González Calvillo acts for IEnova in $100m project financing

Mexican law firm González Calvillo has acted as local counsel to IEnova in the structuring and negotiation of a $100 million credit facility granted by Japan International Cooperation Agency (JICA) to finance four solar power plants with a total capacity of 376 megawatts across Mexico.

IEnova is the Mexican unit of US company Sempra Energy, and is involved in the development of renewable power projects and natural gas pipelines.

The transaction is part of a financing structure that IEnova closed in November 2019 with the International Finance Corporation (IFC), a member of the World Bank Group, and the North American Development Bank (NADBANK).

This is the first private-sector financing that JICA has granted in Mexico since 2012, and is JICA’s first co-investment with NADBANK and its first financing under the Green Loan Principles.

González Calvillo partner Rodrigo Rojas (pictured) and associate Daniela Guaida were involved in this transaction.