Mexican state-owned bank and credit agency el Banco de Comercio Exterior (Bancomext) has agreed to provide long-term financing for Atlas Renewable Energy’s Guajiro solar power plant located in Hidalgo, Mexico.

As part of the agreement between the parties, Bancomext will provide $88.5m for the construction of the plant, as well as $17m line of credit for value added tax (VAT).

The project already has a power purchase agreement (PPA) in place with Mexico’s federal electricity company, the Federal Electricity Commission (CFE).

"Guajiro has been designed to generate an estimated 300GWh annually, equivalent to the electrical demands of about 120,000 homes in the region."

Atlas Renewable Energy CEO Carlos Barrera said: “The financing of the Guajiro Solar project marks an important milestone for Atlas Renewable Energy and consolidates Mexico as one of our main markets.

“It also strengthens our track-record of successful renewable energy project financings throughout Latin America. As we continue to grow, we will look for other opportunities to partner again with leading financial institutions such as Bancomext and government entities such as CFE.”

With an installed capacity of approximately 129.5MWp, Guajiro has been designed to generate an estimated 300GWh annually, equivalent to the electrical demands of about 120,000 homes in the region.

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Spread across 410ha in Nopala de Villagrán, Guajiro solar project is expected to begin operations in the second quarter of next year.

Once operational, Guajiro Solar project is expected to prevent 215,000t of carbon emissions on an annual basis.

Guajiro is said to be Atlas Renewable Energy’s first solar energy project in Mexico.

Bancomext general director Francisco N González Díaz said: “The Guajiro Solar project positions Atlas Renewable Energy as a reliable partner for investment and infrastructure development within the Mexican energy sector.”

Additionally, the project is expected to support Mexico’s goal to generate 35% of its energy from renewable sources by 2024.