Spanish solar developer GRS (formerly knowns as Gransolar) has announced the grid connection of the Energía Limpia de La Laguna PV project.
The plant, owned by Mexican fund Balam, is near Tlahualilo de Zaragoza, in the state of Durango, northern Mexico.
The facility, registered under Mexico’s self-consumption scheme, will sell electricity to the nation's leading pharmaceutical chain, Farmacias del Ahorro, under a long-term PPA.
It is the second solar plant GRS has built for Balam. A first solar park, which also had a capacity of 35.4 MW, was installed in the town of Camargo, in the northern Mexican state of Chihuahua. That project was purchased by Balam for around $45 million from Spanish company Avant Energías Renovables, which had contracted GRS for construction of the facility in April 2016.
As for the Energía Limpia de La Laguna project, Balam revealed on its website it was financed entirely by Balam Fund I, L.P. and BalamCK16, with Bancomext financing the VAT loan.
The Balam fund has a portfolio of solar and wind projects totalling more than 500 MW in operation or at an advanced stage of construction, according to GRS.