Washington D.C., June 9, 2010—IFC,
a member of the World Bank Group, has arranged $375 million in financing
for a 250-megawatt wind farm that will support the expansion of private
power generation in Mexico, while helping develop the frontier region
Eurus, the largest wind farm in Latin America, is located in Oaxaca State,
an area with one of the best wind resources in the world. Developing wind
projects in Mexico will contribute to the country’s clean energy supply
and to global climate change mitigation efforts. The project is expected
to displace an estimated 600,000 tons of carbon dioxide equivalent annually.
The project sponsor, Acciona Energía SA, is a leading global player in
renewable energy and one of the world’s biggest developers, constructors,
and operators of wind farms. IFC is lending $71 million of its own
account to the $600 million project. IFC, along with the Inter-American
Development Bank as co-arranger, also has syndicated $62 million from commercial
banks and mobilized $242 million from a diverse group of parallel lenders,
including multilateral, bilateral, and Mexican development finance institutions.
Bernard Sheahan, IFC Director for Infrastructure,
said, “IFC has focused on supporting renewable energy generation in Mexico,
to encourage more investment in the region. We are pleased to work with
Acciona Energía S.A., a global sponsor that has the financial capability
and technical expertise to bring a wind project of such magnitude to reality
in the region.”
Miguel Angel Alonso, Director of ACCIONA Energa, said, “We welcome the
support of IFC for this important project. Acciona Energía’s partnership
with IFC in Mexico will strengthen this project and create the conditions
for further cooperation between the two institutions worldwide.
Oaxaca State is one of the lowest-income regions of Mexico. The local community
will receive land-lease payments and benefit from community development
and social programs established by the sponsors. The project also
will generate local jobs.
IFC’s strategy in Mexico focuses on enhancing the competitiveness of the
private sector; promoting access to finance for small and medium enterprises
and key sectors; supporting infrastructure development, clean energy technologies;
and investing in areas newly opened to private sector participation. As
of June 2009, IFC’s committed portfolio in Mexico was $852 million. For
more about IFC in Latin America and the Caribbean, please visit: www.ifc.org/lac.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Acciona Energía S.A.
ACCIONA Energia is a global clean-tech operator with
more than 20 years of experience in renewables. It has installed 9,000
megawatts of electricity generation in 14 countries—7,337 megawatts are
proprietary. The company has 213 wind farms, 80 hydroelectric power stations,
a number of solar thermal and PV plants that rank among the biggest in
the world, and biomass-fired power plants. ACCIONA Energy manufactures
wind turbine generators and has biodiesel and bioethanol production units.
It is part of the ACCIONA Group, one of Spain’s leading business
corporations. For more information: www.acciona.es.