IDB Invest, a member of the Inter-American Development Bank (IDB) Group, has provided a US$34.9 million financing package for the construction and maintenance of a 200 MW photovoltaic solar plant, located in the city of Navojoa in the state of Sonora, in Mexico. The project is developed by the company X-Elio.
The project will displace the equivalent of 5.1 million tons of carbon dioxide in the next 25 years.
IDB Invest’s financial package consists of the combination of a US$34.9 million loan, which includes the mobilization of US$11.6 million from the Chinese Fund for the Co-financing of the Americas, plus another two additional loans, one of US$33 million from local development bank Bancomext and another of US$33 million from ING Bank, N.V.
Navojoa was awarded in the third long-term bid convened by the National Energy Control Center of Mexico (CENACE). Currently, it has signed a Power Purchase Agreement (PPA) for three products: 15 years for the sale of energy and of power generated, and 20 years for clean energy certificates.
