IEnova seeks funds to complete 376-MW solar portfolio in Mexico

Solar park in Mexico. Author: Presidencia de la Rep├║blica Mexicana. License: Creative Commons, Attribution 2.0 Generic.

April 18 (Renewables Now) - Mexican energy company Infraestructura Energetica Nova SA de CV (BMV:IENOVA) has turned to the World Bank’s International Finance Corporation (IFC) for funds to deploy a 376-MW solar photovoltaic (PV) portfolio.

IEnova has asked for a USD-395-million (EUR 351.3m) A/B loan to complete a four-project undertaking in Mexico, according to documents posted on the IFC’s website. The portfolio could potentially include a fifth solar farm if the IFC finds sufficient interested lenders. The IFC is asked to put up USD 100 million of the total amount, while a parallel loan of up to USD 295 million would come from development banks and commercial institutions, BNAmericas reported.

The four solar projects, IEnova’s first, are located in the Mexican states of Sonora, Baja California and Aguascalientes. The 110-MW Pima Solar is already operating and selling all of its output to steel company Deacero SA de CV under a 20-year power purchase agreement (PPA). The 41-MW Rumorosa Solar was expected to begin commercial operations in this year’s first quarter. The 100-MW Tepezala Solar is scheduled for operations in the second quarter, while the 125-MW Don Diego Solar will follow in the fourth quarter of 2019.

(USD 1.0 = EUR 0.89)

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