Fotowatio closes financing for 342 MW of solar in Mexico

Spanish solar project developer, Fotowatio Renewable Ventures (FRV), part of UAE-based Abdul Latif Jameel Energy, announced it has closed financing for a 342 MW (DC) Potosí Solar Farm, to be located in the Mexican state of San Luis de Potosí, around 60 km northeast of the city of Zacatecas.

The financing agreement, the company said, was signed with Germany’s KFW (Kreditanstalt für Wiederaufbau), Bancomext and ING.

Construction will be carried out by Spanish engineering company, TSK under an EPC contract, and will cover an area of ​​approximately 800 hectares. It is slated to begin early this year. Up to 300 jobs are expected to be created during the construction phase.

This project will add to the list of renewable energy projects that Abdul Latif Jameel Energy America is developing, including in Uruguay and Chile, Fotowatio stressed.

The Potosí Solar Farm will generate enough energy to supply around 150,000 homes and reduce annual greenhouse gas emissions by approximately 600,000 tons of CO2.

The project, which was selected in the second auction held by Mexico’s National Center for Energy Control (CENACE) in September 2016, will sell power to local electric utility, CFE under a long-term PPA, which was secured by Fotowatio in March 2017.

Earlier this week, Fotowatio announced its first hybrid solar-wind power project in Chile.