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.
Country updates
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November 25, 2019
IEnova starts commercial operation of 41 MW Rumorosa single-axis solar farms in Baja California
Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) has started the commercial operation of 41 MW Rumorosa single-axis solar farms in Tecate, Baja California. The Rumorosa single-axi...
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November 19, 2019
Canadian Solar sells 49% in 370 MW solar portfolio in Mexico
Canadian Solar Inc. has sold 49% interest in three solar photovoltaic projects in Mexico totaling 370 MWp (294 MWac) to Korea Electric Power Corporation (KEPCO) and Sprott Korea, a leading fund manage...
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EC Commission clears acquisition of joint control over X-Elio Energy by Brookfield and KKR
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November 06, 2019
AVAIO, Tortoise capital buy 12 mtpa LNG export facility on the Pacific Coast
A consortium led by AVAIO Capital has acquired control of the 12 mtpa LNG export facility on the Pacific Coast of Mexico. As part of this transaction, investors including AVAIO Capital and funds manag...
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October 25, 2019
IEnova secures 3rd PPA for 150 MW solar PV project in Juarez
Infraestructura Energetica Nova SAB de CV (IEnova) has secured a third power purchase agreement (PPA) with a packaging supplier Envases Universales de Mexico SAPI de CV (The Envases Universales G...
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