Spain’s Elawan Energy has obtained €25 million in green financing from BBVA to support its 30-megawatt San Pedro wind farm in Querétaro, central Mexico, the company said.
The long-term loan is backed by a Green Investment Policy issued by Spain’s export credit agency Cesce, on behalf of the Spanish government. The financing aims to bolster Elawan’s international renewable energy expansion while advancing its sustainability objectives.
The San Pedro facility, which began operations in September 2023, is the only wind farm in the state of Querétaro. It generated 105 gigawatt-hours (GWh) of electricity in 2024, according to the company.
“This transaction reinforces our ability to grow internationally through innovative, market-tailored financing solutions,” said Carlota Reina, Elawan’s director of M&A and structured finance for the Americas.
Clifford Chance acted as legal adviser to BBVA, while Linklaters advised Elawan on the deal.
Elawan, part of Japan’s ORIX Group, currently operates 2.1 gigawatts (GW) of capacity across nine countries and has an additional 830 megawatts (MW) under construction. The company’s global development pipeline exceeds 11GW, comprising 49% solar, 42% wind, and 9% hydroelectric projects.
Spain accounts for 56% of Elawan’s operational portfolio, followed by the United States with 14%, Turkey with 10%, and Brazil with 7%. The company is considered one of the leading independent renewable energy producers in Spain.
