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Mexico: Proparco is financing six renewable energy projects
Project
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Signature date
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Location
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Mexico
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Financing tool
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Financing amount (Euro)
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53400000
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Financing details
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USD 60m loan
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Customer
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BNB Villa Ahumada Solar, S. de R.L. de C.V. / ENGIE Eólica Tres Mesas 3, S.A. de C.V. / Eólica Tres Mesas 4, S. de R.L. de C.V. / ENGIE ABRIL PV, S. DE R.L. DE C.V. / Recursos Solares PV de México IV, S.A. de C.V./ Buenos días Energía, S. de R.L. de C.V.
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Type of customer
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Company
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Country of headquarters
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Mexico
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Project number
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PMX1015
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Environmental and social ranking
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A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
The USD 60m loan allocated by Proparco is for Engie to develop 2 wind farms and 4 photovoltaic solar power plants, in partnership with Tokyo Gas. It will contribute to Mexico’s energy transition and to reducing electricity prices in the country.
Client presentation
Engie Group (formerly GDF Suez) is a global energy player and an industry leader in the gas, electricity and energy services sectors. It operates throughout the energy value chain, in electricity and natural gas, from upstream to downstream:
- power generation
- overall infrastructure, particularly for gas
- integrated solutions
Engie is listed on the Paris and Brussels stock exchanges in the main indexes and is rated A2 stable (Moody’s) / A- stable (S&P) / A stable (Fitch).
Engie is the world’s leading independent power producer with an installed capacity of 103 GW, including 23% (24 GW) of renewables (hydropower, wind energy -4.8 GW-, solar power -1.8 GW-, geothermal energy, biomass, etc.).
Project description
The USD 60m loan allocated by Proparco is for Engie to develop 2 wind farms and 4 photovoltaic solar power plants with a total capacity of 721 MW, in partnership with Tokyo Gas. These assets, whose commissioning will be spread out from early 2019 to mid-2020, benefit from power purchase agreements won in 2016 and 2017 during the second and third bid invitations organized by the Mexican authorities.
Project impact
This project contributes to the objective set by the Mexican Government to produce 35% of the country’s electricity using renewable energies by 2024, which will reduce its dependence on high-emission thermal energies and imports. This project will reduce emissions by over a million tons of CO2 a year. It is also expected to support over 8,800 jobs in Mexico and contribute EUR 181m to Mexico’s GDP during the lifespan of the project.