IFC, 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 Don Diego solar park 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.
This is IFC’s first financing in Mexico certified under the Green Loan Principles, which provide a framework and guidelines to confirm that the proceeds of the loan are used for climate-friendly projects.
