Acciona and Tuto Energy seal financing for Mexico solar plant

Acciona and Tuto Energy, owners of the 404MW Puerto Libertad photovoltaic complex in Sonora, Mexico, have signed a $264 million 18-year financing for the project. North American Development Bank, Banco Nacional de Obras y Servicios of Mexico, ICO and Banco Sabadell are providing the debt on a club basis. The deal is backed by a power purchase agreement (PPA) with Federal Electricity Commission (CFE) for 229 MWp and a 114MWp PPA with a Tuto Energy affiliate – the first private PPA under Mexico’s the new electric power legislation. The remaining 61MWp will be allocated for sale in the wholesale energy market.