Financing for development of agroindustrial complex in Peru receives Euromoney award

Maple Etanol will use the loan to build and operate an industrial complex - located in Piura department in northern Peru - with capacity to produce 35 million gallons a year of anhydrous ethanol derived from sugarcane. Production will be exported mainly to the European market for use as fuel.

"It is part of the CAF strategy of promoting generation of alternative clean energy and energy efficiency, which explains our strong interest in supporting the start up of this project in Peru," CAF president & CEO Enrique García said. The operation demonstrates CAF´s role in coordinating and combining the efforts of the Inter-American Development Bank (IDB), the Dutch Business Development Bank (FMO) and Interbank, resulting in four loans totaling US$149 million, including US$65 million contributed by CAF, he added.

The scope of the project, with a total cost of US$254 million, includes development of approximately 10,700 hectares for sugarcane production along with the industrial facilities required for the ethanol production. The project also covers development of a 37.5 MW co-generation plant based on bagasse - a byproduct of the sugarcane milling process - as an energy source and a 60 kV transmission line to carry the surplus energy sold to the national grid.

The project will create an estimated 1,000 jobs during the construction phase and 500 permanent jobs in the operational phase, as well as increasing local demand for transport, security, food services and others.

Maple is an independent integrated energy company with assets and operations in Peru since 1994. It is present in many areas of the energy industry, including crude oil and natural gas exploration and production, refining, marketing and distribution of hydrocarbon products, and development of the ethanol project. Maple is listed on the Lima Stock Exchange and the London Stock Exchange (Alternative Investment Market).