IFC to fund USD 100 million to IEnova’s solar portfolio

International Finance Corporation (IFC), world bank, was asked to fund USD 100 million to 4 solar projects of Infraestructura Energetica Nova SA de CV (IEnova), a Mexican energy company.

The following are the projects for funding:

• 110 MW Pima Solar photovoltaic (PV) power plant in Sonora - on commercial operation selling all of its output to Deacero SA de CV under a 20-year PPA;
• 125 MW Don Diego solar PV project in Sonora - scheduled for operations in the 4th quarter;
• 100 MW Tepezala II single-axis solar farm in Aguascalientes - scheduled for operations in the 2nd quarter;
• 41 MW Rumorosa single-axis solar farms in Baja California - scheduled for operations in the 1st quarter

IEnova aims to have USD 395 million loan to complete projects. The portfolio will include a 5th solar project if the IFC finds sufficient interested lenders. A parallel loan of up to USD 295 million would come from development banks and commercial institutions.