Acciona and Tuto Energy close financing for their 400-MWp PV plant in Sonora (Mexico)

Acciona and Tuto Energy (Biofields Group), owners of the Puerto Libertad photovoltaic complex in Sonora (Mexico) with a 50% stake each, have signed a financing agreement for the 404-MWp plant with four banks –North American Development Bank (NADB), Banco Nacional de Obras y Servicios of Mexico (BANOBRAS), Instituto de Crédito Oficial of Spain (ICO) and Banco Sabadell– for up to US$264 million (€226 million at current exchange rates). The project finance is being underwritten on an equal basis by the four entities, with a repayment term of 18 years.

Construction work on the complex, one of the biggest in Latin America, began in February this year and it is expected to be fully operational in the first trimester of 2019.

Electricity for three uses

Part of the production from Puerto Libertad (229 MWp) will cover supplies to the Federal Electricity Commission (CFE) amounting to 478.3 GWh of electric power and the corresponding clean energy certificates awarded to the project consortium in the second long-term electricity supply auction held in Mexico.

114 MWp will be used to service a private electricity purchase-and-sale contract, and the remaining 61 MWp will be allocated to marketing energy in the wholesale electricity market.

The Puerto Libertad plant will be equipped with 1,222,800 polycrystalline silicon panels mounted on horizontal tracking structures.

With a total solar capture surface area of 2.4 km2 it will produce 963 GWh of power per year, capable of covering the electricity demand of 583,000 Mexican homes.

Given its renewable origin, this production will avoid the emission of 925,443 tonnes of CO2 to the atmosphere from coal-fired power stations, with a purifying effect on the atmosphere equivalent to more than 46 million trees.

An average of 500 people will work on the construction of the plant, and this figure will rise to 900 at times of peak activity. In the operational phase, the facility will provide stable employment for 38 people.

Source: Acciona