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Add to Preferred SourcesIFC, a member of the World Bank Group, and the North American Development Bank (NADB) will provide US$200 million in green loans to Infraestructura Energética Nova S.A.B. de C.V. (IEnova), to finance four solar power plants with a total capacity of 376 MW across Mexico.
The financing is part of IFC’s efforts to work with leading private-sector firms in Mexico to promote climate change mitigation projects, including the development of non-conventional renewable energy. IFC is providing a US$100 million loan from its own account and, initially, mobilizing another US$100 million from NADB. The NADB loan will be oriented completely to the design, construction and operation of IEnova’s 125 MW solar park, “Don Diego”, located in the municipality of Benjamin Hill, Sonora.
IEnova’s power plants will reduce emissions by 561,652 tons/year of carbon-dioxide equivalent, thus supporting the Government of Mexico’s efforts to cut greenhouse-gas emissions and helping to diversify the country’s energy supply.
IEnova is one of the largest private-sector energy companies in Mexico, with operations in natural gas, power generation and refined products storage segments. The projects being financed are the company’s first in the solar energy space.
“With this project, Sonora is becoming one of the top producers of solar energy in Mexico and thus helping the Mexican government reach its renewable energy goal.” stated NADB Managing Director Calixto Mateos-Hanel. “We have worked with IEnova on other renewable projects and are confident this project will also be a success.”
IFC has been one of the largest financiers of the power sector in emerging markets, committing $6.7 billion (including mobilization) as of FY 2018 to support power sector-related investments.
Original source: NADB
Published on 19 November 2019