Our US, Mexico City and London offices advised a subsidiary of French renewable energy developer Neoen on securing the financing for the 375 MWP El Llano solar farm in Aguascalientes, Mexico.
The project, which will be Neoen's largest photovoltaic plant, was one of the winners of the third Mexican renewable energy auction in November 2017. It was awarded a power purchase agreement with a 15-year offtake term for energy and a 20-year offtake term for clean energy certificates.
The project will sell its contracted electricity at less than US$19 MWh, making it one of the world's most competitive solar projects. The financing, which closed June 11, consisted of a senior loan facility, a letter of credit facility and a value-added tax loan facility.
Our team included Raquel Bierzwinsky (New York and Mexico City), Charles Whitney (London), Hernán González (Mexico City), Kevin Prokup, Monika Szymanski (New York), Alexandra Jeffreys (London), Rachel Crouch (Washington, DC), Carlos Campuzano, Alejandro Aguirre, David Rajunov (Mexico City), Ania Soleimani (London) and Javier Félix (New York).