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Proparco and Grupo Enhol partner to advance Peru's solar energy transition with landmark Illa project. Published on September 24, 2026 Proparco and Santander join forces to support Grupo Enhol's 467 MWp Illa solar project in Peru, strengthening the country's clean energy transition and mobilizing long-term financing for critical renewable energy infrastructure. Proparco has signed a USD 40 million senior loan in favor of Grupo Enhol to support the financing of the Illa project, a large-scale solar photovoltaic plant and associated transmission infrastructure in southern Peru. Developed by Grupo Enhol, a Spanish renewable energy sponsor with more than 27 years of experience in the sector, the project will have a total installed capacity of 467 MWp and is expected to become the largest solar power plant in Peru when it enters into operation in 2027. The project is expected to contribute around 2.5% of the country's national electricity supply and support the diversification of Peru's energy mix. The financing is part of a USD 289 million syndicated financing, including a USD 250 million mini-perm facility fully structured and underwritten by Banco Santander, alongside Proparco and several other development finance institutions: Instituto de Crédito Oficial E.P.E. (ICO), Corporación Financiera de Desarrollo S.A. (COFIDE), Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. (COFIDES), Fondo para Inversiones en el Exterior, F.C.P.J. (FIEX) and Development Finance Institute Canada Inc. (FinDev Canada)... The DFIs are providing financing with a seven-year maturity, supporting the project from construction through to operational maturity. The mini-perm structure is designed to secure financing during the project's higher-risk construction and ramp-up phases, while preparing the asset for access to private capital markets once operational. This approach is fully aligned with Proparco's mandate to mobilize private capital and reduce risks associated with essential infrastructure projects. The transaction also marks Proparco's first infrastructure financing collaboration with Banco Santander, opening new opportunities for cooperation on infrastructure projects across the Andean region. The Illa project is fully aligned with Peru's energy transition objectives and its ambition to increase the share of non-hydropower renewable energy to 30% of the country's energy mix by 2030. This objective is particularly relevant in a context where electricity demand is expected to reach 75 TWh, driven by industrial and mining activities as well as rural electrification. By adding significant new solar generation capacity and associated transmission infrastructure, the project will contribute to the diversification, resilience and decarbonization of Peru's electricity system. This solar plant is expected to avoid around 369,000 t CO[2]eq annually and contribute to broader socio-economic benefits, including improved access to essential energy services for an estimated 263,000 people and the creation or preservation of approximately 2,425 indirect jobs in Peru.

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Citadel's Miami HQ construction on hold after accident, report says. By Giulia Morpurgo September 22, 2026 Construction work on Citadel's new headquarters in Miami has been paused following an accident on the site last week, the Wall Street Journal reported. The collapse of a rig last week prompted county authorities to issue a stop-work order pending an investigation, according to the newspaper, which cited a local building official. It's unclear how long the stoppage will last or what caused the accident, the WSJ wrote on Sunday, adding that such probes can take up to six months. Citadel didn't immediately respond to a Bloomberg request for comment outside of regular business hours. The rig crushed several cars, resulting in at least four people being taken to the hospital with minor injuries, the local fire department said on Monday. A spokesperson for project developer Related Companies said at the time that the company is fully cooperating with city and county building departments to secure the site and conduct a full investigation. Miami's Brickell financial district is undergoing a construction boom, with cranes dotting the skyline as an influx of money managers and wealthy individuals drives demand for office space and condos. A few blocks from the Citadel site, Banco Santander SA is also erecting a new corporate tower. Citadel founder Ken Griffin has spent hundreds of millions of dollars buying the land and adjacent properties at the site of Citadel's future base, where he's planning a multi-billion dollar tower. The hedge fund billionaire also wants to relocate a historic cottage - which narrowly escaped the rig collapse - to make way for his growing empire. Griffin is doubling down on Miami, expanding his ambitions for Florida after clashing with New York City Mayor Zohran Mamdani over the Democrat's move to tax high-value second homes. Was this article valuable? Interested in construction? Get automatic alerts for this topic.