Mexico has great potential for renewable energy development, especially regarding solar energy, since it is located within the areas with the highest levels of solar irradiation worldwide. Also, according to the 2020-2034 and 2021-2035 versions of the National Electric System Development Program (PRODESEN), photovoltaic solar systems are the fastest growing renewable energy technology in the country. However, many of the country’s large-scale solar projects do not materialize due to the lack of adequate financing.
In this scenario, Serfimex Capital decided to venture into the renewable energy market with a new financial product called Serfimex Solar, a platform specially designed to finance projects through distributors of photovoltaic solar panels in Mexico. The platform is focused on financing projects for the industrial, commercial, hotel and hospital sectors. What sets the model apart is that it is capable of mathematically modeling and calculating the best financing scenario for each project.
This platform will allow distributors to quote lines of credit that they can offer to their clients in real time in order to finance the acquisition of panels from MX$500,000 (US$25,000), facilitating payment installments of up to 72 months. Likewise, Serfimex guarantees that the monthly cost for the credit will be similar to or lower than the savings generated by the panels, making this an excellent investment to reduce constantly rising energy costs.
What is more, technology distributors will benefit from the platform since they do not need to absorb the risk of directly financing their customers. Instead, Serfimex takes on this role. This will allow the supplier to boost sales and develop large-scale projects that otherwise would not be possible.
Borja Rodríguez López-Palacios, Business Director, Serfimex Capital, pointed out that Mexico has great potential and a long way to go to achieve its renewable energy goals since today only 5.3 percent of the electricity generation in the country is provided by solar energy against 71.4 percent fired by fossil fuels. “The latest data shows that Mexico generates electricity for 8,203MW through solar energy. We are ready to finance projects with a maximum capacity of half a megawatt,” he said.
According to the International Energy Agency’s (IEA) Renewables report from 2021, sustainable energy increased nearly 3 percent more in 2021 compared to 2020, of which solar energy accounted for 60 percent of all expansion, followed by wind energy and hydropower.
The IEA forecasts that globally, renewable power capacity growth will accelerate in the next 5 years; it will increase by more than 60 percent between 2020 and 2026, reaching more than 4,800GW.