- Mexico to ask the U.S. for $48 billion in financing for solar projects.
- Mexico hopes to receive some funding from the North American Development Bank.
Mexican Foreign Relations Secretary Marcel Ebrard has stated that Mexico plans to ask U.S. President Joe Biden for as much as $48 billion in financing for solar projects.
Ebrard said the request would be presented to Biden at the upcoming Jan. 9-10 meeting of U.S., Canadian and Mexican leaders in Mexico City.
Mexico hopes to build solar energy parks along with power transmission lines on the northern border of Sonora. In addition, Mexico hopes to receive some funding from the North American Development Bank, or NADBank.
The bank funds green development projects but has never provided financing on anything near the scale Mexico is requesting. Mexico may also get some funding by issuing debt bonds between now and 2030.
The solar parks are to be run by Mexico’s state-owned utility, which has been involved in a trade dispute between Mexico and the United States.