Cubico Sustainable Investments has reached financial close on the 250MW El Mezquite wind farm and 350MW Solem solar plant in Mexico.
The renewable energy investment group raised non-recourse project finance debt totalling $450m for the projects – $220m for El Mezquite and $230m for Solem.
El Mezquite, which will be located in the state of Nuevo Leon, will be financed by the North American Development Bank and Mexican development banks Bancomext and Banobras, Cubico said.
Solem will be built in Aguascalientes. It will receive funding from the Inter-American Investment Corp (on behalf of the Inter-American Development Bank), the Canadian Climate Fund for the Private Sector in the Americas, the China Co-Financing Fund for Latin America & the Caribbean, the International Finance Corp, Bancomext, Banobras and Mitsubishi UFJ Financial Group.
Cubico will invest, along with other minority partners, about $200m of equity in the projects.
Both El Mezquite and Solem are scheduled to be operational by the fourth quarter of 2018.
Cubico head of Americas Ricardo Diaz said: “We are very proud of having reached this ground-breaking milestone for two of our projects.
“We now plan to continue consolidating our presence in the market supporting the government and selected local developers to achieve their clean energy ambitions in the country, as we are doing in the rest of the region.”
Image: Free Images/Hyoung Il So