Spanish power company Iberdrola said it has obtained bank financing of $400 million USD from a group of ten entities led by BBVA bank for the construction of three wind farms in Mexico.
Iberdrola said in a statement that it is the “first green corporate loan made in Latin America.”
Iberdrola did not disclose the financial details of the loan, which has a maturity of five years, extendable for two more years.
The company has an installed capacity of 6,000 megawatts (MW) in Mexico, of which 360 MW is wind, and is developing more than 4,000 MW. Its objective is to reach 11,000 MW by 2020 to generate more than 20 percent of the energy consumed by the North American country.