Serfimex Capital to Finance for Solar Projects

Financing institution Serfimex Capital announced the creation of Serfimex Solar, its newest financial product to aid the financing of solar panel projects. Solar panel projects in Mexico are often unsuccessful due to the lack of financing for their implementation. 

"Mexico has great potential, today only 5.3 percent of the generation of electricity in the country is achieved using solar energy versus the 71.4 percent produced by fossil energies. The latest data shows that the country will generate electricity for 8,203 megawatts through solar energy. We are ready to finance projects with a maximum capacity of half a megawatt,” said Borja Rodríguez Lopez-Palacios, Business Director, Serfimex Capital, in a Facebook post. 

Serfimex Solar is a platform designed for the financing of photovoltaic energy panels in Mexico. The firm uses mathematical models that allow the calculation of scenarios suited for each project. Currently, there is no other platform that works similarly to Serfimex Solar according to El Financiero, in alliance with Bloomberg.

Serfimex Capital clarified that its newest platform seeks to tailor products for the industrial, commercial, hotel and hospital sectors, instead of focusing on residential projects. Today, said industries lack financing to adequately implement solar panel projects, as residential projects have more access to financing. 

The company will grant real time credit lines to distributors, which will allow them to finance panels starting from MX$500,000 (US$24,795) for up to 72 months. Serfimex Capital developed its Serfimex Solar product to provide companies similar or lower monthly costs for their loans, while those clients can see savings from implementing solar panel technologies. 

Mexico’s National Solar Energy Association (ANES) explains via its Roadmap for the Financing of [Solar Heat for Industrial Processes] SHIP Projects in Mexico that, “the prerequisites for taking out a corporate loan is that the borrower has some capital to co-finance the investment and can provide bank guarantees to guarantee the loan. Without the fulfillment of these minimum conditions, it is unlikely that commercial banks would provide financing.”

ANES will hold the XLVI National Solar Energy Week on Oct. 3-7, 2022, in hybrid mode for companies or individuals seeking to participate in topics related to renewable energies, according to the association’s website.