X-ELIO obtains financing to build a photovoltaic plant in Veracruz

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The Spanish company obtained 44.1 million dollars to develop the solar project, Perote II with a capacity of 119 MW.

The Spanish company X-ELIO managed to close a financing agreement for 44.1 million dollars for the construction of a photovoltaic plant “Perote II” in Veracruz, the energy company reported.

The agreement was signed with the IFC (International Finance Corporation), a member of the World Bank Group and Banco Sabadell in Mexico, he said.

The amount obtained will be used for the construction, operation and management of the Perote II photovoltaic plant, with a capacity of 119 megawatts (MW).

“This project will contribute to reducing emissions equivalent to 4 million tons of carbon dioxide into the atmosphere during the next 35 years. Perote II will provide a competitive energy source for the country and will help increase the installed capacity of non-conventional renewable energies, diversifying the country’s energy matrix and contributing to the economic growth of Mexico ”, they highlighted in a joint statement.

Despite an environment of uncertainty in Mexico due to a new direction in energy policy, some companies are not discouraged and continue to promote the development of their renewable projects that were winners in the electricity auctions that were carried out in the last administration.

Veracruz, Mexico

Likewise, the Federal Electricity Commission (CFE) said that it will seek to limit the participation of these intermittent energies to endanger the operation of the National Electric System, this after the mega blackout on December 28.

X-ELIO arrived in Mexico in 2015, where it has a portfolio of 535 MW of projects in operation, the financing obtained confirms its strong position.

The agreement signed by X-ELIO, the company said, shows the company’s ability to obtain financing from first-rate partners, as well as the strength of its projects and its business model in the country.

“We are very proud of the trust that IFC and Banco Sabadell in Mexico have once again shown in us and we will continue to take advantage of our experience and knowledge to create value for the local community,” commented David Díaz, CFO of X-ELIO, quoted in the statement.

For his part, Francisco Lira, CEO of Banco Sabadell in Mexico, said, according to the document, that the Perote II project guarantees Mexico’s energy security with clean energy.

Jorge Barredo, X-Elio CEO.

“Finance is a key component to support a more sustainable world, not only financing projects like this one, but also creating mechanisms that allow industries to transform to ensure a better future,” he commented.

In addition to the Perote II photovoltaic plant, X-ELIO has other projects in Mexico: Xoxocotla in Morelos of 85 MW, for which it also obtained financing last year with IDB Invest, a member of the Inter-American Development Bank, ICO and Banco from Tokio-MUFG.

In operation, it has the Guanajuato plants with a capacity of 74 MW, another in Navojoa, Sonora with 250 MW. The 93 MW Terranova in Chihuahua is already ready, last year it entered pre-operational tests.

Source: El Economista

Veracruz Daily Post