Infraestructura Energetica Nova (IEnova), the Mexico-based subsidiary for Sempra Energy, obtained a loan for $270 million to fund construction of a wind farm in Mexico, Businessweek reported. The project, located in Tecate, Baja California, is expected to produce 155 megawatts. The Energia Sierra Juarez project is the first of its kind bringing together the U.S. and Mexico to build the wind farm on the U.S.-Mexico border.
"This financing agreement is another key milestone in the development of the Energia Sierra Juarez project and an important component of our business model and growth strategy," said Carlos Ruiz Sacristan, chairman and chief executive officer of IEnova, according to North American Wind Power.
Financing is provided by several banks, including the North American Development Bank.
Under a 20-year purchase power agreement, San Diego Gas & Electric Co., an energy utility under Sempra, will buy the electricity generated by the Energia Sierra Juarez wind farm.
Vestas will provide 47 wind turbines capable of producing 3.3 MW each, according to North American Wind Power.
The Energia Sierra Juarez wind farm may start commercial operation in the first half of 2015.