MICROCAPITAL BRIEF: Banverde of Mexico Raises $57m for Rooftop Solar Power from CIFI, Banverde Activos, WRB Serra Partners

Corporación Interamericana para el Financiamiento de Infraestructura (CIFI), a Panama-based financier of privately owned infrastructure projects in Latin America and the Caribbean, recently led a round of funding for Banverde, a private equity fund in Mexico that finances the installation of rooftop solar panels. The funding round totaled USD 57 million, with unspecified levels of funding invested by CIFI and Banverde’s co-sponsors, Banverde Activos and US-based investment firm WRB Serra Partners. The investment package, which is slated to fund 80 megawatts of solar power, brings Banverde’s volume to USD 76 million, all of which is to be deployed by 2024.

Founded in 2016, Banverde finances the installation of rooftop panels via partnerships with solar companies, with clients buying the panels in monthly installments over periods of 10 to 15 years. Additional information on Banverde Activos is not available.

Founded in 2014, WRB Serra Partners invests in projects in Latin America and the Caribbean that increase energy efficiency; access to water; and access to renewable energy such as that generated by biomass, geothermal sources, hydro, solar and wind. The firm raised USD 46.5 million in its first round of funding in 2017. It has not completed raised further funding as of 2021.

Founded in 2001, CIFI moved its headquarters from the US city of Washington to Panama City in 2016. The firm specializes in financing small and medium-sized infrastructure projects. As of 2020, it reports total assets of USD 484 million and total equity of USD 105 million.

By Harriet Ritchie, Research Associate

Sources and Additional Resources

CIFI press release
https://www.cifi.com/en/2021/05/21/cifi-y-banverde-cierran-prestamo-sindicado-de-us57-millones-para-energia-solar-en-mexico/

CIFI December 2020 financial statement
https://www.cifi.com/wp-content/uploads/2021/04/cifi-dec-31-2020-4-1.pdf

Banverde homepage
https://banverde.com/

WRB Serra Partners press release
https://wrbserra.com/wrb-serra-partners-closes-fund-i-at-46-5-million/

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