Deal | 08 July 2025
BBVA CIB Participates in the Refinancing of a 300 MW Solar Portfolio in Mexico for Riverstone
BBVA, through its Project Finance Mexico team, acted as Joint Lead Arranger, Joint Bookrunner, Green Loan Coordinator, Issuing Bank, Agent Bank, and Hedge Provider in the successful closing of a USD 188.85 million refinancing for a portfolio of four solar power plants with a combined capacity of 300 MW owned by Riverstone.
The solar facilities — Aguascalientes, Andalucía, San Ignacio, and Viborillas — are located in the states of Aguascalientes, Coahuila, Yucatán, and Jalisco, respectively. Each project holds long-term power purchase agreements (PPAs) awarded through Mexico’s electricity auctions with Comisión Federal de Electricidad (CFE), and also benefits from clean energy certificates (CELs).
The transaction involved a green financing structure comprising three tranches: a USD 163 million long-term loan, a USD 3.5 million working capital facility, and USD 22.35 million in letter of credit lines to support debt service reserve accounts and other contractual obligations tied to the projects.
This refinancing underscores Riverstone’s ongoing commitment to sustainable energy infrastructure development in Mexico and reinforces its long-term strategic vision across Latin America.
At BBVA CIB, we are proud to have supported Riverstone in this transaction. Deals of this nature highlight our ability to deliver comprehensive and sustainable financing solutions tailored to the energy sector.
We congratulate Riverstone on this milestone and thank them for their continued trust in BBVA as a financial partner.
The solar facilities — Aguascalientes, Andalucía, San Ignacio, and Viborillas — are located in the states of Aguascalientes, Coahuila, Yucatán, and Jalisco, respectively. Each project holds long-term power purchase agreements (PPAs) awarded through Mexico’s electricity auctions with Comisión Federal de Electricidad (CFE), and also benefits from clean energy certificates (CELs).
The transaction involved a green financing structure comprising three tranches: a USD 163 million long-term loan, a USD 3.5 million working capital facility, and USD 22.35 million in letter of credit lines to support debt service reserve accounts and other contractual obligations tied to the projects.
This refinancing underscores Riverstone’s ongoing commitment to sustainable energy infrastructure development in Mexico and reinforces its long-term strategic vision across Latin America.
At BBVA CIB, we are proud to have supported Riverstone in this transaction. Deals of this nature highlight our ability to deliver comprehensive and sustainable financing solutions tailored to the energy sector.
We congratulate Riverstone on this milestone and thank them for their continued trust in BBVA as a financial partner.