Compania Eolica de Tamaulipas S.A. de C.V (CETSA) – a group consisting of Organizacion Soriana, Mexico-based GEMEX and Swiss investor Grupo ECOS – has closed on the financing for the construction of its first wind energy project.
The North American Development Bank (NADB) and Mexican commercial bank Grupo Financiero Banorte are providing a $51 million loan to CETSA for the project.
The wind farm, located in Reynosa, Tamaulipas, consists of 30 Vestas 1.8 MW turbines. Mexican retailer Organizacion Soriana will purchase the electricity produced by the wind farm through a long-term power purchase agreement.
"This electricity will be used by Soriana to supply 163 stores throughout Mexico," says Aurelio Adan Hernandez, Soriana's chief financial officer. "Construction is scheduled to begin during the first quarter of this year and is estimated to cost more than $130 million."
"This is the first wind energy project in Mexico to be funded by NADB," adds Geronimo Gutierrez, managing director at NADB. "It's an example of the joint efforts of the public and private sectors to implement clean energy projects, as well as supports the efforts of the state of Tamaulipas and the Mexican government to combat climate change."