Having marked its tenth anniversary and after becoming a global leader in renewable energy, Enel Green Power has one more reason to celebrate after securing accolades from the prestigious PFI Awards.
The year 2018 for Enel Green Power closes off on a high note, merit of two significant and additional, international accolades.
EGP was the recipient of the prestigious PFI Awards as “Global Sponsor of the Year”, for its burgeoning ability in securing financing for complex projects thanks to new high-profile offering models, as well as for its state-of-the-art PV solar plants in the Americas, namely the Mexican Villanueva and Don José solar parks.
PFI Awards rank among the world’s most influential recognitions regarding project financing ventures and are awarded on a yearly basis by Project Finance International (PFI), a magazine published by Thomson-Reuters.
As for the category “Global Sponsor of the Year”, PFI recognized EGP’s skills in securing innovative financing instruments for its ambitious ramp-up in emerging markets like South Africa, Zambia and Morocco, considering their challenging economic and political environment and the consistency of the financing put in place. EGP’s European and North American operations were instead commended for the quality of ongoing renewable investments in Spain first, and foremost for the resources deployed across the pond in establishing Power Purchase Agreements (PPAs) as the long term energy contract of choice for all of its corporate clients.
A testament of this sound financial strategy comes from the United States, where EGP signed PPAs with some of the country’s most influential corporations like Adobe, Facebook, General Motors and Kohler, heeding the call for more sustainable business choices emerging from an environmentally-conscious customer base while fostering the expansion of a true and trusted virtuous cycle.
Yet, today some of the staunchest supporters of sustainable economy are in the very emerging markets where EGP gained impressive market shares. We’re talking about South Africa, where the local government set up the Renewable Energy Independent Power Producer Programme (REIPPP), Pretoria’s worldwide call for renewable energy investments from the private sector. Enel Green Power managed to secure authorizations in the fourth and - especially challenging - fifth round of bids, coming up with 5 renewable projects worth 140 MW each.
Our back-to-back success in the REIPPP and the securing of its financing on a non-recourse basis through local banks have proved a fundamental step in EGP’s growth, in its brand recognition across the country which PFI didn’t fail to recognize as an important factor in the conferral of these awards.
Mexico’s award-winning sun
In the “American Solar Deal of the Year” category, PFI acknowledged EGP’s commitment to firmly secure financing for the Villanueva and Don Josè solar parks, both connected to Mexico’s grid on September 27 after a comprehensive corporate investment nearing the billion USD tally.
In Mexico, such a complex project financing is considered a first. For the sheer size of the investment (605.9 Million USD), for the number and importance of banks and financial institutions involved - the Inter-American Development Bank and the European Investment Bank - and for holding a primacy on generating funding for a portfolio of solar photovoltaic assets, as well as the first structured loan involving renewable energy, hence, the harbinger of the region’s most important closed deal in the “green” domain.
For instance, Villanueva generates 828 MW of installed power and makes it both Mexico’s largest operating solar park and EGP’s biggest renewable plant in the world. Boasting over 2.5 million solar panels, Villanueva delivers more than 2.000 GWh of green energy to the grid, offsetting emissions of over 1 million tons of CO2 while providing energy for over 1.4 million mexican households.
The numbers coming out of Don José are more contained but no less important. Its 238 MW capacity will generate once fully operational, over 625 GWh each year.
The award ceremony of the PFI Awards will take place on February 6 at London’s Hilton Park Lane Hotel, where all major representatives from the global financial community will attend to celebrate Enel Green Power’s achievements.