January 16 (Renewables Now) - Spanish solar developer and operator X-Elio has received a USD-39.4-million (EUR 35.3m) financing package for its 70-MW Xoxocotla solar photovoltaic (PV) project in Mexico.
The package is comprised of a USD-17.2-million loan from IDB Invest, the private sector arm of the Inter-American Development Bank (IDB), of which USD 4.6 million comes from the China Fund for the Co-financing of the Americas and USD 3.3 million from the Canadian Climate Fund (C2F).
The remaining loans come from the Institute of Official Credit (ICO), which is providing USD 13.9 million, and the Bank of Tokyo (MUFG Bank Ltd) with USD 8.3 million.
Located in the municipality of Ayala, Morelos state, Xoxocotla has a power purchase agreement (PPA) with a 15-year term for its output and one for clean energy certificates with a 20-year duration, IDB noted.
In December, the bank granted a USD-5-million loan for an up-to-6.4-MW rooftop solar system in Honduras and developed an instrument to lower the financial cost of renewable energy projects for companies that own coal-fired power plants.
(USD 1 = EUR 0.896)