The Mexican department of energy has announced that the country’s state-owned development banks are to finance 964 MW of wind and solar capacity across three projects.
One of the projects chosen for backing is the 424 MW Reynosa wind farm, set to be the largest such wind facility in Latin America.
The projects are the first to successfully close financing from contracts awarded under the country’s second long-term electricity auction in September 2016, the Secretariat, or SENER, said at an event webcast from Mexico City.
Nafin, Bancomext and Banobras, will provide preferential loans to all three projects, which expect to be operational in 2019.
Zuma Energia and Intavan will receive $330m in public loans to develop the 424 MW, $642m Reynosa III Wind Park in the northern border state of Tamaulipas. The project will also receive a $110m private loan from Santander Bank.
Cubico Sustainable Investments and GE Financial Services will receive $240m in public loans for its 250 MW, $317.5 million El Mezquite Wind Park in the northern border state of Nuevo Leon.
Cubico and Alten Renewable Energy will receive financial backing from state-owned banks to develop the 290 MW, $371m Solem I and II Solar Farms in the central state of Aguascalientes.