Spanish Firm Zelestra Bets $1 Billion on Renewables to Power Peru’s Copper Mines

The Spanish company Zelestra, backed by investor EQT, is spending over $1 billion to build large solar energy plants in southern Peru. This investment comes as new laws in Peru make it easier for foreign firms to invest in renewable energy.

Zelestra opened the largest solar park in the country, the San Martín Solar Park in Arequipa, in July 2025. This plant cost around $180 million and produces 300 megawatts of power—enough for more than 440,000 homes.

The company plans more projects nearby, aiming to reach 1 gigawatt of renewable power, mostly to supply Peru’s copper mines. Mining companies need stable, affordable electricity because Peru is the third-biggest copper producer in the world.

As the demand for copper grows—for electronics, cars, and clean energy—it is important for mines to have reliable energy and to reduce costs. Zelestra offers long-term deals with fixed prices, helping mines plan for the future and avoid price spikes.

Peru Accelerates Solar Power to Boost Mining

Peru’s government hopes these projects will help the country get 20% of its electricity from renewables by 2030, up from 10% today. Officials say over 2 gigawatts of new solar projects are already approved or being built, mostly near major mines.

Renewable power in Peru comes mostly from the Atacama desert, where the sun is strong and steady. This gives Peru a big advantage: solar power here is cheaper and more reliable than in many other places.

Zelestra’s move marks a shift: foreign companies now see business in helping Peru’s heavy industries get cheaper, cleaner power. For Peru, it means stronger mining exports, more jobs, and less dependence on fossil fuels.

All figures and information come directly from Peru’s Ministry of Energy and Mines and official company reports. No estimates or claims here are made up or from unofficial sources.

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