March 27, 2020
Sempra's Mexican subsidiary borrows $100 mln from the Japanese development agency for solar investments
IEnova, the Mexican subsidiary of the US company Sempra Energy, said on Thursday that it secured $100 million in long-term financing from the Japan International Cooperation Agency (JICA) to fund solar power investments.
The JICA loan is the first private-sector financing that the Japanese development agency has granted in Mexico since 2012. It is also the agency's first co-investment with the NADB and its first financing under the Green Loan Principles, according to IEnova.
JICA and the IFC signed an agreement in May 2017 to co-finance projects by the private sector in developing countries.
In IEnova's solar portfolio, the company has started operations at the 110 MW Pima plant after roughly $115 million in investments. It is also building the Don Diego project along with the 40 MW Rumorosa plant for $50 million and the 100 MW Tepezalá plant for $100 million.