IFC evaluating US$11mn in financing for hotel efficiency projects

IFC, the private sector arm of the World Bank, is evaluating financing for Mexican energy services firm Optima Energía (Celsol) for six energy efficiency projects in Mexico's hotel sector, IFC said on its website. The locations of the six projects have not been determined, but would likely be set in Mexican beach resorts. The total cost of the projects is some US$11mn, of which up to US$10mn would be provided from IFC's own account and another US$1mn from a quasi-equity instrument. "The project is expected to have a significant and positive impact on developing the energy saving market in Mexico by increasing the access to finance of commercial companies for cost saving investments in energy efficiency that improve their competitiveness," according to IFC documents. The projects would have a "strong demonstration effect, both for a model with potential for replication and scale-up and through subproject outcomes." Optima Energía is 49.7%-owned by the Gómez Junco family. Another 38.9% is owned by Grupo Financiero Inbursa through its Sinca Inbursa subsidiary, and another 11.4% by private investors.