November 6 (Renewables Now) - The European Investment Bank (EIB) is providing a USD-100-million (EUR 86m) loan to Nacional Financiera (NAFIN), a Mexican government-owned development bank, which will be used to support wind farm projects in Mexico.
The funds will be on-lent to private sector borrowers to aid the development of a 200-MW wind farm in the northern Mexican state of Coahuila and a 130-MW wind farm in the state of Zacatecas, central Mexico.
Announcing the signing of the loan last week, the EIB said that wind energy development supports Mexico's renewable energy targets and the EIB's objectives in the areas of renewable energy and energy efficiency and climate action. The agreement follows the signing of a memorandum of understanding (MoU) in March to strengthen cooperation between the institutions.
"With this financing operation, one of the first ones between EIB and Mexico's public sector, EIB and NAFIN are initiating a strategically important cooperation that will provide further support to sustainable energy solutions across the country and thereby help Mexico and the EU contribute to the fight against climate change," said EIB vice-president Roman Escolano, who was in Mexico for meetings with government officials.
(USD 1 = EUR 0.861)