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Mexico is planning to seek US funding of $48 Billion for solar-powered projects

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Mexico will ask US President Joe Biden for up to $48 billion in financing for solar projects, according to Foreign Relations Secretary Marcel Ebrard, as per reports. At the upcoming summit of US, Canadian, and Mexican leaders scheduled for January 9–10 in Mexico City, according to Ebrard, Biden will receive the proposal. Sonora, a border state in the north, will get solar energy parks and electrical lines installed by Mexico. The nation plans to receive a portion of the funding from the North American Development Bank (NADBank). [caption id="" align="aligncenter" width="620"]Mexico plans to ask US Prez Biden for up to $48 bn for solar projects | Business Standard News Image credit- Business Standard News[/caption] According to the reports, the bank supports green development programmes, but it has never provided financing at the level that Mexico is requesting. But Mexico might potentially be able to get part of the money between 2022 and 2030 by selling debt bonds. The solar farms will be managed by Mexico's state-owned utility, which has been involved in a trade battle with the United States. The US and Canada assert that President Andrés Manuel López Obrador attempted to give preference to power facilities owned by foreign and private investors over those owned by Mexico's state-owned utility, in violation of the US-Mexico-Canada free trade agreement. [caption id="" align="aligncenter" width="4007"]As Mexico stalls major solar projects, companies turn to smaller workarounds | Reuters Image credit- Reuters[/caption] Additionally, López Obrador dispelled claims that a Chinese company could be able to access Sonora's lithium riches. When López Obrador claimed earlier this year that lithium was a crucial mineral that could only be produced by the Mexican government, the Chinese company had already received clearance for a mine. Despite promising to uphold any present permits, López Obrador declared on Tuesday that none were still valid.

By Monica Green

I am specialised in latest tech and tech discoveries.

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