Cubico closes US$230 million finance for Solem plant in Mexico

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Cubico Sustainable Investments has reached financial close for a 350MW solar plant in Mexico.

The Solem project in Aguascalientes was awarded a power purchase agreement (PPA) in the second round of the country’s auction process in September last year. The financial close is an important milestone for Mexico's burgeoning PV industry.

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Funds have been provided by the Inter-American Development Bank (IDB) Group, the Canadian Climate Fund for the Private Sector in the Americas, the China Co-Financing Fund for Latin America & the Caribbean, the International Finance Corporation (IFC), Mitsubishi UFJ Financial Group (MUFG) and two Mexican state instiutions Bancomext and Banobras.

A further US$220 million of project finance debt was raised for a 250MW wind farm in Nuevo Leon, awarded in the same auction.

“We are very proud of having reached this ground-breaking milestone for two of our projects which are amongst a handful, from either the first or second auction in Mexico, that have been able to raise third-party financing,” said Ricardo Diaz, head of Americas, Cubico.

“We now plan to continue consolidating our presence in the market supporting the government and selected local developers to achieve their clean energy ambitions in the country, as we are doing in the rest of the region,” he added.

Osvaldo Rance, head of Mexico, Cubico, added: “This titanic effort from all parties involved stands a tangible proof of the bankability of the PPA awarded in the auction and the new legal framework that enabled us to raise competitive financing.

“We are also very excited by the fact that the Solem project developed by our minority partner, Alten Renewable Energy, will be the largest solar PV to be built in Latin America,” claimed Rance.

Cubico is investing a further US$200 million of equity in the two projects which it expects to be operational by Q4 2018.

2 September 2025
Mexico City, Mexico
Intersolar Mexico is the leading platform for technology trends and B2B networking in Mexico's solar market. It focuses on photovoltaics, solar heating and cooling technologies, and energy storage. Together with the co-located events The GREEN Expo® and Aquatech Mexico, it has solidified its position as the largest gathering of professionals in the renewable energy and cleantech industry in Mexico since the debut in 2019. In 2024, the events hosted more than 400 exhibitors as well as 10,000 visitors and 12,000 industry professionals (total attendance). The sixth edition of Intersolar Mexico will take place from September 2 to 4, 2025 at the Citibanamex Center, in Mexico City.
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Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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