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Mexico,Saudi Arabia : Abdul Latif Jameel Energys FRV secures financing for Potrero Solar, one of the Worlds largest bifacial solar PV projects
Publish Date : 19-Sep-2019
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of renewable utility-scale projects, announced the financial close for Potrero Solar (296 MW dc), the Companys second solar farm in Mexico.
Financial close was reached in March with the International Finance Corporation (IFC) and Banco Nacional de Comercio Exterior (Bancomext), and the plant which began construction in late May, will be completed by mid-2020. Potrero Solar is FRVs first project in Mexico to be financed before any of its products (including energy produced, CEL or capacity) are pre-committed in tender schemes, and one of the largest merchant PV projects worldwide to use bifacial technology. Once operational, the plant will competitively trade the electricity generated as well as the associated clean energy certificates in the countrys energy market.
With a land area of approximately 700 ha, Potrero Solar will be located in Lagos de Moreno, in the state of Jalisco, and will use bifacial PV modules a new technology that has the ability to capture both direct sunlight from both the top or front face and reflected light from the rear face. The solar power farm will generate around 700 GWh of clean energy each year, enough to supply around 350,000 average Mexican homes and avoid the emission of 345,000 tons of CO2 annually. In addition, Potrero, which will be built by a consortium formed by multinationals Power China and Prodiel under an EPC (Engineering-Procurement-Construction) contract, will boost local economic development including potential creation of around 1,500 jobs during its construction phase.
Fernando Salinas, Managing Director of FRV Mexico, highlights: Mexico is a country that offers numerous opportunities for both FRV and international investors, due to its favorable market and weather conditions for renewable energy projects. Potreros financial close marks a milestone as the largest bifacial plant in the world and FRVs first fully merchant project in Mexico. By carrying out this flagship project that will lead the way for other large-scale bifacial PV plants and that is also one of the largest PV merchant projects worldwide, FRV demonstrates its leadership once again and its ability to be a spearhead in the wider renewable energy industry.
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: At Abdul Latif Jameel Energy, we are delighted to move forward to the next phase of the Potrero project. Potrero confirms FRVs positioning as one of the leaders in the global renewable energy sector and further reinforces our long-term commitment to Mexicos drive for clean energy. Mexico is a strong and promising market for FRV and Abdul Latif Jameel Energy, and we look forward to seeing Potrero spearhead the development of the sector in the country and further afield.