10 Financial Entities Sign Financing Agreement For Mexican Wind Project

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Ten financial entities, mostly linked to global or regional public institutions – some of them specifically oriented to supporting sustainable projects in developing countries – have signed financing agreements for Acciona's Eurus wind project in Mexico. The credit deals signed by the different entities total $375 million.

The Eurus wind project, located in the state of Oaxaca, has 250.5 MW already in service. Its production is expected to cover up to 25% of the electricity supply needs of the cement plants of Cemex in Mexico.

The financing agreements for the wind project were signed by global and regional entities, such as the International Finance Corp., which reports to the World Bank; Banco Interamericano de Desarrollo; and Corporacion Financiera Andina, the main source of multilateral financing in the region.

The group of signatories also includes Mexican companies Nacional Financiera and Banco Interamericano de Comercio Exterior; Spain's Instituto de Credito Oficial, French company Promotion et Participation pour la Cooperation Economique, and Germany's Deutsche Investitions und Entwicklungs Gesellschaft.

BBVA and Banco Spirito Santo are the private institutions that round out the signatories.

The total sum financed, the country in which the funds are materialized and the type of entities participating in the operation make this a singular agreement, in line with the new financing scenarios for this type of installation in developing countries.

All the signatories have expressed their satisfaction in reaching the agreement, which is part of the objective of the Mexican government to diversify its energy mix and reduce the country's emissions of greenhouse gases.

SOURCE: Acciona

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