X-Elio finances solar plant
December 12, 2018 |
Spanish developer gets $50m from five lenders to build an 80 MW plant in Chihuahua
Spain's X-Elio has received a $50m debt package to finance the construction of the 80 MW Conejos-Medanos solar plant in Chihuahua, Mexico, said a source close to the deal.
The financing includes 18.5-year loan for $30.6m, with $17.2m from IDB Invest and $13.4m from the Spanish state-owned bank Instituto de Crédito Oficial (ICO). It also entails a 15.5-year term loan for $8m and a 2.5-year VAT loan for MXN220m ($10.9m) from the Japanese bank MUFG, the source said.
IDB Invest used $10m of its own funds for the loan and brought in $3.8m from the Canadian Climate Fund for the Private Sector in the Americas (C2F) and $3.4m from the China Co-financing Fund for Latin America and the Caribbean.
The Conejos-Medanos photovoltaic plant received a 15-year power purchase agreement (PPA) and a 20-year contract for clean energy certificates (CLEs) in a power auction held by the power grid operator and regulator Cenace in September 2016.
X-Elio received a $37m A/B loan through IDB Invest in June to finance a 60 MW solar project in the state of Gunajuato. ICO, C2F, the Chinese Fund and MUFG also participated in the previous loan.
Madrid-based X-Elio changed its name from Gestamp Solar after the US investment firm KKR bought 80% of the company in 2016 for roughly $800m. Gestamp Renewables, part of the Spanish engineering company, still owns the other 20%.