Infraestructura Energética Nova (IEnova)’s $100 Million Green Loan


Ritch, Mueller, Heather y Nicolau, Allen & Overy, Gonzalez Calvillo and Latham & Watkins advised on the transaction

Japan International Cooperation Agency (JICA) signed a loan agreement for a maximum amount of US$100 million with Infraestructura Energética Nova, S.A.B.de C.V. (IEnova), a Mexican energy company.

This transaction is JICA’s first private sector investment finance project in Mexico since the resumption of private sector investment financing. The loan is part of the facility arranged by the International Finance Corporation (IFC) to finance IEnova’s solar power generation portfolio and through which both IFC and the North American Development Bank (NADB) committed loans to IEnova of US$100 million each in November 2019.

IEnova is one of the country’s largest private energy company, founded in 1996. In 2015, IEnova entered the business of renewable energy. As of 2019, the company boasted a renewable energy capacity of 658MW, and are planning to expand their business in the future. In the case of the Pima Solar power generation project, which is one of IEnova’s solar power generation projects, the company signed the first long-term electric supply contract between a private generator and an industrial client in Mexico. Furthermore, the company has formulated a management strategy that takes environmental and social considerations into account, is working to increase the transparency of their business, and has been included in the Sustainable Index (Note 2) of the Mexican Stock Exchange for the fifth consecutive year, the first energy infrastructure company to be included.

In Mexico, Ritch, Mueller, Heather y Nicolau advised the Japan International Cooperation Agency (JICA) with Jean Paul Farah Chajín (Picture) and Alejandra Echeverría González.

Allen & Overy advised the Japan International Cooperation Agency (JICA) with Sami Asad Mir, Jake Reed and Akira Takahashi.

In Mexico, Gonzalez Calvillo advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) with Rodrigo Rojas Robleda and Daniel Guaida Azar.

Latham & Watkins advised Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) with Sony Ben-Moshe, Roderick Branch and Luis Torres.

Involved fees earner: Sami Mir – Allen & Overy; Jacob Reed – Allen & Overy; Akira Takahashi – Allen & Overy; Daniel Guaida Azar – Gonzalez Calvillo Abogados; Rodrigo Rojas – Gonzalez Calvillo Abogados; Sony Ben-Moshe – Latham & Watkins; Roderick Branch – Latham & Watkins; Luis Torres – Latham & Watkins; Alejandra Echeverría González – Ritch, Mueller, Heather y Nicolau, SC; Jean Paul Farah Chajín – Ritch, Mueller, Heather y Nicolau, SC;

Law Firms: Allen & Overy; Gonzalez Calvillo Abogados; Latham & Watkins; Ritch, Mueller, Heather y Nicolau, SC;

Clients: Infraestructura Energética Nova, S.A.B. de C.V.; Japan International Cooperation Agency (JICA);

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Author: Ambrogio Visconti.