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Serfimex launches DG solar financing product

Bnamericas Published: Tuesday, September 06, 2022
Serfimex launches DG solar financing product

Mexican sofome Serfimex Capital has launched a financing platform for photovoltaic solar projects, targeting the current boom in distributed generation (DG).

Sofomes are a class of special purpose non-banking financial institutions, often targeting small- and mid-sized companies for individual project financing or to scale up business.

At Serfimex, the 12-year-old sofome has focused on tax-oriented leases for industrial equipment, as well as bridge loans for housing construction and business loans for payroll capital.

With its new product, Serfimex Solar, the company looks to expand into the renewable energy market, backing PV projects of 500kW or less, with funding starting at 500,000 pesos (US$25,000) and terms ranging up to 72 months.

“The growth perspective in Mexico, under the distributed generation scheme, is promising,” Serfimex said in a statement, adding Mexico has a “privileged geographical location” for solar generation.

Serfimex said the new product aims to finance projects through PV panel distributors and offers clients mathematical modeling to optimize project development.

While the firm touted its product as “unlike any other platform on the market,” it isn’t alone in reaching out to the smaller-sized PV project arena. 

State-owned development bank Nacional Financiera’s CSOLAR product provides up to 15mn pesos for solar DG projects with a 13% fixed annual rate and a maximum term of 84 months.

Another product, offered by Mexico’s Banverde, finances solar projects for MSMEs in exchange for a PPA with the client owning the system upon completion of the contract.

Serfimex Solar, however, is directed towards distributors looking to avoid using working capital to build projects for clients, with the company adding that the product is for non-residential use, and rather focuses on the industrial, commercial, hotel and hospital sectors.

MEXICO'S DG BOOM

Solar DG in Mexico hit a new milestone with national energy conservation trust (FIDE) recently reporting 100MW of installed capacity across 41,436 individual systems.

Efforts by President Andrés Manuel López Obrador to prop up state-owned utility CFE via legislative and regulatory means has put private PV projects worth tens of billions of dollars in limbo.

DG, however, has seen none of the regulatory interference occurring in larger projects, and the field is set to potentially grow with a legislative proposal under consideration raising the upper limit on DG projects from 500kW to 1MW.

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