- JICA has approved a loan of $100 million to support the development of solar power projects in Mexico
- The recipient of the 15-year loan is Mexican energy company IEnova that will use it for projects to help diversify the energy supply in Mexico
- JICA says this is the first loan amount it has dispersed under Green Loans Principles
Mexican natural gas company Infraestructura Energética Nova, S.A.B.de C.V. (IEnova) has secured a loan amount of up to $100 million for a period of 15 years to finance its Mexican solar power generation portfolio from Japan International Cooperation Agency (JICA). According to JICA this is the first loan amount it has dispersed under Green Loans Principles.
IEnova has not shared details of the projects it plans to spend the proceeds on, it only said these projects will help diversify the energy supply in Mexico.
The $100 million financing is integrated with the funding the company secured in 2019 from the International Finance Corporation (IFC) and North American Development Bank (NADBANK) with each committing $100 million to IEnova to finance or refinance or construct solar power projects (see IEnova Raises $200 Million Loan For 376 MW Mexico Solar).
In 2019, IEnova had a renewable energy capacity of 658 MW and plans to expand it further.