Finance approved for Mexico's biggest project

MEXICO: The Inter-American Development Bank (IDB) has approved a $72 million loan to develop the largest project in Mexico's wind-energy pipeline.

The 396MW Mareña project is to be located in the La Ventosa region of Oaxaca state. The project is being developed by Mareña Renovables Capital, which is controlled by the Macquarie Mexican Infrastructure Fund.

Power purchase agreements are in place with beverage manufacturers Fomento Económico Mexicano, the world's largest bottler of Coca-Cola, and Cerveceria Cuauhtémoc Moctezuma, which produces Heineken.

The project will consist of 132 3MW turbines. Macquarie has not given a construction date for the project.

Speaking about the loan deal, Jeff Easum, the team leader of the project at the IDB’s Structured and Corporate Finance Department said: "This operation, given the size of the project, is a significant step in the development of viable renewable-energy projects in Latin America."