Financial close for 296 MW Bifacial PV project in Mexico
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has announced the financial close for Potrero Solar Project (296 MW dc), the company’s second solar farm in Mexico.
FRV reached financial close last March with the International Finance Corporation (IFC) and Banco Nacional de Comercio Exterior (Bancomext), and it is expected that the plant which began construction in late May, will be completed by mid-2020.
Potrero Solar is one of the world’s largest PV projects to use bifacial technology. Once operational, the plant will trade the electricity generated as well as the associated clean energy certificates at the country’s energy market.
With an approximate area of 700 ha, Potrero Solar will be located in Lagos de Moreno, in the state of Jalisco, and will use bifacial PV modules, a technology that has the ability to capture both direct sunlight from both the front and reflected light from the rear side.
The solar power farm will generate around 700 GWh of clean energy each year, enough to supply around 350,000 average Mexican homes and reduce the emission of 345,000 tons of CO2 annually.
In addition, Potrero, which will be built by a consortium formed by multinationals Power China and Prodiel under an EPC contract, will boost the economic development of the local community including the potential of around 1,500 jobs during its construction phase.
Fernando Salinas, Managing Director of FRV Mexico and Central America, highlighted: “Mexico is a country that offers numerous opportunities for both FRV and international investors, due to its favorable market and weather conditions for renewable energy projects. Potrero’s financial close marks a milestone as the largest bifacial plant in the world and FRV’s first fully merchant project in Mexico. By carrying out this flagship project that will lead the way for other large-scale bifacial PV plants and that is also one of the largest PV merchant projects worldwide, FRV demonstrates its leadership once again and its ability to be a spearhead in the wider renewable energy industry.”
Country news
-
-
March 28, 2019
Neoen signs financing for 375 MW El Llano project in Aguascalientes
Neoen has announced the signature of financing for the El Llano project, a 375MWp solar project in the state of Aguascalientes in Mexico. El Llano was one of the winners of the 3rd Mexican public renewable energy auction in November 2017, with a contract to sell the electricity produced at less than $19/MWh.
Read more -
January 08, 2019
ContourGlobal to acquire 932 MW CHP capacity in Mexico for US$724 million
ContourGlobal plc has announced it has reached an agreement with Alpek S.A.B. de C.V. to acquire Alpek’s portfolio of two natural gas-fired combined heat and power (CHP) plants, together with development rights and permits for a third plant, for US$724 million in cash.
Read more -
December 05, 2018
Enel secures financing for 1 GW solar projects in Mexico
The European Investment Bank (EIB) has announced that it has signed an US$87 million loan to part-finance three photovoltaic (PV) solar power plants in Mexico, with a total installed capacity of 1,088 MWp.
Read more -
October 02, 2018
850 MW gas-fired power project in Mexico reaches financial close
EVM Tenedora, S.A.P.I. de C.V. and EFS Global Energy B.V., a subsidiary of GE, has secured US$740 million financing for the development of an 850 MW power plant in Axapusco, Mexico, located approximately 60km north-east of Mexico City.
Read more -
October 01, 2018
Enel sells stake in 1.8 GW renewable projects in Mexico for US$1.4 billion
Enel, acting through its renewables subsidiary Enel Green Power (EGP), has closed the sale of 80% of the share capital of eight special purpose vehicles (SPVs), which own a combined 1.8 GW renewable capacity in Mexico, to the Caisse de dépot et placement du Québec (CDPQ) and the investment vehicle of the pension fund CKD Infraestructura México (CKD IM), an investment vehicle of some of the largest pension funds in Mexico.
Read more
