IFC, NADB grant IEnova’s funding plea for 376MW of Mexican PV

Facebook
Twitter
LinkedIn
Reddit
Email
IFC and NADB will each contribute equally towards a US$200m pot of green loans for IEnova's projects in Sonora, Baja California and Aguascalientes (Image credit: Brewbooks / Flickr)

Yet another large-scale solar pipeline lies one step closer to deployment in Mexico after lining up funding from development banks, with debt granted to four projects.

The World Bank’s International Finance Corporation (IFC) and the North American Development Bank (NADB) have accepted IEnova’s funding request for the following 376MW solar pipeline in Mexico:

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

  • Pima Solar (US$115 million), an already operational 110MW plant in Sonora backed by a 20-year PPA.
  • Rumorosa Solar (US$50 million), a 41MW plant in Baja California.
  • Tepezalá Solar (US$100 million), a 100MW plant in Aguascalientes.
  • Don Diego Solar (US$130 million), a 125MW plant in Sonora.

The development bank duo will back the four projects with US$200 million in green loans, according to a statement released on Tuesday. The IFC and the NADB will each contribute equally towards the US$200 million pot, with NADB’s US$100 million fully earmarked for the Don Diego Solar project.

The overall 376MW pipeline represents the maiden solar venture for IEnova, a gas group that operates as a subsidiary of US utility Sempra Energy. Put together, all four projects are meant to help Mexico slash greenhouse gas emissions by 561,652 CO2-equivalent tonnes every year.

The IFC’s and NADB’s funding green-light comes seven months after news emerged that IEnova was seeking US$395 million worth of loans for the 376MW pipeline. In the interim, the firm enlisted two store chain groups as PPA offtakers for a separate 150MW PV scheme near Ciudad Juárez.

IEnova’s project news is the latest of a long series in a busy 2019 for Mexican solar. So far this year, the country has witnessed project completions by Cubico (350MWp), EDF (119.6MW), Zuma Energía (162MWp) and proposals by Engie (746MW), Northland (130MW) and others.

The utility-scale activity is ramping up even as uncertainty builds over policy u-turns. A recent PV Tech Power feature examined the implications of auction cancellations by the government of Andrés Manuel López Obrador, raising question marks over the fate of his predecessor’s energy reform.

The latest setback emerged in recent days, when various media outlets documented López Obrador’s decision to allow large state-owned hydro dams to quality for clean energy credits. The move, Bloomberg reported, could lessen these credits’ value for solar and wind projects.

The feature examining the opportunities and risks of Brazilian and Mexican PV was part of PV Tech Power's Volume 20, which you can subscribe to here

The prospects and challenges of Latin American solar and storage will take centre stage at Solar Media's Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.

15 October 2024
Santiago, Chile
The Summit will explore opportunities in countries such as Chile, Peru, Colombia, Argentina, Brazil and Mexico to name just a few. Key themes include policy & regulatory milestones, encouraging investment in the region, storage as a transmission asset, best practice for storage deployment, maximizing revenue from batteries and enhancing the supply chain.

Read Next

Premium
July 12, 2024
Even though the solar PV market in Ecuador is currently non-existent, with only a few projects operational and mostly in the distributed generation market, it is about to take off, says José Luis García Pérez, Latin America’s CEO at Spanish developer Zelestra, formerly known as Solarpack.
July 2, 2024
The World Bank has committed US$1.5 billion to support India’s renewable energy transition, including new renewable power generation capacity.
June 27, 2024
Enel Colombia, the Colombian subsidiary of Italian renewable energy group Enel Green Power, has reached commercial operations of 240MW of solar PV capacity.
June 24, 2024
Renewable energy infrastructure investor Actis has launched a new independent power producer (IPP) company in Peru, seeking to develop 12GW of energy projects.
June 17, 2024
Colombian public utility Empresas Públicas de Medellín (EPM) has reached commercial operation at its 83MW solar PV plant.
June 11, 2024
Argentinian renewables developer Genneia has invested US$250 million to build two solar plants in Argentina with a combined capacity of 273MW.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile