Italian renewable energy developer Enel Green Power has secured €10m financing from lending agency Simest for the development of two renewable energy projects in Mexico, Costa Rica.
The projects include an operational 74MW Bii Nee Stipa II wind farm in Mexico and a 50MW Chucas hydroelectric plant in Costa Rica, currently under construction.
Enel CEO Francesco Starace stated that the company will continue the partnership with Simest for future projects.
"The projects that we are undertaking are further evidence of our desire to expand in the Latin American renewables sector, where we already boast a strong presence, as well as our strategy to make use of debt financing for projects in development, rather than draw upon the cash flows generated by EGP, only when this arrangement enhances the projects or when the financing is offered at particularly advantageous conditions," Starace said.
SIMEST CEO Massimo D'Aiuto added, "The renewable energy sector indeed represents an important part of our activities and, over the last 3 years, it has experienced major growth."
The two companies had earlier partnered for the development of the Palo Viejo hydroelectric plant in Guatemala that recently commenced operations in 2012.