The Company was established by X-Elio Energy S.L. (“X-Elio”) and Cox Energy Solar S.A. (“Cox Energy”, and with X-Elio “the Sponsors”).  Founded in 2007 in Spain as a small engineering and development firm and expanding globally starting on 2009, X-Elio is now a global vertically-integrated company focused in developing, constructing, and operating utility-scale photovoltaic plants.  Cox Energy is a Spanish company active in the renewable energies sector, specifically in the solar photovoltaic segment. X-Elio is 80% owned by Kohlberg Kravis Roberts & Co. L.P. (“KKR”), one of world’s largest private equity companies, and 20% by Gestamp Group, a Spanish industrial group.                                                     

   The Project cost is estimated at US$98 million. IFC is considering providing a senior loan of up to US$10 million from its own account and up to US$15 million acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program, while up to US$25 million would be provided by a third party through a parallel loan.                                                                                                  

 The Project is located approximately 8 km west of the city of Perote in the state of Veracruz and 105 km northeast of Puebla in sparsely populated farmland, covering an area of approximately 310 hectares                                                                                              

 According to IFC’s Policy on Environmental and Social Sustainability, this is a Category B – Limited project. E&S impacts and risks are expected to be limited, generally site-specific, and readily addressed through standard mitigation measures. The key E&S impacts and risks are those typically associated with greenfield solar PV projects. 

During construction, key risks and impacts include temporary influx of labor, air quality and noise, occupational health and safety (OHS), contractor management, community safety, vegetation removal and waste management. During operations, the main risks and impacts are related to stakeholder engagement, and water use and availability. Key positive E&S impacts include construction phase direct and indirect employment, reforestation, and renewable electricity generation.