Observatory for Renewable Energy

Transcription

AUGUST 2011
Observatory of
Renewable Energy
in Latin America and The Caribbean
MEXICO
Final Report
Product 3: Financial Mechanism
This document was prepared by the following consultants:
ENERGY INVESTIGATION CENTER - UNIVERSIDAD NACIONAL AUTÓNOMA
DE MÉXICO (CIE-UNAM)
The opinions expressed in this document are those of the author and do not necessarily
reflect the views of the sponsoring organizations: the Latin American Energy Organization
(OLADE) and the United Nations Industrial Development Organization (UNIDO).
Accurate reproduction of information contained in this documentation is authorized, provided the source is acknowledged.
Case of Mexico- Part III
Case of Mexico
Final Report
Product 3: Financial Mechanisms
1
Table of Contents
1. Introduction ................................................................................................................... 5 2. Methodology .................................................................................................................. 5 3. Available financing mechanisms for the development of renewable energy
projects in Mexico ................................................................................................................ 7 3.1. List of financing mechanisms .................................................................................... 7 3.2. Financing mechanisms ............................................................................................... 8 3.2.1. Credits......................................................................................................................... 8 3.2.1.1. BANOBRAS- Project structuring .................................................................... 8 3.2.1.2. NAFIN- Sustainable Projects Support Program........................................... 10 3.2.1.3. IDB – Clean Technology Fund........................................................................ 12 3.2.1.4. WB- International Finance Corporation. ...................................................... 13 3.2.1.5. BANOBRAS- National Infrastructure Fund................................................. 15 3.2.1.6. NADB-Border Environment Infrastructure Fund. ...................................... 16 3.2.1.7. BANCOMEXT- Mexican Carbon Fund. ....................................................... 18 3.2.2. Guarantees ............................................................................................................... 19 3.2.2.1. BANOBRAS- Financial Guarantee Program................................................ 19 3.2.2.2. NAFIN- Guarantees Program......................................................................... 20 3.2.2.3. FONADIN- Guarantees Program................................................................... 22 3.2.3. Comparative analysis of financing mechanisms in Mexico. ................................ 24 3.2.4. Successful cases ........................................................................................................ 27 3.3. Support mechanisms ................................................................................................ 28 3.3.1. WB- Support from the Global Environment Facility. ......................................... 28 3.3.2. Carbon credits from Clean Development Mechanism in Mexico. ...................... 31 3.3.2.1. BANCOMEXT-CDM support from FOMECAR. ........................................ 32 2
3.3.2.2. IDB- CDM support from SECCI funds. ........................................................ 33 3.3.3. Tax Incentives for Renewable Energy. .................................................................. 35 3.3.4. Fund for the Energy Transition and Sustainable Use of Energy ........................ 35 3.3.5. Successful cases ........................................................................................................ 37 4. Conclusions................................................................................................................... 38 5. List of References......................................................................................................... 40 3
List of Tables
Table 1: Financing mechanisms in Mexico ........................................................................... 8 Table 2: BANOBRAS’ Project Structuring Program Data Sheet. ........................................ 9 Table 3: NAFIN’s Sustainable Projects Support Program data sheet. ................................ 11 Table 4: BID’s Clean Technology Fund data sheet............................................................. 13 Table 5: World Bank’s International Finance Corporation data sheet ........................ 14 Table 6: BANOBRAS’ National Infrastructure Fund data sheet. ....................................... 16 Table 7: NADB’s Border Environment Program data sheet. .............................................. 18 Table 8: BANCOMEXT’s Mexican Carbon Fund data sheet ....................................... 19 Table 9: BANOBRAS’ Financial Guarantee Program data sheet ....................................... 20 Table 10: NAFIN’s Guarantees Program data sheet. .......................................................... 22 Table 11: FONADIN’s Guarantees Program data sheet. .................................................... 24 Table 12: Comparison of financing mechanisms in Mexico ........................................... 27 Table 13: WB’s Global Environment Fund data sheet........................................................ 30 4
1.
Introduction
In Mexico, the following financing sources for renewable energy projects are available
under different conditions:
a. Federal public funds.
b. State public funds.
c. International funds.
d. Specific funds.
Given that Mexico is a country ratified in the Kyoto Protocol as a Non-Annex 1 country,
renewable energy projects are eligible for additional funds from the sale of greenhouse gas
emission reductions. These funds are traded in international carbon markets, when the
project is successfully registered as a Clean Development Mechanism project.
This report makes efforts to present different financing sources and mechanisms available
for renewable energy development in Mexico, including eligibility criteria.
2.
Methodology
Information on financing sources and mechanisms was obtained from:
a) Primary sources, including phone interviews and participation in several related
fora. The following are the most relevant sources described in this report:
• Interviews held with Inter-American Development Bank representatives. As a first
approach, the following questions were made: a) Which financing sources for
renewable energy development are available in Mexico, b) Contact details for
obtaining information on such financing sources.
• Participation in the “Renewable Energy Regulation Forum”, organized by the
Mexican Energy Regulatory Commission (CRE) at BANAMEX Convention
Center in Mexico City from October 4-6, 2010. One session of this forum was
devoted to main financing sources for renewable energy development in Mexico.
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b) Secondary sources, including literature and website reviews of national and
international financing sources identifying energy-related programs/ funds (seeking
that a finished/ prospective renewable energy project was part of its project
portfolio), financing mechanisms and eligibility criteria. Main secondary
information was obtained from:
• Ministry of Finance and Public Credit website (www.shcp.gob.mx), which is the
head of Mexico’s financial sector.
• BANOBRAS’ website (www.banobras.gob.mx). The National Bank of Public
Works and Services (BANOBRAS) is a development bank whose main purpose is
to either finance or refinance public/ private investment projects on infrastructure
and public works. It also provides technical assistance to municipalities and state
governments, including their corresponding bodies, while contributing to their
institutional strengthening in financial matters.
• NAFIN’s website (www.nafin.com). The National Finance Bank is a specialized
institution whose main purpose is to promote savings and investment as well as to
channel financing sources and technical support for the development of industrial
activities, and generally speaking, the national and regional economic growth of
the country.
• IDB’s website (www.iadb.org). The Inter-American Development Bank (IDB)
currently operates one of the main funds for developing renewable energy projects
in Mexico and Latin America.
• IFC’s website (www.ifc.org/lac). The World Bank, through the International
Finance Corporation (IFC), allocates funds to private owned projects.
• GEF’s website (http://www.thegef.org/gef/). The World Bank, through the Global
Environment Facility (GEF), provides grants for renewable energy projects in
Mexico and Latin America.
• Mexican Ministry of Energy (SENER) website (www. sener.gob.mx).
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3.
Available financing mechanisms for the development of
renewable energy projects in Mexico
There are several national and international institutions providing financing, financial
services and financing mechanisms that can be used for developing renewable energy
projects in Mexico. These projects can be promoted by municipalities, state governments
and their corresponding bodies. In addition, not only private investors are eligible for these
mechanisms, but also public-private legally constituted societies that are intended to
supply electricity for different purposes of public service —the public service of electricity
is a constitutional activity reserved to the Mexican State through the Federal Electricity
Commission—. This work provides information on the main financing mechanisms
available in Mexico for the development of renewable energy projects, taking into account
the modalities allowed by the current legal framework. Furthermore, this information was
gathered, characterized and then analyzed, for purposes of communicating these
effectively to potential project developers.
The following sections describe the main financing mechanisms/ programs, available in
Mexico, categorized by financing source. This information is presented in Table 1.
3.1. List of financing mechanisms
Institution
Name of the
program/
Mechanism
Type of
mechanism
Eligible
project
phase
Eligible
geographic
area
Website
BANOBRAS
Project
structuring
Credit
Construction
Nation-wide
www.banobras.gob.mx
NAFIN
Sustainable
Projects
Support
Program
Credit
Construction
Nation-wide
www.nafin.com
7
IDB
Clean
Technology
Fund/Climate
Investment
Fund
Credit
World Bank
International
Finance
Corporation
Credit
BANOBRAS
National
Infrastructure
Fund
Credit
North
American
Development
Bank
Border
Environment
Infrastructure
Fund
Credit
BANOBRAS
Financial
guarantee
Guarantee
NAFIN
Guarantee
programs
FONADIN
BANCOMEXT
Studies
Nation-wide
www.climateinvestmentfunds.org
Construction
Nation-wide
www.ifc.org
Studies
Nation-wide
www.fonadin.gob.mx
US-Mexico
border
www.nadb.org
Construction
Nation-wide
www.banobras.gob.mx
Guarantee
Construction
Nation-wide
www.nafin.com
Financial
guarantees
Guarantee
Construction
Operation
Nation-wide
www.fonadin.gob.mx
FOMECAR
Credit
Construction
Operation
Nation-wide
www.bancomext.gob.mx
Construction
Construction
Studies
Construction
Table 1: Financing mechanisms in Mexico
3.2. Financing mechanisms
3.2.1. Credits
3.2.1.1.
BANOBRAS- Project structuring
Description. BANOBRAS is a Mexican development bank that provides financing for
infrastructure and public works. It offers alternatives for this kind of projects through
private capital participation. In doing so, more funds can be allocated to infrastructure and
public works, including those which require large investments.
Through a Project Structuring Service, BANOBRAS offers syndicated credits. These
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credits are coordinated with a commercial bank under adapted financing operating
conditions and characteristics, taking into account the particularities of each project.
Under this modality BANOBRAS offers competitive credits to municipalities, states and
private investors with the aim of supporting the development of infrastructure projects that
create population benefits. This type of credit can potentially finance all renewable energy
technologies (ER) when linked to the development of either public/ private infrastructure
projects that contribute to enhance sustainable development and the quality of life of given
population (basic social infrastructure development project) or sustained economic growth
with high social profitability (competitiveness and development infrastructure projects).
Renewable power generation projects are candidates for such credits when linked to the
development of sewage treatment plants, landfills, street lighting, irrigation dams and
drinking water plants. Sectors eligible for this type of product are water and drainage,
power generation, energy, transport, roads, ports, airports, solid waste, tourism and social
infrastructure (BANOBRAS, 2010a; b; c). As for the energy branch, syndicated credits
amounting to 1,216.6 million pesos were granted in the year 2008.
Description
Information
Name of the financing mechanism
Syndicated credit
Name of the program
Project structuring
Issuing institution
BANOBRAS
Type of technology
All renewable energy technologies (ER) aiming at enhancing the
quality of life of population, competitiveness and development.
Installment period
Up to 12 years
Eligible geographic area
Nation-wide
Eligible project phase
Construction and operation
Interest rate
Fixed or variable, on project basis and depending on project promoters
Application procedure
Contact person: Jesús Antonio Leal, Director of the Environment
Department, jesus.leal@banobras.org.mx, (5255) 5270 1504
Date
01/15/2011
Nr. of benefited projects
3 hydroelectric projects
Sources
Goudinoff, M. (2010), BANOBRAS ( 2010c), SHCP (2004; 2010).
Table 2: BANOBRAS’ Project Structuring Program Data Sheet.
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The development of two hydroelectric projects in the states of Guerrero and Jalisco, and
the refinancing of another one in Michoacan, were carried out thanks to this modality of
financing. The total installed capacity of the projects amounted to 52 MW and fed into the
grid 237 GWh of electricity produced from a renewable energy source. BANOBRAS
contributed with 35 million dollars for the construction of these plants.
3.2.1.2.
NAFIN- Sustainable Projects Support Program
The National Finance Bank, through the Sustainable Projects Support Program, grants
long-term credits for the development of several projects. This is done via national and
foreign intermediaries, international organizations and investment funds. Private investors
promoting the development of renewable energies, energy efficiency measures and the
utilization of clean technologies for climate change mitigation are eligible for this type of
mechanism (NAFIN, 2010b). This credit program has the following features (Rangel, H.,
2010):
•
Allows for higher percentage leverage (30/70%).
•
Risks are diversified and adapted.
•
Not all kind of projects are eligible.
•
It requires a minimum exploitation period (related to the debt term).
•
It requires several months for structuring the project.
•
Specialized advisors are required.
The program provides financing for all renewable energy technologies when linked to
privately- owned power generation projects that fulfill with the following criteria:
•
Sustainable from an environmental and climate change mitigation perspective
•
Oriented towards the implementation of sustainable development practices and
renewable energy utilization
•
Fosters energy conservation and the rational use of energy.
10
NAFIN’s budget consisted of $3,652 million dollars in the year 2010. The fund contributed
with $75 million dollars towards the construction of two wind energy projects in the
Mexican state of Oaxaca (EURUS and La Mata La Ventosa wind farm projects).
Other products offered by this bank are: project-specific temporary liquidity mechanisms,
long-term funding (in pesos) for foreign banks and guarantees for projects evaluated by
financial intermediaries.
Description
Information
Name of the financing mechanism
Syndicated credit
Name of the program
Sustainable Projects Support Program
Issuing institution
NAFIN
Type of technology
All renewable energy technologies under private owned power
generation projects.
Installment period
Long-term (15-16 years)
Nation-wide
Construction
Interest rate
It attempts to reflect the lowest interest rates of the market
A legally constituted company, with the corresponding permits before
the competent government and regulatory entities, and in accordance
with project characteristics and after submission of the following
information:
Project description, objectives and environmental and social benefits.
Total investment/ cost, including a breakdown of financial structure
(capital and debt participation).
Contact person: Directorate of Sustainable Projects,
www.nafinsa.com, Enrique Nieto, Director de Proyectos Sustentables
((5255) 5325 6262 enieto@nafin.gob.mx).
Date
01/15/2011
2 wind farm projects
Sources
NAFIN (2010b y c), Köck, A. (2010)
Table 3: NAFIN’s Sustainable Projects Support Program data sheet.
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3.2.1.3.
IDB – Clean Technology Fund
In 2009, Mexico received a 500 million-dollar donation from the Clean Technology Fund.
This fund is channeled through the Inter-American Development Bank and the World
Bank. Among its objectives, and as part of a multi-annual program, it aims at: financing a
50 million-dollar program for renewable energy projects through implementation by the
International Finance Corporation (IFC); supporting urban transport and energy efficiency
programs, implemented by the World Bank —250 million dollars—, and energy efficiency
and renewable energy, implemented by the Inter-American Development Bank —200
million dollars— (Entorno Político, 2010). It is initially foreseen that such funds, when
mixed with public and private investments, local and multilateral financing sources,
carbon finance and technical contributions, will generate substantial investments in Mexico
(Ellis, J., 2009a).
The investment plan was agreed among the Mexican Federal Government, the
International Bank for Reconstruction and Development (IBRD) and the International
Finance Corporation (IFC), and the Inter-American Development Bank (IDB). It looks to
support and fulfill greenhouse gas emission reduction goals, established in the 2007-2012
National Development Plan, the National Strategy and the Special Program on Climate
Change (Climate Investment Funds, 2009). The World Bank is the Trustee and the IDB is
the executing agency.
As of year 2010, 156 million dollars for the construction of privately-owned wind farms,
including a 267 MW project —one of the largest project of its kind in the country— had
been approved through the International Finance Corporation. Furthermore, 53 million
dollars were authorized for public-private renewable energy programs.
Finally it is worth mentioning that the IDB can also offer credits from its ordinary fund.
This fund was used to provide finance for La Mata Ventosa wind farm project, located in
the state of Oaxaca.
12
Description
Information
Name of the program/ mechanism
Clean Technology Fund (CTF/IFC)
Issuing institution
IDB/IFC
Type of technology
Large-scale wind energy projects
Minihydro, solar and biomass projects
Market implementation of renewable energy technologies
International
Studies and construction
Interest rate
Variable/ on project basis
Public entities can apply through BANOBRAS, while private investors
can directly apply or through NAFIN, contact person: Jeffe Easum
(jeffe@iadb.org).
Date
01/15/2011
1 wind energy project
Sources
Climate Investment Funds (2009 y 2010), CNN (2009)
Table 4: BID’s Clean Technology Fund data sheet.
3.2.1.4.
WB- International Finance Corporation.
The International Finance Corporation (IFC) is a member of the World Bank Group. It
provides advice for the private sector and governments, and it creates opportunities for
sustainable economic growth and poverty reduction in developing countries through
capital mobilization and risk mitigation. Additionally, the IFC is an executing agency of
the Clean Technology Fund.
The IFC operates under commercial conditions and its financing mechanism is the opening
of credit lines with the aim of financing either newly created companies or expansion
projects (IFC, 2010).
Description
Information
Name of the financing mechanism International Finance Corporation
Issuing institution
World Bank
Type of technology
Renewable energy projects promoted by profit corporations.
Installment period
Between 7 and 12 years, depending on project particularities; the
13
borrower can extend the period up to 20 years, depending on cash flow
needs.
International
Studies and construction
Interest rate
On project basis, either fixed or variable
Project must fulfill with the following eligibility criteria:
A private owned project;
Technically feasible;
Good profitability perspectives;
Create local economic benefits, and
Rational from the environmental and social point of view; follow the
environmental and social regulations of the IFC and those of the
beneficiary country.
Companies partially owned by State Governments if there is some
private participation.
http://www.ifc.org/ifcext/spanish.nsf/Content/Investment_Proposals
Date
01/15/2011
2 wind energy projects
Sources
Gómez, A. (2009), IFC (2010)
Table 5: World Bank’s International Finance Corporation data sheet
In order to secure the participation of private investors and borrowers, the IFC limits the
amount of finance in the form of debt and capital provided by each project. It is the
responsibility of private owners to provide most of the financing as well as to assume a
leading role for managing the project. In the case of newly created projects, it is possible to
provide financing for up to 25% of total estimated costs, or exceptionally, up to 35% for
small scale projects. In the case of project extensions, it is possible to provide financing
for up to 50% of the costs, if capital investments of the executing company do not exceed
25%. Likewise, credits can be granted in either local or foreign currency.
Under this scheme, the IFC contributed to financing the EURUS and La Ventosa wind
farm projects by providing 70 and 21.5 million dollars, respectively to each project.
Besides granting credits, the IFC provides shared capital, structured finance and risk
management instruments and advice for strengthening the private sector. In the year 2010,
IFC’s budget amounted to US$2.400 million and its committed investment portfolio in
Mexico totaled US$852 million.
14
3.2.1.5.
BANOBRAS- National Infrastructure Fund.
The National Infrastructure Fund (FONADIN, 2010a) offers a broad range of products
designed to strengthen the financial structure of infrastructure projects. It also grants
subordinated and/or convertible loans for private investors who were awarded credits
under public-private partnerships with: a) municipalities, b) Federal and State
Governments, c) any concession, permit or contract for the construction, operation,
exploitation or preservation of high social profitability public work projects in the energy
and infrastructure sectors.
Credits are focused on subordinated debt scheme operations that allow for flow
improvements and the coverage of share or bank debt, which will be contracted in order to
finance the infrastructure project, provided that they have carried out a study showing its
feasibility.
Should the convertibility of these credits take place, the fund, in coordination with the
financial intermediate, will undertake all necessary actions so as to recover them
adequately under the following conditions:
Participation:
The lower value resulting from: up to 15% of total project investment or up to 20%
of total debt.
Installment
period:
Up to the term established in the bank credit or the stock market financing
Maximum
term:
5 years as shareholder (in case of debt into capital conversion)
This fund foresees nearly 250 thousand million pesos for several infrastructure projects in
the communication, water and energy sectors over a six-year period (Ellis J., 2009b).
It also grants other recoverable mechanisms, including credits for financing studies,
guarantees (credit, stock market, performance and political risk), and even capital. Nonrecoverable mechanisms are also offered, such as contributions or subventions. As for
subventions, their role is to balance projects which have social but low financial
profitability.
15
Description
Information
Name of the financing mechanism Subordinated credits
Issuing institution
FONADIN/ BANOBRAS
Type of technology
All technologies used for public works in energy and infrastructure
projects, with high social profitability and regarded as clean
technologies.
Installment period
Depending on the term established in the bank credit or stock market
financing.
Nation-wide
Construction
Operation
Interest rate
Interbank equilibrium interest rate plus a margin determined by the
competent authority.
All applications from state governments and municipalities, including
their parastatal and paramunicipal entities, must have a positive
opinion from coordinating authorities at federal level.
Public sector authorities must apply for the financing before the bid
process begins.
Besides this financing mechanism, private investors awarded with any
concession, permit or contract, under a public-private partnership, can
also make use of other ones based on financial guarantees.
Operation rules and eligibility criteria can be consulted in (2010b,
2010c) available at: http://www.fonadin.gob.mx/
Contact person:
Ing. Eugenio Amador Quijano
Subdirector of Water, Energy and Environment Department
(55) 5270-1770 y 1753
Date
01/15/2011
Newly created fund. It explicitly provides support for clean technology
projects.
Sources
BANOBRAS (2010d), FONADIN (2010a, 2010b, 2010c).
Table 6: BANOBRAS’ National Infrastructure Fund data sheet.
3.2.1.6.
NADB-Border Environment Infrastructure Fund.
Overall, the budget of the North American Development Bank (NADB) totaled three
thousand million dollars, evenly allocated to both Mexican and US governments.
The NADB administers the Border Environment Program which is integrated by the Credit
Program, the Border Environment Infrastructure Fund, the Solid Waste Environmental
16
Program and the Water Conservation Investment Fund. This program is intended to
develop projects in the US-Mexico border, where the states of Baja California, Sonora,
Chihuahua, Coahuila, Nuevo Leon and Tamaulipas are located. Furthermore, it administers
the Technical Assistance Program and the Utility Management Institute.
Due to the close relationship that renewable energy and infrastructure projects have with
environmental preservation, clean technology projects such as solar, geothermal, hydro,
biogas and biofuels are eligible for these funds. As of year 2009, the North American
Development Bank had allocated 85 million dollars to renewable energy projects.
Description
Information
Name of the financing
mechanism
Credits – Border Environment Programs/ Infrastructure Financing
Issuing institution
North American Development Bank
Type of technology
Renewable energy technology projects contributing to solve environmental and
health problems. Projects are eligible if:
They are located 100 kms north from the international limit within 4 North
American states, namely Arizona, California, Nuevo Mexico and Texas; and
300 kms south from the border line within 6 Mexican states, namely, Baja
California, Chihuahua, Coahuila, Nuevo Leon, Sonora and Tamaulipas.
However, if it is located out of the indicated areas, the project can be eligible if
it contributes to the solution of environmental or health transborder programs.
Certified by the Border Environment Cooperation Commission (BEEC).
Installment period
On project basis
US-Mexico border
Studies
Construction
Operation
Interest rate
On project basis
Project must fulfill with the following requirements:
•
Name or a brief description of the ongoing project. To this end,
technical support is required, including project certification stage by
the BECC.
• A brief description of the study or type of support required
•
Estimated cost of the study
•
Amount of funds requested to the NADB
• Identification of other funds
http://www.nadb.org/espanol/proyectos/asistencia_tec.html#proceso
17
Date
01/15/2011
Sources
BDAN (2010)
Table 7: NADB’s Border Environment Program data sheet.
Receiving parties are state governments and their bodies as well as public-private
partnerships.
Along with credits, the NADB grants and administers non-reimbursable in order to
facilitate basic infrastructure projects in border communities where debt instruments are
often limited.
3.2.1.7.
BANCOMEXT- Mexican Carbon Fund.
The Mexican Foreign Trade Bank (BANCOMEXT), through the Mexican Carbon Fund
(FOMECAR), has implemented a financing program for the development of projects that
can be eligible in the frame of the Clean Development Mechanism. In addition, projects
that contribute to environmental sustainability can also be considered. In both cases,
projects can contract credit lines with multilateral institutions and development banks such
as the German Bank for Reconstruction (KfW), the European Investment Bank (EIB) and
the Japan Bank for International Cooperation (JBIC), among others. It is worth
highlighting that the credit lines of KfW (50 million dollars) for financing CDM, energy
efficiency, and renewable energy projects sum up to 15 million dollars, while the EIB
counts with 50 million euros for financing environmental sustainability projects or
European interest projects of up to 12.5 million euros.
Description
Information
Name of the financing mechanism Credits/ Mexican Carbon Fund / KfW/ BEI/ JBIC Issuing institution
BANCOMEXT
Type of technology
All small scale renewable energy projects, especially those with high
replicability or contributing to environmental sustainability.
Additionally, projects eligible within the CDM or other voluntary
mechanism.
18
Installment period
10-15 years, with a grace period of 3-4 years, depending on credit line
Nation-wide
Interest rate
Depending on inflation plus a 3-5 % commission.
• Letter of application in company headed paper, including the
following data:
o Company data
o Project description
o Description of requested support
o Financial simulation
o Emission reductions calculation.
• Ing. Remigio Álvarez Prieto
rfalvarez@bancomext.gob.mx
(5255) 5449 9439
• Lic. Ma. Teresa Crespo Chapa
mcrespo@bancomext.gob.mx
(5255) 5449 9439.
Date
01/15/2011
Sources
FOMECAR (2010)
BANCOMEXT (2010)
Table 8: BANCOMEXT’s Mexican Carbon Fund data sheet
3.2.2.
Guarantees
3.2.2.1.
BANOBRAS- Financial Guarantee Program.
This program mainly grants guarantees with the goal of providing timely coverage for
capital and interest payment of up to 27% of the outstanding balance. Thus, this program
facilitates the process for complementing financial schemes such as: Public Debt Issuance
or Own Source Revenue. It is an accessory credit that allows creditors to receive timely
payments on capital and interests for a previously authorized credit. Similarly, it can also
be used to provide timely coverage for payment obligations of public-private service
contracts or capital and interest payments of a stock market debt.
Creditors will get the following benefits when contracting BANOBRAS’ financial
guarantee:
•
A reduction in their capital requirements and reserves.
•
A reduction in the severity of loss in the event of non-performance.
•
Induce a better score in the credit quality of the financial guarantee.
19
•
Allows a customer to get better financial conditions, especially a reduction in
interest rates.
As of 2009, BANOBRAS had induced commercial credits in the amount of 24,740 million
pesos thanks to this financial guarantee program.
Description
Information
Name of the financing mechanism Financial guarantee Issuing institution
BANOBRAS
Type of technology
All renewable energy technologies associated to high profitability
public works in energy and infrastructure sectors.
Installment period
On project basis
Nation-wide
As defined in the terms of the credit.
Submit, among other documents, the following:
•
Letter of intention, including amount, purpose and credit
term.
•
Application (BANOBRAS Standard Form).
•
Municipal Development Plan.
•
Public debt balance (BANOBRAS Standard Form).
Date
01/15/2011
Sources
http://www.banobras.gob.mx/
BANOBRAS (2010e)
Table 9: BANOBRAS’ Financial Guarantee Program data sheet
3.2.2.2.
NAFIN- Guarantees Program
NAFIN’s guarantee program is intended to support credit granting through a capital
recovery guarantee for financial intermediates. In doing so, it provides support to
companies in recovering the amount of finance granted. This program also eases credit
granting from participant banks through a simplified scheme which generates more
benefits while offering more credit opportunities for investors. This program offers the
following benefits:
•
Credit recovery in accordance with their policies.
20
•
A simplified operational scheme.
•
A higher participation in specific projects.
•
Financial benefits regarding capitalization and reserves creation.
•
Access to more credit opportunities.
•
Access to better financial conditions.
Access to the program is granted if the following requirements are fulfilled:
•
Projects are feasible and profitable.
•
Moral solvency and creditworthiness.
•
A good credit score in the Credit Bureau.
The program has the following features:
•
Intermediates.
•
Eligibility criteria are fulfilled.
•
There is a suitable credit product that matches general characteristics and eligibility
criteria established in the scheme.
NAFIN’s Guarantees Program has a 63,223 million pesos portfolio of which 85% is
allocated to micro and small enterprises.
As for Energy Conservation, Renewable Energy and the Environment, this program offers
up to a 50% selective guarantee if the following eligibility criteria are fulfilled (H. Rangel
Domene, 2010):
•
Projects are feasible and profitable with a clear indication on where the resources
come from and how are they going to be allocated.
•
Proved moral solvency and creditworthiness of the applicants and several obligors.
•
They do not take part of any activity restricted by NAFIN.
•
Guarantees will not be granted if projects already have a guarantee from other bank
institutions or trust fund.
21
Description
Information
Name of the financing mechanism Guarantees Program Issuing institution
NAFIN
Type of technology
All renewable energy technologies associated to private owned power
generation projects and that fulfill with the objectives and eligibility
criteria of the institution.
Installment period
In accordance with the methodology developed by NAFIN’s
Directorate of Risk Management
Nation-wide
As defined by credit coverage
The Directorate of Credit and the Directorate of Risk Management
determine project’s eligibility by evaluating their attributes and
features as well as the associated risk.
Contract and operating rules, including their annexes, are elaborated.
They include product’s features and the risk modality.
Contract and operating rules are presented to the financial
intermediary, and where appropriate, legal and operation conditions
are negotiated. The operation is formalized after the signature of both
documents.
Date
01/15/2011
Sources
http://www.nafin.com
NAFIN (2010d)
Table 10: NAFIN’s Guarantees Program data sheet.
3.2.2.3.
FONADIN- Guarantees Program
The National Infrastructure Fund (FONADIN) provides guarantees, backed by its own
patrimony, with the aim of facilitating bank and stock market financing for infrastructure
projects. These guarantees consider the following modalities:
a) “First losses”. It consists of honoring the guarantee in a first or a later order,
depending on agreed conditions, until funds or the corresponding guarantee have
been exhausted for each participant and under the order established.
b) “Pari Passu” (at the same time and equal rights). This modality consists of honoring
the guarantee, in accordance with the proportional part agreed, at the same time as
the other(s) participating entity (ies).
22
c) “Last payments”. Under a non-performance circumstance, the remaining
participants should contribute with their guarantees, in accordance with the
established conditions.
d) “Mixed”. It is a combination of the “First losses” and “Pari Passu” modalities.
e) Stock market guarantees. This fund also grants stock market guarantees with the
goal of issuing securities in the stock market for the financing of infrastructure
projects, while sharing inherent risks with investors. This type of guarantees are
intended to favor financial schemes for the issuance of securities backed with own
source revenue as a result of any concession, permit or contract granted by public
sector entities, among other instruments exhibiting similar features.
f) Credit guarantees. This guarantee is provided under those financial schemes where
financial intermediaries for infrastructure projects participate.
g) Performance guarantee. In order to induce the participation of financial
intermediaries (bank and stock markets) in providing financing for infrastructure
projects, the Fund grants performance guarantees by absorbing inherent risks
during the construction phase and until the maturity of the project.
h) Political risk guarantee.
The Fund can absorb inherent risks associated with
authority acts, determined by a technical committee, and may affect the feasibility
of such projects. These terms will be defined in the corresponding legal
instruments.
The program, under its different modalities, may cover, over the construction phase, up to
40% of projected revenues until the maturity stage of the project.
Description
Information
Name of the financing mechanism Guarantees- National Infrastructure Fund Issuing institution
FONADIN
Type of technology
All renewable energy technologies associated to the development of
public works and infrastructure. Projects must have high social
23
profitability while promoting competitiveness and development.
Eligible operations are credits granted by commercial and
development banks to public or private entities, awarded with any
concession, permit or contract in public-private partnerships at federal,
municipal or state levels, for the construction, operation or
conservation of infrastructure.
Installment period
Medium-term
Nation-wide
Interest rate
On project basis and in accordance with the type of risks to be
covered.
The National Infrastructure Fund operates under their operation rules.
The granting procedure will be determined on project basis.
Date
01/15/2011
Sources
http://www.fonadin.gob.mx/wb/fni/guias_y_documentos
Table 11: FONADIN’s Guarantees Program data sheet.
3.2.3.
Comparative analysis of financing mechanisms in Mexico.
For the sake of comparison, the following table presents a summary of the most relevant
information on financing mechanisms available in Mexico, namely institution/ product,
type of mechanism, eligible project phase, eligible geographic area, interest rate (if
applicable), eligible technologies, installment period and budget.
Institution/
product
BANOBRASProject
structuring
Type of
mechanism
Syndicated
credit
Eligible
project phase
Eligible
geographic
area
Interest rate
Fixed or
variable, on
project basis
and depending
on project
promoters
Construction
Nation-wide
Operation
24
Eligible
technologies
All renewable
energy
technologies for
the development
of public/
private
infrastructure or
public service
projects
Installme
nt period
12 years
Budget
As of year
2008,
syndicated
credits in the
amount of
1216.6
million pesos
were granted
in energyrelated
projects.
Institution/
product
NAFIN
Sustainable
Projects
Support
Program
Type of
mechanism
Syndicated
credit
Eligible
project phase
Construction
Eligible
geographic
area
Interest rate
Nation-wide
It attempts to
reflect the
lowest interest
rates of the
market
Eligible
technologies
All renewable
energy
technologies
under private
owned power
generation
projects.
Installme
nt period
Budget
15-16
years
Figures not
available.
NAFIN’s
budget totaled
3,652 million
dollars in the
year 2010
Mediumterm.
In 2009
México was
granted a 500
million dollars
donation
coming from
this fund
On project basis
Profit oriented
renewable
energy projects
promoted by
private
investors.
Between
7 and 12
years
Overall
budget
amounts to
US$ 852
million dollars
Interbank
equilibrium
interest rate plus
a margin
determined by
the competent
authority.
All renewable
energy
technologies
associated to
infrastructure
and public work
projects
including any
kind of private
investment
participation
Dependin
g on the
term
establishe
d in the
bank
credit or
stock
market
financing
.
In the 20062012 period
$250 thousand
million pesos
will be
allocated to
several
infrastructure
and public
service
projects
Large-scale
wind energy
projects
Minihydro and
hydroelectric,
solar and
biomass
CTF/IDB /IFC
Credit
Construction
International
On project basis
projects.
Commercial
demonstration
of renewable
energy
technologies
World
Bank/IFC
FONADIN/BA
NOBRAS
Studies
Credit
International
Construction
Subordinated
and/ or
convertible
credits.
Construction
Nation-wide
Operation
25
Institution/
product
North
American
Development
Bank-Border
Environment
Programs
BANOBRASFinancial
Guarantee
Program
NAFIN
Guarantees
Program
National
Infrastructure
Fund
Type of
mechanism
Eligible
project phase
Eligible
geographic
area
Interest rate
Studies
Credits
Construction
On project basis
and depending
on project needs
US-Mexico
border
Operation
Guarantees
Guarantees
Guarantees
As defined in
the terms of
the credit.
Determined
by NAFIN’s
Risk
Management
Directorate.
As defined in
credit terms
and conditions
Eligible
technologies
Renewable
energy
technology
projects
contributing to
solve
environmental
and health
problems.
Installme
nt period
Budget
On
project
basis
As of year
2009, the
North
American
Development
Bank had
allocated 85
million dollars
to renewable
energy
projects.
On
project
basis
As of year
2009, 24,740
million pesos
were induced
in commercial
credits
Nation-wide
Any renewable
energy public/
private project if
institution’s
objectives and
eligibility
criteria are
fulfilled
Nation-wide
All renewable
energy
technologies
associated to
private owned
power
generation
projects and that
fulfill with the
objectives and
eligibility
criteria of the
institution
On
project
basis
NAFIN’s
Guarantees
Program has a
portfolio of
63,223
million pesos
out of which
nearly 85%
are allocated
to micro and
small
enterprises.
Nation-wide
Any public/
private
renewable
energy project
that fulfills with
the eligibility
criteria and
objectives of the
institution
On
project
basis and
in
accordan
ce with
the type
of risks
to be
covered.
Up to 40% of
projected
revenues until
the maturity
stage of the
project
26
Institution/
Type of
mechanism
product
BANCOMEXT
/FOMECAR
Eligible
project phase
Eligible
geographic
area
Construction
Credits
Nation-wide
Operation
Interest rate
Eligible
technologies
Depending on
inflation plus 35%
All small scale
renewable
energy projects,
especially those
with high
replicability or
contributing to
environmental
sustainability.
Additionally,
projects eligible
within the CDM
or other
voluntary
mechanism.
Installme
nt period
Budget
In 2010, two
available
credit lines
Up to 1015 years
(KfW and
BEI) totaled
130 million
dollars
Table 12: Comparison of financing mechanisms in Mexico
3.2.4.
Successful cases
The first successful case is a 12-year period syndicated credit granted by BANOBRAS. In
the year 2004, this credit was granted with the goal of supporting the construction and
commissioning of two hydroelectric plants called Chilatan (2005) and El Gallo (2006),
located in the Mexican states of Guerrero and Jalisco, and refinancing a hydroelectric
plant called Trojes (2003), located in the Mexican states of Jalisco and Michoacan.
Together, these power plants have a total capacity of approximately 52 MW and were
developed by private investors under a self-supply modality (BANOBRAS, 2010g). As
part of the authorized financial package, BANOBRAS granted a current account credit
aiming at temporarily financing the Value Added Tax (VAT) which was associated to all
equipment required during the construction and commissioning works of the three
hydroelectric plants.
A second recent successful case was a credit line in the frame of the Sustainable Projects
Support Program operated by NAFIN. In less than two years, this credit line supported two
large scale wind energy projects in Mexico, namely EURUS (200 MW) and La Mata La
Ventosa (67.5 MW). Investments required for the construction of both projects totaled 500
and 200 million dollars, respectively. Each project received a 50 million dollar loan, in the
27
frame of the aforementioned program, to be paid in 15 and 16 years, respectively. In both
cases, NAFIN structured the financial package, including the funding in pesos for all
participating foreign banks (NAFIN, 2010c).
Additional financing for these two projects came from credit lines of the Clean Technology
Fund, operated by the International Finance Corporation, receiving a 21.5 and a 70 million
dollar credit line, respectively for each project.
Both projects also received credit lines from the Inter-American Development Bank. The
EURUS project received credits in the amount of 80 million dollars, out of which 50 and
30 million came from an ordinary capital and the Clean Technology funds, respectively,
while La Mata La Ventosa project received a 21 million dollar credit line from its ordinary
fund.
3.3.
Support mechanisms
3.3.1. WB- Support from the Global Environment Facility.
The Global Environment Facility (GEF) is comprised of 182 member governments —in
partnership with international institutions, nongovernmental organizations, and the private
sector— to address global environmental issues. As an independent financial organization,
the GEF provides grants to developing countries and countries with economies in
transition for projects that benefit the global environment, linking local, national and
global environmental challenges and promoting sustainable livelihoods, including all
renewable energy technologies.
Established in 1991, the GEF is today the largest funder of projects to improve the global
environment, and particularly, renewable energy. This fund is financing one of the main
projects for the promotion of renewable energy in Mexico, the so called Large-scale
Renewable Energy Project (PERGE for its acronym in Spanish). This 7-year project aims
to accelerate the commercialization of renewable energy technologies, especially in gridconnected applications. This will be achieved through a tariff-based incentive, established
on competitive basis, with the objective of accelerating the amount of investment allocated
to these technologies. This project foresees national commitments on energy policy and
28
regulatory changes. Resources allocated to this fund total 25 million dollars; however, it is
expected to attract 272.85 million dollars in investments.
Another program supported by the GEF, through the WB/IBRD, is the Sustainable Rural
Development Program for Mexico. This program is implemented by SAGARPA/FIRCO
and its main objective is to promote technologies, especially in renewable energy, in order
to reduce greenhouse gases in the agribusiness sector of Mexico. The GEF granted a
donation in the amount of 10.5 million dollars and 127.3 million dollars in co-financing,
out of which the GEF grants a 60 million dollar loan and the Mexican Government
contributes with 67.3 million dollars from public budget.
The Integrated Energy Services for Small Rural Mexican Communities project is also
supported by the GEF through a 15.35 million dollar donation and 81.5 million dollars in
co-financing. The goal of this project is to increase public funds and attract private
investments in demonstration and renewable energy-based rural electrification projects,
including productive activities and social services. The project is focused on the
development of mini-grids supplied by small wind generators and minihydro power plants.
It is worth mentioning that the Bioenergia de Nuevo Leon project received a 6.53 million
dollars donation by the GEF for the purpose of supplying electric power from municipal
solid waste biogas. This donation corresponded to a financial package, which amounted to
23.15 million dollars, but it was decisive amount for the total market success of this
project.
One of the last projects that have the support of GEF’s donations is a hybrid solar thermal
power plant (29 MW solar and 271 MW combined-cycle gas turbine). Investments costs
for the solar component range from US$1,650/kW to US$2,000/kW. GEF’s donation (3949.4 million dollars) is intended to cover incremental costs resulting from choosing the
hybrid solar thermal option instead of that of a conventional combined-cycle gas turbine.
The main goal of this project is to demonstrate the project’s operational viability and to
accelerate its utilization in larger scale projects. It will be developed under an Independent
Power Producer scheme.
29
As of late 2010, five projects in Mexico have received donations from the GEF, out of
which four have been described in this document. All projects involve hydrogen cells,
wind generators, rural communities, solar thermal and biogas, totaling donations of around
100 million dollars in the year 2010.
In the global scene, the GEF administers the following funds:
•
US$ 10,800 million dollars/ GEF-Trust Fund.
•
US $ 120 million dollars/ SCCF Trust Fund.
•
US $ 180 million dollars/ LDCF Trust Fund.
Description
Information
Name of the financing mechanism GEF’s donations
Issuing institution
World Bank
Type of technology
All renewable energy technologies related to climate change
mitigation and sustainable development.
Installment period
On project basis
Nation-wide
Studies, construction and operation
Interest rate
Not applicable
In general, projects must fulfill with the following requirements:
It must be carried out in an eligible country.
It is in line with national priorities and programs.
It is compatible with GEF’s focal areas by improving the environment.
It is in line with GEF’s operational strategy.
GEF’s financing is only necessary for covering the incremental costs
derived from the required measures to achieve world environmental
benefits.
Public sector is involved during planning and implementation phases.
It is supported by the receiving country.
Date
01/15/2011
Sources
www.thegef.org
GEF (2010)
Table 13: WB’s Global Environment Fund data sheet
30
3.3.2. Carbon credits from Clean Development Mechanism in Mexico.
The Intersecretarial Commission on Climate Change (CICC) is the Designated National
Authority (DNA) in Mexico. This commission gathers twice a year and is integrated by
senior representatives of the Ministry of the Environment, Energy, Agriculture, Transport,
Economy, Social Development and Foreign Affairs. The leading agency of the CICC is the
Ministry of Environment and Natural Resources while the General Director of Climate
Change Projects serves as a central coordinator.
A Consultative Council on Climate Change advices the CICC. It integrates representatives
of different social sectors, renowned individuals, academics and researchers, who are
designated for a four-year term. The council elaborates special studies for the CICC and
also elaborates proposals on strategies and action plans.
The CICC is considered to work efficiently and provides prompt services. Working
sessions among the competent committees, the Mexican Committee for Capture and
Reduction of Greenhouse Gases Emissions (COMEGEI) and a working group of the CICC
take place once a month. After submission of all required documents a decision is made
within the next 30 days. The committee evaluates all documents and projects and passes
them onto the president of the CICC, including a recommendation.
As of August 2010 (SEMARNAT, 2010), there were 120 officially registered projects
under the CDM, and together they represent potential greenhouse gas emission reductions
of 9.3 million tonnes of CO2eq. per year. Out of these projects, 8 correspond to wind farms
and 3 to hydroelectric plants, representing potential reductions of 2.5 million tonnes of
CO2eq. per year. It is worth mentioning that the projects above have received assistence by
companies such as MGM International, AgCert International Limited, among others.
Furthermore, World Bank’s Carbon Finance Unit (CFU) has also assisted these initiatives.
Similarly, there are 20 projects that have received Certified Emission Reductions
equivalent to 5.8 million tones of CO2. Out of these projects, two wind farms contributed
with reductions equivalent to 141,271 tons of CO2 eq. per year. In spite of these figures,
Mexico has shown some difficulties and slow progress when trying to take advantage of
the potential economic benefits that may come from renewable energy projects in the
frame of the Clean Development Mechanism and other voluntary markets.
31
In order to facilitate market entry, there are two additional institutions in Mexico that may
trigger the participation of Mexican projects in the Clean Development Mechanism: the
Mexican Carbon Fund and the Sustainable Energy and Climate Change Initiative of the
Inter-American Development Bank (SECCI). Information on these initiatives is discussed
in the next section.
3.3.2.1.
BANCOMEXT-CDM support from FOMECAR.
With the objective of contributing to the National Strategy on Climate Change, in 2006,
the Mexican Foreign Trade Bank (BANCOMEXT), the Ministry of Environment and
Natural Resources (SEMARNAT) and the Mario Molina Center for Strategic Studies on
Energy and Environment jointly established the “Mexican Carbon Fund, Chapter One
(FOMECAR)” Trust Fund. This fund is intended to secure and channel resources for the:
•
Promotion and identification of potential projects, developed in Mexico, which are
eligible for the Clean Development Mechanism (MDL) and/ or other mechanisms
contributing to greenhouse gas reductions (GHG).
•
Technical and financial assistance of potential projects in Mexico which may be
eligible for CDM and/ or other mechanisms intended for greenhouse gas
reductions.
•
Dissemination of a low carbon culture in Mexico.
Among activities that can be supported through FOMECAR are: enterprise training in
CDM projects, seminar and workshop organization, technical assistance on project
feasibility, financial support for Project Design Documents (PDDs), validation and
registration costs for projects that may potentially generate carbon bonds either in the
frame of the CDM or in alternative markets such as the US voluntary market. FOMECAR
also provides advice on the sale of carbon bonds either in institutional funds or other
buyers looking to sell to the best offer.
Beneficiaries of this financial support, granted by the FOMECAR, commit themselves to
reimburse the received amount plus a commission, once the carbon bonds have been
generated. There are no financial costs for the support; the amount reimbursed is only
32
adjusted for inflation. In case of unsuccessful registration, due to reasons not attributable to
the promoting party, the beneficiary is not obligated to reimburse the amount received, i.e.
the FOMECAR assumes that risk.
Besides project support, the FOMECAR is promoting the development of Programmatic
CDM (PoAs) under national or sectorial coverage, including the development of highly
replicable small size projects. Eligible projects are: renewable energy, energy conservation,
landfills, and sewage treatment plants, among others.
To this end, the FOMECAR signs cooperation agreements with parastatal entities,
municipalities, state governments, private investors and civil associations. However, and
in accordance with COMEGEI, as of February 2010, there was no practical contribution
for the development of CDM projects that could be attributed to FOMECAR.
3.3.2.2.
IDB- CDM support from SECCI funds.
The Inter-American Development Bank (IDB), through the Sustainable Energy and
Climate Change Initiative (SECCI), provides technical assistance and non-reimbursable
funds for a series of activities intended to facilitate access to carbon finance, especially
within the frame of the Clean Development Mechanism. Activities include:
•
Support to IDB’s operative branches for investment project evaluation in priority
sectors (energy, transport, water and treatment, rural development without
deforestation) and their eligibility in the frame of the Clean Development
Mechanism.
•
Support to designated national authorities and developers of public and private
projects for the identification of carbon finance operations in priority sectors.
•
Financial support for the elaboration of the Emissions Reduction Purchase
Agreement (ERPA), if purchasers were identified at expressed request of the
project.
•
Support to project cycle carbon finance activities and to project elaboration (prefeasibility, feasibility and final design).
•
Financial structuring (e.g. construction and operation of solid waste facilities).
33
•
Elaboration of methane recovery projects.
•
Basic parameter studies and new methodologies in priority areas and highly
replicable projects.
•
Development of risk management instruments for certificate emissions.
•
Elaboration of capacity building programs, which are oriented to the needs of
academic institutions and private associations, in carbon finance and climate
change adaptation issues.
•
Elaboration of projects that contributes to the development of carbon financerelated proposals and methodologies intended to avoid or reduce deforestation.
•
Development of capacity building and dissemination activities.
As for renewable energy projects, non-reimbursable funds are granted for the following
activities:
•
Elaboration and revision of sectorial studies for project design such as solar
radiation maps, wind speed, geothermal potential, etc.
•
Elaboration of studies (pre-feasibility, feasibility. environmental and social) for
renewable energy projects (minihydro, wind, solar geothermal, wave and methane
recovery from landfills, among others) and energy efficiency measures.
•
Energy audits in priority sectors (Industry and manufacturing, housing, water and
treatment, street lighting) and in state government, municipalities, and public and
private entities, including the financial requirements for the elaboration of prefeasibility, feasibility and actions to implement the corrective measures derived
from the audits.
•
Studies on institutional analysis and instruments intended to improve current
normative and institutional frames at national and state levels with the aim of
removing investment barriers faced by renewable energy projects and energy
efficiency measures.
•
Studies for the development and adaptation of technology, demonstration projects
and technological cooperation.
34
•
Preliminary studies to support credit operations and guarantees for renewable
energy projects and energy efficiency measures.
Finally, it is worth mentioning that the SECCI-IDB fund also grants non-recoverable
resources for energy efficiency measures, biofuels (including demonstrative projects) and
climate change adaptation projects.
3.3.3. Tax Incentives for Renewable Energy.
With the goal of fostering investments in machinery and equipment for renewable power
generation, on December 1st, 2004, the Official Gazette of the Federation published the
Amendment to Article 40, Paragraph XII of the Income Tax Law. This Amendment
establishes that taxpayers can depreciate 100% of investments in one fiscal period. All
machinery and equipment must be operational for productive purposes over a 5 years
period.
However, there are no figures available on projects benefiting from this fiscal incentive so
far.
3.3.4. Fund for the Energy Transition and Sustainable Use of Energy
In accordance with the Law for the Use of Renewable Energies and Financing of Energy
Transition (LAERFTE), published in the Official Gazette of the Federation on November
28th, 2008, the Fund for the Energy Transition and Sustainable Use of Energy will be
created. Resources allocated to this fund will be mainly obtained from the Federal
Expenditure Budget Law. This fund looks to support the National Strategy for the Energy
Transition and Sustainable Use of Energy (ENTE), while promoting the utilization,
development and investments on renewable energy and energy efficiency. It will allow for:
• Utilization of technologies for renewable energy deployment;
• Energy efficiency and energy conservation;
• Utilization of clean technologies, and
• Energy source diversification, especially renewable ones.
35
To be more specific, the objective is to carry out the following activities (SENER, 2011):
•
To promote and to trigger the utilization of renewable energy technologies, energy
efficiency and energy savings;
•
To promote and disseminate the use of clean technologies in all productive
activities and households;
•
To promote the diversification of primary energy sources, while increasing
renewable energy supply;
•
To establish a standardization program on energy efficiency;
•
To promote and to disseminate energy efficiency measures and energy savings;
•
To promote all necessary measures to provide people with reliable, timely, and ease
of access information on energy consumption for all equipment, appliances, and
vehicles;
•
To promote among private sector and all entities and institutions of the public
sector the integration of a program and project investment portfolio for the
sustainable use of energy.
This fund was established in the year 2009 and it included a first contribution in the
amount of 600 million pesos from the 2008 budget of the Ministry of Energy plus 2
additional contributions, which totaled 47.49 million pesos. As of December 2010, this
fund amounts to 3,620.38 million pesos out of which 3,267.5 million were already
committed (SENER, 2011). As of late 2010, resources have been allocated to the following
programs/ projects:
1. Appliance Replacement Program.
2. Demonstration project on Efficient Lighting Substitution.
3. Integrated energy service program.
4. National project on Energy Efficiency in Municipalities.
5. PoA’s and National Appropriate Mitigation Actions (NAMAS) (Programmatic
studies, Kyoto Protocol).
36
6. Bioeconomy 2010.
Eligible projects should be oriented towards the fulfillment of ENTE’s objectives.
Access to these funds can be gained through calls for application. The following aspects
should at least be mentioned: the objective, target group, eligibility requirements for
applicants, selection, allocation and formalization procedures, and if applicable,
intellectual property rights conditions. Once a call for application has been issued, these
terms and conditions can be only modified under allowed circumstances or at express
request of the Technical Committee.
3.3.5. Successful cases
Funds granted by the GEF have been successful in supporting the promotion of renewable
energy in Mexico. This can be seen in the Bioenergia de Nuevo Leon project which
received a donation in the amount of 6.53 million dollars for the purpose of supplying
electric power from municipal solid waste biogas. This donation corresponded to a
financial package, which amounted to 23.15 million dollars, but achieved 3.5:1 leverage.
This was decisive for the commercial success of this project. The most recent success story
is the entry into operation of La Venta III wind farm. It has a total installed capacity of 102
MW and it is the first Independent Power Producer using wind energy in Mexico. The
GEF will provide a 20 million dollars incentive for the energy produced over the first five
years of the project.
Clean Development Mechanism are starting to show successful experiences in Mexico. For
example, La Venta II wind farm with an operation of 83.5 MW and owned by the Mexican
Federal Electricity Commission. With the support of the government’s Carbon Finance
Unit, and thanks to the Spanish Carbon Fund, a 17 million dollars were raised, convincing
the Mexican government of the economic feasibility of this 111 million-dollar project. As
previously mentioned, there are eight wind energy and three hydroelectric projects which
have been successfully registered as CDM projects and will be soon receiving income from
carbon bonds. An increased portfolio of these projects would have been expected, if the
effectiveness of bodies and enterprises in charge of facilitating access to these markets, had
37
provided more information to a larger number of possible promoters of renewable energy
projects (public, private and social stakeholders) on the benefits of Clean Development
Mechanism and other voluntary markets.
4.
Conclusions
There is a wide range of financing and support mechanisms that are not covered by this
work, i.e. mechanisms that can be used by state governments, municipalities and publicprivate partnerships. These other mechanisms could foster the development of renewable
energy projects to a larger scale when compared to current figures, which are at an early
stage, if we set aside the historical efforts made by the Mexican Federal Electricity
Commission.
Broadly speaking, the mechanisms mentioned in this report have been used a few times
and several have not reported any success. For this reason, a comprehensive dissemination
of these financial mechanisms would yield a higher utilization of them while favoring a
more intensive deployment of renewable energy projects in Mexico.
On the one hand, this diversity offers great flexibility so as to cover a wide range of
specific needs that a renewable energy project may have. On the other, this diversity also
generates high transaction costs for project promoters, excluding those promoting small
scale projects.
Generation of social benefits at a local level, environment preservation and the promotion
of local economic development allows for a better social acceptance of renewable energy
projects. This can be seen in projects which have been supported by national and
international development Banks since these benefits are required as part of their eligibility
criteria.
Public-private partnerships exhibit an important potential for receiving financing in
Mexico. This is mainly due to fact that they can take advantage of their corresponding
legal figures (public or private).
A more efficient integration of credit lines and guarantees would result in long-term credits
and lower interest rates, while a more effective promotion of carbon finance as well as
38
more efficient public policies may encourage the utilization of renewable energy projects
in Mexico.
39
5. List of References
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40
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41
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42
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43

Observatory for Renewable Energy

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