Spain's Greening gets loan for corporate DG solar project in Mexico

Spanish clean energy solutions provider Grupo Greening 2022 SA (BME:GGR) has secured a green loan to finance the construction of a 41.9-MW distributed generation (DG) solar project for a corporate customer in Mexico.

The firm said on Thursday it had closed the agreement for a EUR-32-million loan from Santander Corporate & Investment Banking secured by Spanish credit export agency Cesce.

The financing will enable Grupo Greening to build the on-site DG solar arrays for Mexican poultry and pig producer Industrias Bachoco SAB de CV (BMV:BACHOCOB). This project is supported by a 15-year power purchase agreement (PPA) for the delivery of electricity to Bachoco, Grupo Greening said.

In the second phase, the firm will install 20 MW of on-site solar systems for Bachoco under a separate 15-year PPA, it said in November last year without disclosing the name of the customer.

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