Acciona, Tuto Energy achieve fin close on 404-MWp solar project in Mexico
Solar panels. Featured Image: pornvit_v/Shutterstock.com
Acciona SA (BME:ANA) announced on Moday that, together with Tuto Energy, it has signed a financing agreement with four banks for a 404-MWp solar photovoltaic (PV) plant in Mexico.
The companies will receive up to USD 264 million (EUR 225.47m) from the North American Development Bank (NADB), the Banco Nacional de Obras y Servicios of Mexico (BANOBRAS), Instituto de Credito Oficial of Spain (ICO) and from Banco SABADELL.
Located in the state of Sonora, the Puerto Libertad complex, one of the biggest in Latin America, broke ground on February 2018 and is expected to be completed in the first quarter of 2019. The PV facility will be comprised of over 1.22 million solar panels and be able to generate around 963 GWh per year, enough to meet the annual demand of 583,000 Mexican homes.
The PV plant, owned 50/50 by Acciona and Tuto, is also being financed on an equal basis among the four banks, with an 18-year repayment term.