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

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 project ID #86526.

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