The Dutch development bank FMO has the capacity to multiply by five what it has done so far in Peru , where it currently has a financial exposure of US$190 million linked to the energy sector, as revealed by Patricia Vargas SC Oliveira , Investment Officer of the entity, during Future Energy Summit (FES) Peru 2026 .
“We have room to do more because Peru is investment grade. We can have significant exposure and basically do five times more than we have done,” the executive stated.
Oliveira highlighted that Peru's macroeconomic stability, compared to other emerging markets where the institution operates, is one of its main attractions. This is complemented by the availability of natural resources and the presence of developers with experience in executing energy projects in Latin America.
In fact, a portfolio of initiatives already exists that will require significant capital outlays. According to the Ministry of Energy and Mines (MINEM), as of April 2026, Peru had 13 solar projects totaling 2,402 MW and an estimated investment of US$1,805.9 million. These were complemented by five wind projects totaling 988.2 MW, with planned investments of US$1,073.6 million. Combined, these two portfolios with definitive concessions reached 3,390.2 MW and approximately US$2,880 million.
In perspective, FMO has a history of involvement in the Peruvian market. In 2022, it contributed US$100 million to the financing of the 296.4 MW Punta Lomitas wind farm , developed by ENGIE Energía Perú. Subsequently, it committed US$95 million through an IFC-linked transaction to finance three electricity transmission projects through Acciona .
In this last segment, the country continues to mobilize investments. In June 2026, PROINVERSIÓN awarded ENGIE Energía Perú four transmission projects worth US$339 million , intended to strengthen the electricity supply in Piura, Lambayeque, Junín, and Ayacucho.
The FMO representative clarified that the institution is not seeking to displace commercial banks, but rather to complement their participation through financial structures that allow them to support long-term projects.
Bankable PPAs and BESS regulation: the conditions for expanding financing
Beyond investment opportunities, Oliveira explained that the evaluation of projects begins with the track record of their developers and their ability to execute initiatives with similar characteristics.
“From what I’ve done in my experience, the sponsor is the first thing you look at,” he said.
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Another determining aspect is the bankability of the contracts, particularly with regard to regulatory stability, dispatch priority, termination clauses and duration of power purchase agreements (PPAs).
The executive noted that PPAs of 10, 15 years or more allow for the evaluation of longer-term financing, while transmission concessions offer favorable conditions for structuring long-term operations.
In energy storage , Oliveira identified an additional challenge: establishing mechanisms that recognize the different services that batteries can provide and determine their corresponding remuneration, a fundamental condition for structuring financially viable projects.
“Perhaps having battery services clearly identified in the regulations would allow for the payment flows to be directly linked to each service,” he suggested, explaining that the predictability of these revenues would allow them to be incorporated into financial models and more precisely define the financing conditions for BESS projects.
The complaint coincides with a regulatory process initiated by the Ministry of Energy and Mines (MINEM). In April 2026, through Ministerial Resolution No. 171-2026-MINEM/DM, the Government published a draft Regulation for Complementary Services, which includes modifications to the Regulation of the Electricity Concessions Law, the wholesale market, and the COES regulations. The proposal was submitted for public consultation and presented at a technical discussion forum in May.
For FMO, having identifiable income would allow it to be incorporated into financial models and establish more precise criteria to determine the indebtedness and repayment conditions of BESS projects.
Oliveira also acknowledged the possibility of financing initiatives with a proportion of merchant revenue, that is, exposed to the electricity market and without long-term contracts, although under more demanding debt coverage criteria to mitigate commercial risks.
The potential of 2 GW of solar power with storage
Regarding market growth prospects, the bank representative offered an estimate of the solar capacity that could be developed in Peru over the next few years, accompanied by battery systems: "A guess estimate for a couple of years could be 2 GW of solar accompanied by about 20% battery," she said.
Their approach focuses on integrating storage into photovoltaic development, a segment whose financial viability will depend, in part, on having predictable income and contractual conditions that allow for the recovery of investments.
“We are waiting for the regulation to be released as soon as possible, because I am eager to start more projects,” the executive concluded.