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Zuma Energía secures financing for 337MW of solar farms in Mexico

Zuma Energía, a renewable energy platform of Actis, has secured $300m in financing from Mexican development banks for the development of two solar projects, with a combined capacity of 337MW, in Mexico.

The two projects, which were successful in the Mexico's second long-term electricity auction, have secured financing through banks including Bancomext, Banobras and Nafin, and the North American Development Bank (Nadbank).

The 158MW Orejana solar park is planned to be built in Hermosillo, Sonora while the 179MW Santa Maria is scheduled to be built in Galeana, Chihuahua.

Featuring over 1 million solar panels, the two projects are expected to supply clean energy to power over 500,000 homes while mitigating CO2 emission of over 280,000 thousand tons per year.

Actis Mexico head Michael Harrington said: “We are seeing the energy reforms play out and attract new players and international funding.

“Mexico has compelling fundamentals for investing in power generation, including superior natural resources, an evolving and supportive regulatory framework and a deep project finance capacity.”

Created by Actics in 2014, Zuma Energia has secured an 800MW portfolio till date. Actis has 80% stake in Zuma while the remaining 20% stake is held by Mesomerica Investments.

Recently, Zuma Energia secured financing the 424MW Reynosa Wind Farm, which is said to be one of the largest wind farms in Latin America. 

Zuma Energia also has 50MW wind farm, which is currently operational in Oaxaca, Mexico.