The World Bank will provide 7.929 billion Mexico pesos (US$415.2 million) of loan for a 350 MW PV power project, dubbed "solar city," to be built in Mexico City.
The other financiers of the project are IADB and NAFIN. The Mexico City government is planning to contribute only a portion of the needed fund.
Under the auspices of the project, multiple 500 kWp or larger PV power facilities totaling 150 MW in capacity will go up during 2019-2024, including 25 MW of rooftop PV power systems at the parking lot of Central de Abastos market, spanning 810 acres in space, and a 4 MW PV power system for the city's light rail system.
The project also envisions the setup of a multitude of under 500 kWp PV power facilities, totaling 200 MW in capacity, including 153,000 household and commercial solar heaters, 40 kWP rooftop PV power devices on government buildings, and similar devices for maize plants, hotels, and laundries.
"The huge project will cut the city's CO2 emission by 2 million tons a year," pointed out Claudia Sheinbaum, Mexico City mayor.