Financing & Turbines Secured For 424 Megawatt Mexican Reynosa III Wind Park, The Largest In Latin America
Two parallel announcements have given shape to the planned 424 MW Reynosa III Wind Park set to be developed in Mexico, with wind turbines supplied by Vestas and financing from Mexico’s state-owned development banks.
Mexico’s Secretariat of Energy (SENER) announced on Tuesday that the country’s state-owned development banks will provide financing for a total of 964 MW (megawatts) worth of wind and solar capacity, awarded nearly a year ago in Mexico’s second renewable energy power auction. The banks in question — Nafin, Bancomext, and Banobras — will provide preferential loans to the developers of the projects.
Specifically, Mexican electric utility Zuma Energia will receive $330 million in public loans for the development of the 424 MW and $642 million Reynosa III Wind Park, set to be developed in the northern Mexican state of Tamaulipas. The project will also receive a $110 million private loan from Santander Bank.
Upon completion, the 424 MW project is expected to be the largest wind farm in Latin America, according to SENER.
Additionally, parallel to the SENER announcement, Danish wind turbine manufacturer Vestas Wind Systems announced that it would be providing over 120 of its V136-3.45 MW wind turbines to the project, as well as a 15-year service agreement. The project is expected to be completed by 2019.
In addition to the Reynosa III Wind Park, the Mexican Secretariat also announced that Cubico Sustainable Investments and GE Financial Services will receive a total of $240 million in public loans for the development of the 250 MW, $317.5 million El Mezquite Wind Park, set to be developed in the northern border state of Nuevo Leon. Additionally, Cubico and Alten Renewable Energy will receive financial backing to develop the 290 MW, $371 million Solem I and II Solar Farms, set to be developed in the state of Aguascalientes.
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