IFC and EDP invest $301m in Mexico solar and Brazil grid
IFC announced two investments totaling $301 million with EDP for a 200MW solar plant in Mexico and grid upgrades in Brazil.
The story in focus
IFC announced two investments totaling $301 million with EDP to support a 200-megawatt solar plant in Mexico and electricity grid upgrades in Brazil. IFC says the projects will improve access for about 200,000 people, support over 4,400 jobs and cut emissions.
- IFC provided a $222 million loan for a 200MW solar photovoltaic plant in Mexico.
- In Brazil, IFC invested about $79 million to modernize EDP Espírito Santo's grid.
- IFC estimates the two investments will support over 4,400 jobs and reduce 297,000 tons of CO2e annually.
Mexico solar financing
IFC provided a $222 million loan to support development of a 200-megawatt solar photovoltaic power plant in Mexico. The investment is part of a $444 million financing package for EDP's renewable operations globally, with half provided by Spain's state financial agency ICO.
Brazil grid investment
In Brazil, IFC invested about $79 million to help EDP Espírito Santo modernize and expand its power grid. IFC says the investment will support more reliable electricity services for over 1.8 million customers and was made alongside local institutional investors.
IFC also noted that through its Brazilian subsidiary, EDP has participated in the IFC Future Grids Alliance, an advisory and knowledge-sharing program focused on grid modernization in emerging markets.
Regional context
IFC says emerging economies will account for almost two-thirds of global electricity demand by 2035, requiring annual investment in generation to more than double to $630 billion, with over half from the private sector. The projects target Mexico and Brazil, where EDP operates across generation, transmission and distribution.
What will the IFC investments with EDP finance?
IFC provided $222 million for a 200MW solar plant in Mexico and about $79 million to modernize EDP Espírito Santo's grid in Brazil, part of two investments totaling $301 million.
Sources & further reading
- EDP and IFC Deepen Partnership to Expand Energy Access, Support Jobs and Growth in Latin America ↗ifc.org
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