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Spanish solar developer and operator X-Elio has secured a US$39.4 million financing for the development of its 70 MW Xoxocotla solar photovoltaic (PV) project in Mexico.
IDB Invest has committed up to US$17.2 million while US$4.6 million comes from the China Fund for the Co-financing of the Americas, and US$3.3 million was secured from the Canadian Climate Fund (C2F).
The Institute of Official Credit (ICO) has provided US$13.9 million while the Bank of Tokyo (MUFG Bank Ltd) commits US$8.3 million of investment.
The project will be developed in the municipality of Ayala, Morelos state. Xoxocotla has a 15-year power purchase agreement (PPA) in placed and one for clean energy certificates with a 20-year duration.
