Cox Energy America obtains EUR-30m loan to back solar growth

Solar park in Mexico. Author: Presidencia de la República Mexicana. License: Creative Commons, Attribution 2.0 Generic.

June 14 (Renewables Now) - Mexico City-based solar power producer Cox Energy America SAB de CV (BMV:COXA) announced on Monday that it will receive a EUR-30-million (USD 31.4m) credit facility from Barclays Bank Ireland Plc to support its growth plans.

The credit line has been arranged by the company’s main shareholder, Cox Energy Solar SA, which has subsequently entered into an inter-company deal to lend the same amount to Cox Energy America. The latter acts as the guarantor for the financing.

"This transaction reflects the confidence in our expansion and growth plan, and will make it possible to continue with the execution of our proposed strategies. With this funding, the Company will continue to strengthen its liquidity levels to meet challenges and maximize investment opportunities and returns," commented Jose Antonio Hurtado de Mendoza, CEO of Cox Energy.

Cox Energy is engaged in the development and operation of solar photovoltaic (PV) plants in a number of Latin American countries, including Mexico, Chile, Colombia and Guatemala.

(EUR 1.0 = USD 1.047)

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