Ten entities finance Acciona’s Eurus wind farm in Mexico

Ten entities finance Acciona’s Eurus wind farm in Mexico
Published: 10 June 2010

Acciona Energy was recently granted the construction and operation of another three wind farms in the state of Oaxaca (Mexico) with a total capacity of 306 MW.
 Most of the entities are public capital companies whose mission is to finance sustainable projects in developing countries. The credit deal reached yesterday is the biggest ever signed in Latin America for a renewable energy project.

Ten financial entities, mostly linked to global or regional public institutions -some of them specifically oriented to supporting sustainable projects in developing countries- signed financing agreements for Acciona’s Eurus wind power park in Mexico. The credit deals signed by the different entities total 375 million dollars (EUR314m at the current exchange rate), making it the biggest credit deal ever signed in Latin America for a renewable energy facility.

The Eurus wind farm in the state of Oaxaca, with 250.5 MW already in service, has the highest installed capacity in Latin America and is the biggest built by Acciona in the world. 

Its production will cover up to 25% of the electricity supply needs of the cement plants of Cemex in Mexico. The wind farm’s renewable production will save around 600,000t of CO2 emissions a year.

The financing agreements for the windpark were signed by global and regional entities such as the International Finance Corporation (IFC), which reports to the World Bank, Banco Interamericano de Desarrollo (IDB) and Corporación Financiera Andina (CAF), the main source of multilateral financing in the region.
The group of signatories also includes the Mexican companies Nacional Financiera (NAFIN) and Banco Interamericano de Comercio Exterior (BANCOMEXT); the Instituto de Crédito Oficial (ICO) of Spain, the French company Promotion et Participation pour la Coopération Économique (PROPARCO), and Deutsche Investitions und Entwicklungs Gesellschaft (DEG) from Germany.

Two private institutions complete the list of financing entities: BBVA and Banco Spirito Santo (BES).