BlackRock snaps up Canadian Solar’s 68MW Mexican plant

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Canadian Solar is one of a raft of utility-scale players in a politically-challenging Mexico (Credit: Flickr)

Canadian Solar has found a buyer for a utility-scale PV plant it built and equipped in Mexico’s Aguascalientes state, one of the first to reap auction support in the country.

BlackRock has just completed the takeover, via its second infrastructure-dedicated fund, of a 68MW installation Canadian Solar won contracts for in May 2016.

Operational since January, the plant features 200,000 of Canadian Solar’s CS6U-P high-efficiency poly modules. It is designed to produce 145GWh of power and slash CO2 emissions by 72,700 tonnes.

Deployment was backed via a first US$45 million construction loan from Natixis last August. Four months later, this was repaid through US$69 million in recourse finance Canadian Solar bagged from Bancomext and Banco Sabadell.

Utility-scale heats up as politics bite

As Canadian Solar CEO Shawn Qu noted in a statement, the sale of Aguascalientes still leaves the firm with a 600MW PV pipeline in Mexico, 368MW of it PPA-backed.

Together with Neoen, Engie, IEnova, Northland and Risen Energy, the player is one of a raft making strides with large-scale projects even as the outlook for renewables sours in Mexico.

The Aguascalientes plant secured two long-term PPAs – including a 20-year deal with state utility CFE – in a first energy tender held in 2016, part of reforms by former president Enrique Peña Nieto to open up the market.

Last year’s election of Andrés Manuel López Obrador marked various setbacks for clean energy players, including the cancellation of auctions and potential reopening of PPAs utility CFE claims it was “forced” to sign during the Peña Nieto years.

Read Next

April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 12, 2021
Canadian Solar has started mass production of its large-wafer size solar modules, boasting power outputs of up to 665W.
April 8, 2021
Green hydrogen may become cheaper than natural gas by 2050, falling by 85% over the next 30 years, but declining costs in the solar sector will be crucial for the nascent technology's growth.
April 8, 2021
Asset managing giant BlackRock has raised US$4.8 billion from institutional investors to fund renewable power generation projects in Europe, Asia and the Americas.
PV Tech Premium
March 31, 2021
As the solar industry continues to mature and adopt more merchant-led business models, how will asset management principles need to adapt? This exclusive recording of a panel discussion from our Solar Finance & Investment Europe event answered that very question.
March 31, 2021
Renewables investor Cubico Sustainable Investments has completed its acquisition of a European 272MW solar power platform called Grupo T-Solar from I Squared Capital.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021