IDB Invest supports growth of Mexican distributed solar energy market
IDB Invest is to provide financing in Mexican pesos for the equivalent of $15 million to Bright Mexico Solar Holdings II to develop a portfolio of residential photovoltaic solar energy projects.
The financing will accelerate the deployment of a portfolio of more than 2,500 residential solar rooftop power systems, with a generation capacity of over 8MW and producing zero emissions. It is expected that approximately 175GWh of clean energy will be supplied to the power grid and will displace the equivalent of approximately 5,700 tonnes of carbon dioxide each year.
IDB Invest’s financial package, which has a 13-year tenor, consists of a loan equivalent to $10 million of its own funds and the equivalent of $5 million of blended finance mobilized from the Canadian Climate Fund for the Private Sector of the Americas. The financing also includes a guarantee and technical assistance from the Clean Technology Fund and a subordinated loan from MGM Sustainable Energy LP.
