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The financing – to be provided by Mexican development bank Banobras and the national infrastructure fund, Fonadin – will replace the existing bridge facility of US$296mn included as non-recourse debt in process, Abengoa said in a statement.
Total investment in the Zapotillo project is set to reach US$640mn including the 22-year operating concession, the company added.
In October Mexico's water commission Conagua launched work on El Zapotillo in the Los Altos region of Jalisco state.
The project involves the design, construction and operation of a 140km pipeline which will run from the El Zapotillo reservoir in Jalisco state to supply potable water to around 1.5mn people in Guanajuato state capital León, the Altos de Jalisco area and the city of Guadalajara.
Works are expected to be completed in 36 months.