{"id":50956,"date":"2019-09-09T10:28:35","date_gmt":"2019-09-09T10:28:35","guid":{"rendered":"http:\/\/www.alj.com\/?post_type=news&#038;p=50956"},"modified":"2021-09-13T09:56:53","modified_gmt":"2021-09-13T09:56:53","slug":"abdul-latif-jameel-energys-frv-secures-financing-for-potrero-solar-the-worlds-largest-bifacial-solar-pv-project","status":"publish","type":"news","link":"https:\/\/alj.com\/en\/news\/abdul-latif-jameel-energys-frv-secures-financing-for-potrero-solar-the-worlds-largest-bifacial-solar-pv-project\/","title":{"rendered":"Abdul Latif Jameel Energy\u2019s FRV secures financing for Potrero Solar, one of the World\u2019s largest bifacial solar PV projects"},"content":{"rendered":"<ul>\n<li>Producing around 750 GWh of clean energy annually \u2013 enough to supply 350,000 Mexican homes and avoid emission of 345,000 tons of CO<sub>2<\/sub> each year<\/li>\n<li>From a May 2019 construction start Potrero Solar is expected to be operational by mid-2020<\/li>\n<li>The project will benefit the local economy creating some 1,500 jobs during its construction phase<\/li>\n<\/ul>\n<p><a href=\"https:\/\/frv.com\/en\/\">Fotowatio Renewable Ventures (FRV)<\/a>, part of Abdul Latif Jameel Energy and a leading global developer of renewable utility-scale projects, announced the financial close for Potrero Solar (296 MW dc), the Company&#8217;s second solar farm in Mexico.<\/p>\n<p>Financial close was reached in March with the International Finance Corporation (IFC) and Banco Nacional de Comercio Exterior (Bancomext), and the plant which began construction in late May, will be completed by mid-2020.<\/p>\n<p><a href=\"https:\/\/www.alj.com\/en\/energy-and-environmental-services\/solar-power-solutions\/\">Potrero Solar<\/a> is FRV\u2019s first project in Mexico to be financed before any of its products (including energy produced, CEL or capacity) are pre-committed in tender schemes, and one of the largest merchant<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0PV projects worldwide to use bifacial technology.\u00a0 Once operational, the plant will competitively trade the electricity generated as well as the associated clean energy certificates in the country\u2019s energy market.<\/p>\n<p><iframe loading=\"lazy\" title=\"Abdul Latif Jameel Energy: Potrero Solar, Mexico (EN 16:9)\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/L7GGeb1Gj18?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>With a land area of approximately 700 ha, Potrero Solar will be located in Lagos de Moreno, in the state of Jalisco, and will use bifacial PV modules \u2013 a new technology that has the ability to capture both direct sunlight from both the top or front face and reflected light from the rear face.<\/p>\n<p>The solar power farm will generate around 700 GWh of clean energy each year, enough to supply around 350,000 average Mexican homes and avoid the emission of 345,000 tons of CO<sub>2<\/sub> annually.\u00a0 In addition, Potrero, which will be built by a consortium formed by multinationals Power China and Prodiel under an EPC (Engineering-Procurement-Construction) contract, will boost local economic development including potential creation of around 1,500 jobs during its construction phase.<\/p>\n<p>Fernando Salinas, Managing Director of FRV Mexico, highlights:<\/p>\n<blockquote>\n<p><em>\u201cMexico is a country that offers numerous opportunities for both FRV and international investors, due to its favorable market and weather conditions for renewable energy projects.\u00a0 Potrero&#8217;s financial close marks a milestone as the largest bifacial plant in the world and FRV\u2019s first fully merchant project in Mexico.\u00a0 By carrying out this flagship project that will lead the way for other large-scale bifacial PV plants and that is also one of the largest PV merchant projects worldwide,\u00a0 FRV demonstrates its leadership once again and its ability to be a spearhead in the wider renewable energy industry.\u201d<\/em><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/alj.com\/en\/our-people\/fady-jameel\/\">Fady Jameel<\/a>, Deputy President and Vice Chairman of Abdul Latif Jameel, said:<\/p>\n<blockquote>\n<p><em>\u201cAt Abdul Latif Jameel Energy, we are delighted to move forward to the next phase of the Potrero project.\u00a0 Potrero confirms FRV\u2019s positioning as one of the leaders in the global renewable energy sector and further reinforces our long-term commitment to Mexico\u2019s drive for clean energy.\u00a0 Mexico is a strong and promising market for FRV and Abdul Latif Jameel Energy, and we look forward to seeing Potrero spearhead the development of the sector in the country and further afield.\u201d<\/em><\/p>\n<\/blockquote>\n<p><strong>About Abdul Latif Jameel Energy<\/strong><\/p>\n<p>Abdul Latif Jameel Energy was formed in 2012, and today is a leading, independent power producer, and a premier service provider of operations and maintenance in the renewable energy sector, with interests in 16 countries worldwide with capabilities in renewable energy including solar photovoltaic, wind, waste-to-energy, and environmental solutions including desalination, water and waste water treatment. For more information, please visit:\u00a0 <a href=\"https:\/\/www.alj.com\/en\/energy-and-environmental-services\/energy-overview\/\">www.alj.com\/energy<\/a><\/p>\n<p><strong>About FRV<\/strong><\/p>\n<p>FRV is a leading global renewable development company in markets including Australia, Asia, the Middle East, Africa, Europe and Latin America.\u00a0 Leveraging its proven experience and expertise in the industry, FRV has built a business model that combines ownership of a diversified portfolio of clean power generation assets in our key markets, seeking long-term operational and financial optimization, with an increased focus in customer needs arising as a result of the power sector transformation. To this end, in the next 5 years the company expects an investment of over USD 4 billion in fixed assets with the goal of increasing by eight-fold the total installed capacity, going from 0.7 GW in 2019 to 5.8 GW in 2024.\u00a0 For more information, please visit:\u00a0 <a href=\"http:\/\/www.frv.com\">www.frv.com<\/a><\/p>\n<p><strong>About IFC<\/strong><\/p>\n<p>IFC\u2014a member of the World Bank Group\u2014is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than US$ 23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit: <a href=\"http:\/\/www.ifc.org\">www.ifc.org<\/a><\/p>\n<p><a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0Merchant power plants are a form of non-utility or independent power generation designed for competitive wholesale power marketplaces. Unlike conventional independent power projects, merchant plants do not have upfront, long-term fixed price power purchase agreements (PPA) to cover their output. \u00a0Merchant plants are being built to sell to competitive, spot markets.<\/p>\n","protected":false},"featured_media":51079,"template":"","tags":[],"newscategory":[149],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRV Secures Financing for Potrero Solar | Abdul Latif Jameel\u00ae<\/title>\n<meta name=\"description\" content=\"Abdul Latif Jameel Energy\u2019s FRV announced the financial close for Potrero Solar, one of the World\u2019s largest bifacial solar PV projects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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