Greening Ingeniería y Ambiental S.L., the Granada-based SME specialised in engineering and construction of photovoltaic solar installations, will receive the support of COFIDES to continue its commercial implementation in Mexico. José Luis Curbelo, President and CEO of COFIDES, and Ignacio Salcedo, CEO of Greening, have signed an agreement whereby COFIDES will provide a co-investment loan of 200,000 euros from FONPYME (75%) and COFIDES own resources (25%) to undertake this operation, the total investment of which amounts to 290,000 euros.
This funding will help to cover the personnel, rent and promotion expenses incurred in the consolidation of their access to the Mexican market, in which the company has had a presence since 2019. Greening will thereby reinforce its international strategy after the establishment of a branch in Morocco, from where they manage projects in Morocco, Senegal, and Guinea.
The renewable energy sector in Mexico has grown exponentially since 2016, with the Distributed Generation experiencing the greatest increase. Surpassing 700,000 million dollars of total investment, Mexico is one of the countries with the greatest potential in the sector worldwide. It currently has over 95,000 distributed renewable energy plants, with a total installed capacity exceeding 700 MW.
During the signing of the agreement, José Luis Curbelo, President and CEO of COFIDES, stressed that "the commitment to renewable energy generation is essential to realise the company's Strategic Plan and one of the main objectives to develop to ensure compliance with the 2030 Agenda".
Ignacio Salcedo, CEO of Greening, stated that "this agreement will financially reinforce Greening for our organic establishment in Mexico, which we hope will become one of our key markets. The Mexican industrial sector is very powerful and our on-site PV power generation projects generate significant energy cost reductions, so we see a lot of activity in Mexico. On the other hand, we are very satisfied with the agreement with COFIDES and we have been pleasantly surprised by the professionalism and agility of its technical staff. We will continue to work together”.
This project contributes to achievement of Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate Action). Greening's main business is generation of solutions that allow energy efficiency and savings for their customers, improving supply, lowering energy costs, and contributing to the reduction of polluting emissions.
* Data provided by the Energy Regulatory Commission in March 2019
ABOUT GREENING
Greening is an SME, founded in Granada in 2011, offering environmentally sustainable products and energy savings for the industry sector through the application of on-site renewable energy. Greening comprehensively manages any distributed generation plant since the development of the project, through construction and, finally, maintenance and asset management. As a result, they can guarantee the final customer the objectives of each installation. With more than 20 MW of Distributed Generation developed, Greening has specialist knowledge of the product and industry that allows the company to be competitive in both national and international markets, the latter being the company's focus for growth in the coming years.
ABOUT COFIDES
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.
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