Atlas Renewable Energy has secured $88.5m dollars to finance construction of a 129.5MW Guajiro solar project in Hidalgo, Mexico.

Cash was supplied to the Latin American company by Bancomext and included an additional $17m to cover value added tax, clearing the way for full operations in the second quarter of 2019.

Guajiro was awarded a power purchase agreement with the Federal Electricity Commission in the country’s first long-term energy auction in 2016. 

Atlas said the deal "consolidates Mexico as one of our main markets” and that the project "demonstrates a collaboration of public and private interests to increase the presence of renewable energy”.

The company is part of the Energy Fund IV founded by private equity investor Actis.

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