Enel Green Power announced that its subsidiary Impulsora Nacional de Electricidad will receive a loan of up to $76m to support its investment in a 74MW Bii Nee Stipa II wind farm located in the Isthmus of Tehuantepec, Oaxaca.
The Inter-American Development Bank (IDB) has approved the loan.
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The Bii Nee Stipa II wind farm constructed in June consists of 37 wind turbine generators and is expected to produce around 278GWh of clean energy every year and to reduce the carbon emissions by 172,265 metric tonnes annually.
The wind project will reduce the country’s dependency on fossil fuels which is as much as 75% or 60 gigawatts (GW) to generate renewable electricity.
IDB Structured and Corporate Finance Department project team leader Brian Blakely said, "This project will contribute to Mexico’s goal of reducing its greenhouse gas emissions 50 percent by 2020."
So far, IDB has financed four wind farms in the state of Oaxaca since 2009 and has approved over $240m for the projects.
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By GlobalDataThe state of Oaxaca is expected to have about 1.5GW of installed wind capacity.
Enel Energy Power with an installed capacity of about 7,549MW produces power from sun, wind, water, geothermal, and biomass sources.
