Allen & Overy, Ritch, Mueller, Heather y Nicolau and Gonzalez Calvillo advised on the deal
IFC, a member of the World Bank Group, and the North American Development Bank (NADB) provied $200 million in green loans to Infraestructura Energética Nova S.A.B. de C.V. (IEnova), to finance four solar power plants with a total capacity of 376 MW across Mexico.
The financing is part of IFC’s efforts to work with leading private-sector firms in Mexico to promote climate change mitigation projects, including the development of non-conventional renewable energy. IFC is providing a US$100 million loan from its own account and, initially, mobilizing another US$100 million from NADB. The NADB loan will be oriented completely to the design, construction and operation of IEnova’s 125 MW solar park, “Don Diego”, located in the municipality of Benjamin Hill, Sonora.
IEnova’s power plants will reduce emissions by 561,652 tons/year of carbon-dioxide equivalent, thus supporting the Government of Mexico’s efforts to cut greenhouse-gas emissions and helping to diversify the country’s energy supply.
IEnova is one of the largest private sector energy companies in Mexico, with operations in natural gas, power generation and refined products storage segments. The projects being financed are the company’s first in the solar energy space.
This is IFC’s first financing in Mexico certified under the Green Loan Principles, which provide a framework and guidelines to confirm that the proceeds of the loan are used for climate-friendly projects.
Allen & Overy advised IFC and North American Development Bank with Sami Asad Mir. and Pablo Umaña.
In Mexico, Ritch, Mueller, Heather y Nicolau advised IFC and North American Development Bank with Jean Paul Farah Chajín (Picture), Carlos F. Obregón Rojo and Alejandra Echeverría.
Gonzalez Calvillo advised IEnova with Rodrigo Rojas Robleda, Hernando Becerra de Cima and Daniel Guaida Azar.
Involved fees earner: Sami Mir – Allen & Overy; Pablo Umana – Allen & Overy; Hernando Becerra de Cima – Gonzalez Calvillo Abogados; Daniel Guaida Azar – Gonzalez Calvillo Abogados; Rodrigo Rojas – Gonzalez Calvillo Abogados; Alejandra Echeverría González – Ritch, Mueller, Heather y Nicolau, SC; Jean Paul Farah Chajín – Ritch, Mueller, Heather y Nicolau, SC; Carlos Obregón Rojo – Ritch, Mueller, Heather y Nicolau, SC;