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IFC allocates funding for 350 MWp of Mexican solar

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

Aug 9 (Renewables Now) - The International Finance Corporation (IFC) said on Tuesday it will allocate USD 45 million (EUR 38m) to support the construction of the Solem I and Solem II solar photovoltaic (PV) projects in Mexico.

The two planned solar parks, with a combined capacity of 350 MWp, will be built in the municipality of El Llano, state of Aguascalientes. Upon completion, they will be connected to the Mexican national network of the Federal Electricity Commission (CFE).

IFC said in a statement that a total of USD 230 million in non-recourse project finance debt has been raised for the projects, which are sponsored by Cubico Sustainable Investments Ltd and Alten RE Developments America. In addition to the sum allocated by IFC, the financing plan also includes loans from the Inter-American Investment Corporation (IIC), the Chinese Co-financing Fund for Latin America and the Caribbean, the Canadian Private Sector Climate Fund (C2F), the National Bank for Public Works and Services (Banobras), the National Bank for Foreign Trade (Bancomext), and Mitsubishi UFJ Financial Group (MUFG).

“Solem I and II are two of first renewable energy projects to reach financial close under a reformed power sector framework and as such exemplify the tangible results of successful structural reform coupled with transparency and competitive processes,” said Gabriel Goldschmidt, Latin America and Caribbean Infrastructure Regional Industry Head for IFC.

Mexico seeks to reach a 35% clean energy share by 2024.

(USD 1.0 = EUR 0.851)

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