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Bond for 306-MW wind farm in Mexico gets S&P's top green score

Wind turbines. Author: Jaime Rey.

April 20 (Renewables Now) - Eolica Mesa La Paz S de RL de CV’s USD-303-million (EUR 245m) green bond, the proceeds of which will go for a 306-MW wind project, has received an S&P Global Ratings Green Evaluation of E1/91.

E1 is the strongest Green Evaluation score and the 2044 bond also achieved “an excellent aggregated score” of 80 for transparency, 95 for governance and 92 for mitigation, Standard & Poor’s S&P Global Ratings service said.

The Eólica Mesa La Paz wind farm will be built in Tamaulipas state, using 85 pieces of Vestas turbines. It has a 25-year power purchase agreement (PPA) with Fuentes de Energía Peñoles SA, supply under which starts on April 1, 2020. The PPA is for 80% of the power, while the rest will be sold on the spot market.

The total cost of the project is estimated at USD 420 million, to be covered by the green bond and funds from the project’s sponsors, S&P said.

According to the Climate Bonds Initiative (CBI), global green bond issuance so far in 2018 has reached USD 27.3 billion. The 2017 total was USD 160.8 billion.

(USD 1 = EUR 0.81)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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