EIB backs 1.1 GWp of solar projects in Mexico

Solar park in Mexico. Author: Presidencia de la Rep├║blica Mexicana. License: Creative Commons, Attribution 2.0 Generic.

December 4 (Renewables Now) - The European Investment Bank (EIB) announced on Monday it will extend USD 87 million (EUR 76.7m) to partly finance 1,088 MWp of solar parks in Mexico.

EIB's contribution comes under the Climate Action and Environment Facility (CAEF). Several other banks, including CaixaBank, MUFG Bank and Bancomext have supported the solar projects.

The assets include the Villanueva I and III photovoltaic (PV) plants and the 260-MW Don Jose park, located in Guanajuato and Coahuila states. The power stations have been connected to the grid since September. Soon after achieving this milestone, Italian energy major Enel SpA (BIT:ENEl) said it had sold 80% in the solar portfolio to Caisse de dépot et placement du Québec (CDPQ) and CKD Infraestructura Mexico SA de CV (CKD IM). They took respective stakes of 40.8% and 39.2%.

Enel Green Power (EGP) retained a 20% stake and the role of operator as part of the above-mentioned transaction.

Mexico aims to achieve a renewable energy share of 35% by 2024 and around 50% by 2050.

(USD 1 = EUR 0.88)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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