Credit program for energy efficiency and renewable energies in Mexico

completed

Mexico currently ranks third in terms of greenhouse gas emissions. Around 80% of the country's electricity needs are covered by conventional power plants (powered by fossil fuels). The country has committed itself in the NDCs (Nationally Determined Contributions) to reducing greenhouse gas emissions by 22% by 2030. With conditional international support, a reduction of as much as 36% is to be achieved. The aim of this loan program is to reduce CO2 emissions through the efficient, ecological and socially acceptable generation of electrical energy and to contribute to the market launch of a technology that has not yet been established (solar photovoltaics) for global climate protection in Mexico. A low-interest development loan of up to a maximum of EUR 200 million in favor of the Mexican state development bank Banco Nacional de Comercio Exterior S.N.C. (Bancomext) is intended to finance investments in renewable energy projects that are not yet marketable and innovative energy efficiency measures. The amount is to be used in two components in consultation with the Mexican partners. Component 1, amounting to USD 181 million, will refinance 5 solar parks. Component 2, amounting to EUR 40 million in USD equivalent, will refinance 2 solar parks.