Spanish renewable energy company Acciona and TUTO Energy, a subsidiary of the Biofields Group, have secured financing for their 400MWp photovoltaic solar plant in Sonora, Mexico.
Acciona and TUTO Energy, which own the Puerto Libertad photovoltaic complex equally, have secured $264m financing by signing an agreement with four banks.
The four banks are North American Development Bank (NADB), Banco Nacional de Obras y Servicios of Mexico (BANOBRAS), Instituto de Crédito Oficial of Spain (ICO) and Banco SABADELL.
Puerto Libertad photovoltaic complex has been financed on an equal basis among the four entities in the project finance modality, with a repayment term of 18 years.
Acciona Energía Mexico CEO Miguel Angel Alonso said: “We are very pleased to have signed this finance agreement, which shows the confidence of the financial entities in our ability to complete and manage such an ambitious renewable project as this one, the biggest ever materialised by Acciona Energía.”
Construction works on the plant have begun in February this year, with complete operations set to start in the first quarter of next year.
North American Development Bank director-general Alex Hinojosa said: “We are pleased to have participated in the financing for this solar project, one of the biggest in Latin America, and we hope it will be an example for other companies that wish to take advantage of the considerable solar potential of Sonora within the framework of the energy reforms taking place in Mexico”.
Power generated from the project will be supplied to the Federal Electricity Commission (CFE), amounting to 478.3GWh of electric power, and 114MWp will be supplied to service a private electricity purchase-and-sale contract.
The remaining 61MWp will be allocated to marketing energy in the wholesale electricity market.
The Puerto Libertad plant will have 1,222,800 polycrystalline silicon panels mounted on horizontal tracking structures and will have the capacity to generate 963GWh of power per year, which is enough to power 583,000 homes in Mexico.