Ardian Infrastructure purchased a 49% stake in two Peruvian Solar Power plants from Spanish renewable energy company SolarPack for US$31m. SolarPack will continue to run the operations of the two Solar plants.

(IREI) Ardian Infrastructure has purchased a 49 percent stake in two solar photovoltaic plants in southern Peru from Solarpack, a Spanish multinational integrated management company.

Financial terms were not disclosed.

Located in Tacna and Panamericana, the plants have a combined capacity of 48.6 megawatts after repowering. Solarpack will continue to handle the plants’ operations and management services.

“The global need for renewable energy sources is increasing day-by-day, so our ability to continue to build, develop and operate solar plants at pace is more important than ever,” said Pablo Burgos, CEO of Solarpack.

Ardian said the deal is part of its ongoing commitment to invest in renewable energy and is its latest development in its partnership with Solarpack. In 2016, Ardian acquired four other Solarpack solar photovoltaic plants in Chile and Peru.

The investment will bring Ardian Infrastructure’s total installed renewable energy capacity to nearly 3 gigawatts across wind, solar, hydro and biomass in Europe and the Americas.

“This investment is a significant milestone in strengthening both our commitment to sustainability and our presence in Latin America, an increasingly important global hub for renewable energy,” said Juan Angoitia, senior managing director at Ardian Infrastructure. “Our investment in Tacna and Panamericana expands our portfolio of renewable energy assets and strengthens our partnership with Solarpack and the high-quality assets investment opportunities they provide.”