mexico, Chile, France, Spain, Poland, India, and Bulgaria. Through long-term investment and local partnerships, Grupo Enhol is committed to advancing the energy transition while generating lasting environmental and social impact in the communities where it operates. Find out more about Grupo Enhol at www.grupoenhol.es.
About Santander
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. At the end of the third quarter of 2025, Banco Santander had €1.3 trillion in total funds, 178 million customers, 7,400 branches and 201,000 employees. Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.
Media Contact
FinDev Canada: Media@findevcanada.ca