Mexico: EIB to Support Solar Projects

  • USD 87 million financing from the European Investment Bank (EIB) provided in support of three solar power plants totaling 1.1 GWp in Mexico

The European Investment Bank (EIB) has signed USD 87m (EUR 75m) to part-finance three photovoltaic (PV) solar power plants totaling 1,088 MWp, located in Guanajuato and Coahuila States in Mexico. The Villanueva project in the municipality of Viesca in Coahuila is the largest solar project in the Americas.

EIB Vice-President Emma Navarro commented: “EIB is pleased to support this renewable energy project which provides cleaner energy to consumers in Mexico. The EIB is the largest multilateral provider of climate finance worldwide, committing at least 25% of our investments to climate change mitigation and adaptation. This project demonstrates our commitment to climate finance in the region.”

In addition to financing from Enel Group, funding partners include institutional investors Caisse de dépot et placement du Québec, and CKD Infraestructura México, which jointly provided 80% of the share capital. BBVA Bancomer, CaixaBank, Natixis, MUFG Bank, IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, and Mexican development institution Banca Nacional de Comercio Exterior (Bancomext) also supported the project. The facilities are set to help Mexico increase the installed capacity of non-conventional renewable energy and diversify the country's energy matrix.

EIB´s contribution to the project is funded under the Climate Action and Environment Facility (CAEF). It also supports Mexico’s national target for renewable energy, one of the most ambitious worldwide (35% by 2024 and around 50% by 2050) and contributes to the country’s energy policy objectives, particularly related to reducing greenhouse gas emissions.

Source: European Investment Bank
Date: Dec 3, 2018