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Canada’s Total Climate Finance Contribution:
$5,000,000 CAD
- 2011 to 2012: $5,000,000 CAD
Targeted Countries:
Mexico
Funding Period: 2011 to 2012
Type of Support:
Mitigation
Delivery Partner(s):
Description
The Canadian Climate Fund for the Private Sector in the Americas (C2F) at the Inter-American Development Bank (IDB) provided support for the development of residential rooftop solar photovoltaic (PV) projects in Mexico, with a total installed capacity of 8 megawatts (MW). The company, Bright Exchange, is one of the first residential solar developers in Mexico and aims to increase the adoption and viability of solar energy throughout the country. One of the main barriers to residential solar energy is the high initial capital cost and the inability to provide debt financing to small systems on a homeowner-by-homeowner basis. The project’s financing will allow Bright to own a portfolio of projects and sell power at a reduced cost to consumers, allowing homeowners to benefit directly from solar energy on their roofs with no upfront payment.
Results/Expected Outcomes
The project will reduce greenhouse gas emissions by reducing household grid-electricity consumption, through the generation of clean energy on rooftops. The expected intermediate outcomes of this project include the installation of 8 megawatts (MW) of residential rooftop solar capacity from 2,165 households with solar rooftops, with 12,080 megawatt hours (MWh) per year of electricity produced from renewable sources. The project will also result in the abatement of an estimated 6,881 tons of CO2 each year. It is expected to establish proof of concept for residential solar leasing models in Mexico and across Latin America and the Caribbean.
Co-Financing/Mobilized Finance ($CAD):
$20,000,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *:
6,881