Acciona and Tuto Energy close financing on 404MW Mexico solar plant

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Credit: Acciona

Acciona and Tuto Energy, who each own a 50% stake in the 404MW Puerto Libertad solar project in Sonora, Mexico, have signed a financing agreement for the project of up to US$264 million with four banks.

The banks, who are financing the project on an equal basis with a repayment term of 18 years, are North American Development Bank (NADB), Banco Nacional de Obras y Servicios of Mexico (BANOBRAS), Instituto de Crédito Oficial of Spain (ICO) and Banco Sabadell.

Construction work on the complex, one of the biggest in Latin America, began in February this year and it is expected to be fully operational in the first quarter of 2019.

“We are very pleased to have signed this finance agreement, which shows the confidence of the financial entities in our ability to complete and manage such an ambitious renewable project as this one, the biggest ever materialized by Acciona Energía”, said Acciona Energía Mexico CEO Miguel Angel Alonso.

A total of 229MW of the plant will supply the Federal Electricity Commission (CFE) along with the corresponding clean energy certificates awarded to the project consortium in the second long-term electricity supply auction held in Mexico.

Another 114MW of the project’s generation will be used to service a private electricity purchase-and-sale contract, and the remaining 61MW will be allocated to marketing energy in the wholesale electricity market.

The Puerto Libertad plant will be equipped with 1,222,800 polycrystalline modules mounted on horizontal tracking structures.

An average of 500 people will work on the construction of the plant, and this figure will rise to 900 at times of peak activity. In the operational phase, the facility will provide stable employment for 38 people.

Read Next

PV Tech Premium
July 14, 2021
Reforms in energy policy since the election of Andrés Manuel López Obrador have led to increased uncertainty for solar developers in Mexico, with renewables auctions cancelled and changes to power dispatch priorities proposed. Alice Grundy looks at how the market can move forward once again.
July 5, 2021
Shares in the renewables division of Spanish utility Acciona were up 7.3% on their initial public offering (IPO) price during their maiden day of trading on 1 July.
July 1, 2021
Heterojunction cell and module manufacturer Meyer Burger has raised approximately US$258 million through the placement of shares and green bonds as it looks to accelerate its push into international solar module markets.
June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 14, 2021
Asia boasts a growing number of markets with solar development pipelines in excess of 1GW, a new report by Fitch has found, with the region dominating the consultancy’s project database analysis this year.
June 1, 2021
Almost two thirds of people working in the solar industry expect to see double-digit sales growth this year, according to initial findings from a Global Solar Council survey.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK