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Overview

[China Co-Financing Fund] IDB administers 11.6 million USD loan from CHC for Navojoa Solar PV Plant (Linked to Record ID#85237, #85018, #54677)

Commitments (Constant USD, 2023)$12,040,655
Commitment Year•2019Country of Activity•MexicoDirect Recipient Country of Incorporation•MexicoSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 14, 2019
End (actual)
Jan 1, 2020

Geospatial footprint

Map overview

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The project is located at the South of the state of Sonora, in the municipality of Navajoa, Km 5 of Navojoa - Álamos road, in the San Jose property. (North Latitude: 27 ° 2'57.81 "' and West Longitude: 109 ° 20'48.86"'). The plant covers an area of approximately 656.99 hectares and a perimeter of 19.8 km. See page 5 of "MANIFESTACION DE IMPACTO AMBIENTAL MODALIDAD PARTICULAR DEL PROYECTO Navojoa Solar, 199.99 MW" for location map. More detailed locational information can be found at https://www.openstreetmap.org/way/1007897843

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • IDB Invest (formerly Inter-American Investment Corporation or IIC)

Private Sector

  • ING Bank N.V.

State-owned companies

  • Banco Nacional de Comercio Exterior

Receiving agencies

Private Sector

  • Kenergreen S.A.P.I. de C.V.

Implementing agencies

Government Agencies

  • Mexico National Center for Energy Control (CENACE)

Intergovernmental Organizations

  • China Co-Financing Fund for Latin America and the Caribbean (CHC)
  • IDB Invest (formerly Inter-American Investment Corporation or IIC)

Private Sector

  • X-Elio

State-owned companies

  • Mexican Comisión Federal de Electricidad (CFE)

Loan description

[China Co-Financing Fund] IDB administers 11.6 million USD loan from CHC for Navojoa Solar PV Plant

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 14, 2019, the private sector arm of the Inter-American Development Bank (IDB) Group, IDB Invest (formerly Inter-American Investment Corporation, or IIC), signed a 34.9 million USD financing package with Kenergreen S.A.P.I. de C.V. to help fund the 199.99 MW Navojoa Solar Photovoltaic Plant, located in the South of the state of Sonora, in the municipality of Navajoa. This financing included a 11.6 million USD loan from the China Co-Financing Fund for Latin America and the Caribbean, and the rest was provided by IDB Invest. Loan details are unknown. The IDB approval date for this loan financing was December 12, 2018, and it refers to this project as "12402-01: Navojoa Solar PV". Financing to this project also includes a 33 million USD loan from Banco Nacional de Comercio Exterior (Bancomext, a Mexican development bank) and another 33 million USD loan from ING Bank, N.V., based in the Netherlands. X-Elio, a solar plant developer based in Spain, will be responsible for developing the plant — its third in Mexico. The National Energy Control Center of Mexico (CENACE) awarded the project a long-term Power Purchase Agreement (PPA) in an auction in November 2017. Under this agreement, the Navojoa PV Plant will sell power and energy for 15 years and clean energy certificates for 20 years. The plant is intended to contribute to the objective of the Government of Mexico to have 50% of its electric grid powered by clean energy sources by 2050. The project will also include a 3.3 km transmission line and interconnection facilities to connect the plant to the Mexican Comisión Federal de Electricidad (“CFE”) national grid system. According to IDB Invest, it will displace the equivalent of 5.1 million tons of carbon dioxide in the next 25 years. It has a 257.3 MW peak. According to X-Elio's project's project data page on the plant, it has been in operation since January 2020. X-Elio's other solar PV plants were also partially funded through the CHC, and are captured in projects #85237, #85018, and #54677. The China Co-Financing Fund was established on 14 January 2013 with a contribution of 2 billion USD by the People's Bank of China, and it is administered by the IDB. For more information, see umbrella Record ID#86526.