The MXN 2.13bn (USD 116m) facility that Multiva and Bancomext granted to Energía Real represents the first green syndicated loan for distributed generation integrating solar and battery storage in Mexico.

“This transaction is highly significant for the local market due to its scale, which is rarely seen in distributed generation projects, not only in Mexico but across Latin America and globally,” Alejandro de la Vega, executive director of corporate and business banking at Multiva, told this publication. The financing, structured under a project finance model, will support approximately 500 individual projects across Mexico, including operational assets and new installations, according to de la Vega. The loan, split equally between local lenders Multiva and Bancomext, carries a 15-year term, with Multiva acting as the agent bank, he said.

Energía Real, which is backed by private equity firm Riverstone Holdings, operates Mexico’s largest distributed generation portfolio, with 200 MW of installed capacity serving more than 150 clients. Its assets include solar plants, battery storage systems (BESS), qualified supply services, substations, and smart metering solutions, according to its website.

The syndicated loan aligns with Mexico’s National Energy Plan and Plan México, both aimed at strengthening sustainable infrastructure and promoting a cleaner, decentralized energy model. For the first time, two technologies – solar and storage – are integrated under one financing scheme, creating a portfolio effect that mitigates risk across hundreds of sites, de la Vega said.

To ensure the green label, the sponsor engaged Valora, a firm that specializes in sustainability, innovation, and environmental consulting, as an external advisor to validate the structure and establish key performance indicators (KPIs). The loan is guaranteed by future cash flows and Power Purchase Agreements (PPAs) signed with 29 industrial and commercial groups, rather than shareholder recourse. Additional security includes rights to PPA receivables and collateral over insurance and equipment.

Because the debt is contracted over a portfolio of projects, de la Vega noted that defaults are less likely compared to financing a single large project. To validate the assets, the banks hired an independent engineer to confirm that the refinanced projects were operational through a sample of the estimated 500 sites.

The deal also underscores Multiva’s strategic push into renewable energy financing. De la Vega said the bank this year decided to allocate MXN 170bn over three years to infrastructure projects in key sectors, including energy, mobility, water, and real estate. “The transaction is of importance to Multiva because just this year we began to finance energy projects,” de la Vega said.

Law firm Cuatrecasas México advised Multiva and Bancomext. Energía Real worked with its own internal advisors.

Neither Cuatrecasas México nor Valora answered requests for comment.

Gleb Kouznetsov, Bancomext’s Director of Energy Sector Financing, called the syndicated loan a groundbreaking move. Kouznetsov told Expansión that project finance, known for its long tenors and attractive rates, was once out of reach for small-scale energy projects due to steep structuring costs, including legal and financial advisory fees. Today, that barrier is finally coming down.

“This is the first loan formally aligned with Mexico’s sustainable taxonomy, adding a critical layer of climate resilience,” Kouznetsov said. “Its significance lies in its ability to accelerate the energy transition, meet Mexico’s new sustainability standards, and democratize access to sophisticated financing for distributed generation.”

More to come

Looking ahead, de la Vega expects strong demand for financing hybrid distributed generation projects. Multiva is already reviewing proposals tied to a tender launched by Mexico’s Energy Ministry for new renewable projects totaling 5,970 MW of generation capacity – 3,790 MW of solar and 2,180 MW of wind – across six regions without predefined sites. The bank is also evaluating battery-only projects and large-scale renewable developments following recent government calls.

“We are providing letters of interest to several companies seeking support. This is the first phase, but we are in discussions with more than one sponsor,” de la Vega said. “We hope to start closing next year.”