Mexico’s IEnova in funding plea for 376MW PV portfolio

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Large-scale deployment has recently ramped up in Mexico despite auction cancellations (Credit: SMA Solar)

One of the Mexico’s largest private energy firms is working to bag US$395 million worth of loans to finalise a 376MW PV portfolio, the first it has ever deployed.

The World Bank’s International Finance Corporation (IFC) is considering a request by IEnova, a gas giant and a subsidiary of US utility Sempra Energy, for funding to support four solar projects:

  • 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 Baja California plant nearing commercial launch
  • Tepezalá Solar (US$100 million), a 100MW plant in Aguascalientes set to go live in Q2 2019
  • Don Diego Solar (US$130 million), a 125MW Sonora plant poised to enter operations in Q4 2019

A fifth installation could follow if other lenders demonstrate “sufficient appetite”, the IFC said this week as it disclosed details of IEnova’s projects. The corporation is said to be mulling whether to contribute US$100 million of the overall US$395 million A/B/Parallel facility under consideration. 

The decision on the firm’s funding request rests with the IFC’s board of directors. Ahead of the verdict, the World Bank development financier has been busy assessing the projects’ environmental and social impacts through site visits, meetings with IEnova’s staff and others.

Should it go forward, the IFC’s financing boost would speed up the deployment of large-scale solar in Mexico, a country singled out by IRENA after its PV capacity surge (674MW to 2.5GW) between 2017 and 2018.

IEnova aside, the PV pipeline is swelling – an Engie-Tokyo Gas venture alone could add 746MW – but faces an uncertain political environment, with auction cancellations and contract renegotiations both becoming a reality under new president Andrés Manuel López Obrador.

See here for more background on IEnova's funding request

Read Next

June 15, 2021
Everwood Capital and the Prodiel Group have combined to create DVP Solar, a joint-venture (JV) focused on developing large-scale international photovoltaic projects, with gigawatts at various stages of development.
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 3, 2021
Lightsource BP has secured AU$330 million (US$255 million) to fund the development of two utility-scale solar projects in Australia.
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.
May 25, 2021
Solar contractor iSun’s pre-tax earnings fell further at the start of 2021 compared to the same period last year, while its gross margin took a hit due to project delays brought on by COVID-19.
May 24, 2021
Australia’s electricity grid faces congestion and power security issues over the next few years as more solar energy capacity is installed at faster rates than previously expected.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021