News

IDB Finances Expansion of Wind Power in Mexico and Biofuels in Peru

Idb15 December 2009: The Inter-American Development Bank (IDB) approved a US$102 million loan in partial financing for two wind power projects totaling 318 MW in the state of Oaxaca, Mexico.

The projects will help establish a critical mass of renewable energy in the country and contribute to the Mexican Government's goal of reducing emissions by 50% compared to their 2000 level by 2050. The IDB has also approved a US$25 million loan to support the production of sugarcane-based ethanol in Piura, Peru.�

The wind power projects in Mexico will take advantage of strong winds in the state Oaxaca to develop at least 2500 MW of wind power capacity in this state, with an estimated total of investments in around US$5 billion by 2012.�

The bioethanol project in Peru includes construction of a sugarcane ethanol refinery with production capacity of 35 million gallons of fuel per year. It also includes planting, farming and milling of 7,800 hectares of sugarcane. The land comprises desert and/or arid areas that Maple Etanol will convert into highly productive land, introducing innovative irrigation methods and mechanizing the planting and harvesting processes.[IDB Press Release (Mexico Wind Power)][IDB Press Release (Peru Biofuel)]