Neoen gets debt financing for 375-MW Mexican solar project
Solar panels. Photo by: Neoen (www.neoen.com).
French renewable energy projects developer Neoen has obtained some USD 280 million (EUR 247.5m) in senior debt to support its 375-MW El Llano solar project in the central Mexican state of Aguascalientes.
The financing agreements were signed with Bancomext, Natixis SA (EPA:KN) and Societe Generale (EPA:GLE), Neoen announced last week. The renewables developer won the project in the third Mexican renewable energy auction in November 2017, with a tariff of USD 18.93 per MWh.
To be located near the town of Aguascalientes, the photovoltaic (PV) park will be connected directly to the high-voltage network of Comision Federal de Electricidad (CFE). About 70% of its output will be sold at a fixed price to a consortium comprising CFE SSB, utility Iberdrola Clientes, and Menkent, a unit of local cement maker Cemex. The tie-up will buy the generated electricity for 15 years and related clean energy certificates for 20 years. The remaining power will be sold on the Mexican electricity market.
Sinohydro, a subsidiary of PowerChina, and Novamper, a subsidiary of Prodiel, will be in charge of building El Llano and will also operate and maintain it following commissioning. The plant will be equipped with over 1 million monocrystalline modules by Longi Solar and Hanwha Q Cells, mounted on Soltec trackers.
The project is the largest one in Neoen’s asset portfolio so far, the company said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.