Mexico's Banverde Raises Funds to Buy up 80 MW of Rooftop Solar Projects at Home
Mexico, May, 24 2021 -
Mexican solar-focused private equity fund Banverde has closed a USD-57-million (EUR 46.7m) syndicated credit facility to finance the acquisition of small-scale solar projects in Mexico.
The funding was led by Corporacion Financiera para el Financiamiento de Infraestructura (CIFI), a non-bank financial institution in Latin America and the Caribbean, with co-sponsors WRB Serra Partners and Banverde Activo contributing capital, CIFI said on Friday.
Banverde is now equipped with USD 76 million to invest in the next three years. The financing will help the firm install about 80 MW of rooftop solar across Mexico, through the acquisition of self-supply projects of up to 500 kW, according to the press release.
Banverde partners with a vetted network of solar installers in Mexico and finances rooftop solar projects for its clients through power purchase agreements (PPAs), enabling them to benefit from the arrays at no up-front costs. Once the PPA expires, the clients get to own the assets, the release states.
The company is active in residential, commercial and industrial segments.