Published on 04th June 2021
Banverde, a private equity fund in Mexico that finances the installation of rooftop solar panels, recently received funding from Corporación Interamericana para el Financiamiento de Infraestructura (CIFI), a Panama-based financier of privately-owned infrastructure projects in Latin America and the Caribbean. CIFI and Banverde's co-sponsors, Banverde Activos, and US-based investment firm WRB Serra Partners, each contributed an undisclosed amount to the capital round, which totaled USD 57 million. The money will be enough to install 80 megawatts of solar electricity, according to estimates. Banverde now has a total volume of USD 76 million to deploy by 2024, thanks to the new finance.
Banverde works with a trusted network of solar contractors in Mexico to finance rooftop solar systems for its clients through power purchase agreements (PPAs), allowing them to take advantage of the arrays without paying anything upfront. The clients will own the assets once the PPA expires, according to the release. The business operates in the residential, commercial, and industrial sectors.
Banverde, which was founded in 2016, finances the installation of rooftop solar panels through agreements with solar firms, with customers purchasing the panels in monthly installments over 10 to 15 years.
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