Navojoa Solar PV Plant

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The project involves the design, construction, commissioning, operation, and maintenance of a 200 MW solar PV plant located in municipality of Navojoa in the State of Sonora, Mexico. Sponsor is X-Elio Energy SL and the SPV is Kenergreen S.A.P.I. de C.V. The equity contribution amounts to $ 80.57 million. The project was awarded a Power Purchase Agreements (PPA) in the 3rd Mexican Power Auction held in November 2017 and the plant will be connected to the Mexican Comisión Federal de Electricidad (CFE) national grid system. The PPA agreements stipulate 15 years for the sale of energy and of power generated, and 20 years for clean energy certificates. The project will offset the equivalent of 5.1 million tons of CO2 emissions in the next 25 years. The total investment for the project is around $ 219.37 million. IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided $ 34.9 million loan which includes the mobilization of $11.6 million from the Chinese Fund for the Co-financing of the Americas. 2 additional loans of $33 million each have been provided by Bancomext and by ING Bank NV. ING also provided DSRA Letter of Credit Facility in the amount of $ 9.82 million and Bancomext provided VAT Facility in the amount of MXN 537,398,400 (equal to $ 28.08 million) Financial close was reached on 16 May 2019. https://www.idbinvest.org/en/projects/navojoa-solar-pv https://www.idbinvest.org/en/news-media/idb-invest-finances-third-photovoltaic-solar-plant-x-elio-energy-mexico https://ijglobal.com/articles/139995/x-elio-finances-mexican-pv Investment amount from IJ Global