Iquitos Nueva Thermal Power Plant

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In May 2013, the Brazilian company Genrent, a subsidiary of the American company First Solar, was granted the right to build and operate a thermal power plant (diesel fueled) located in Iquitos (Maynas province), with 70 MW in capacity. The power plant was named Central Termoelectrica Iquitos Nueva. The electricity from the power plant was set to be directed to the national grid under a 20-year power purchase agreement signed with the Ministry of Energy. The bidding criteria established by the regulatory agency Proinversion was the lowest tariff. Besides Genrent, only Cobra Instalaciones y Servicios took part in the contest. The contract was signed in September 2013, and its duration included 30 months for the construction and 20 years for the operation of the power plant. The sponsor created the company Genrent del Peru S.A.C. to manage the project. The sponsor committed to invest US$ 100 million in the construction of the power plant. Financial closure was achieved in May 2014, when the sponsor was granted a US$ 30 million loan from Espirito Santo Bank. Operations were set to begin in 2016.