The developer, a joint venture between investment firm Actis (80% ownership) and Mesoamerica Investment (20%), won two contracts totalling 725MW, in Mexico's September 2016 renewable energy auction.
It has now arranged $600 million in financing for its 443MW Reynosa III site in Tamaulipas, according to the Financial Times.
Vestas said it plans to deliver its V136-3.45MW turbine to the site, once an order becomes "firm and unconditional".
The deal is set to include a 15-year servicing agreement, Vestas said.
It follows the announcement by Mexico's energy mininstry on the completion of financing for 964MW of wind and solar capacity by the country's state-owned development banks. They are the first projects to complete funding arrangement since the auction in 2016.
According to S&P Global, Cubico Sustainable Investments and GE Financial Serivces have also secured $240 million in laonds for its 250MW El Mezquite wind project, in northern Mexico.
UPDATE 16 August: Vestas confirmed an unconditional order for the project on 15 August, with a total output of 424MW, as opposed to the originally planned 443MW. Installation of the 123 V136-3.45MW turbines is due to be completed in 2018.