Solem Solar Farm

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The project entails the construction and operation of a 290-MW solar PV plant in the state of Aguascalientes. The project is being developed by Cubico Sustainable Investments (“Cubico”) and Alten Energias Renovables. The partners hold 70% and 30%, respectively. This is a greenfield project that will benefit from a long term PPA (20 years) awarded in Mexico’s second long-term electricity auction in September 2016. The complex comprises: two PV plants– the 150MW Solem I and 140-MW Solem II facilities, two electrical substations, and a 6.6km 230kV transmission line connecting both substations to the CFE. The total investment is estimated at $368 million and will be financed with both debt and equity. The debt financing for the project is $268.6 million. IFC will provide $45 million. The lenders' group comprises also: Inter-American Investment Corporation (IAIC) ($45 million), the Chinese Co-financing Fund for Latin America and the Caribbean ($10 million), the Canadian Private Sector Climate Fund (C2F) ($20 million), the National Bank for Public Works and Services (Banobras) ($45 million), the National Bank for Foreign Trade (Bancomext) ($45 million) and Mitsubishi UFJ Financial Group (MUFG) ($58.6 million). The remaining cost of $99.4 million will be covered by the sponsors on a pro rata basis. Financial closure was reached on 8th of August 2017. https://ijglobal.com/data/transaction/37748/solem-solar-pv-complex-290mw http://www.cubicoinvest.com/media/49919/Press-Release-Cubico-Mexico-Financial-Closing.pdf https://disclosures.ifc.org/#/projectDetail/SII/36041