Aura Solar I Power Project

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The Mexican company Gauss Energia announced the development the Aura Solar I power plant in La Paz, Mexico (38.6 MW in capacity). The sponsors signed a 20-year renewable PPA with the Federal Electricity Commission (CFE). The project was set to operate under a Small Producer Scheme permit granted by the Energy Regulatory Commission (CRE). The sponsor created the special purpose company Corporacion Aura Solar to manage the project. Investment was estimated at US$ 100 million. Financial closure was achieved in June 2013, when the sponsor was granted a US$ 25 million loan from the IFC. Nafinsa - Nacional Financiera also provided financing to the project (US$ 50 million, as well as a separate US$ 10 million separate VAT facility). The Portuguese company Martifer Solar was responsible for the engineering, procurement and construction (EPC) of the plant, and will be responsible for the Operation and Maintenance (O&M) services. Operations commenced in March 2014.