EIB grants a loan for a Mexican wind farm
Iberdrola group has received a 78.5 million euro loan from the European Investment Bank (EIB) to finance the creation of a wind farm in south-west Mexico.
The EIB funds will support the construction and startup of a wind farm in Santo Domingo Ingenio in the Oaxaca region. The project will include installation of 121 turbines with a total capacity of 103 MW, and the construction of access roads and interconnection to the high voltage grid.
This is the first time the Bank grants Mexico funding that is the “the Sustainable Energy and Security of Supply Facility. The project meets the criteria supporting this mechanism as it seeks to enhance environmental sustainability, energy security and the development of renewable energy. It will also contribute to economic development, creating employment, it will generate social benefits for the poorest region of Mexico.
The Sustainable Energy and Security of Supply Facility is a multi-year loan arrangement with 3 billion euro to finance projects implemented in third countries, which contribute to the objectives of energy sustainability and security of energy supply. Latin America was one of the regions eligible for funding under this mechanism.
EIB started its financing in Latin America and Asia in 1993 and since then it has completed three terms. Under its current mandate (ALA IV), spanning the period 2007-2013 (parallel with the Sustainable Energy and Security of Supply Facility) is authorized to grant loans of up to 3 8 billion euros to finance up operations that help to support the EU presence in these regions through direct investment or transfer of technology and know-how as well as projects to mitigate the effects climate change.
This package of 3.8 billion euros as follows: $ 2.8 billion for Latin America and 1 billion euro for Asia.
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