Mexico City: Mexico intends to request US President Joe Biden for up to $48 billion in financing for solar projects, according to Foreign Relations Secretary Marcel Ebrard.
Ebrard said the request would be made to Biden at the upcoming summit of the presidents of the United States, Canada and Mexico, scheduled for January 9-10 in Mexico City.
In the bordering state of Sonora to the north, Mexico plans to build solar power parks and power lines. Mexico is expected to get some money from NADBank or the North American Development Bank.
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The bank supports green development initiatives, but has never offered financing at the level Mexico is seeking. Between now and 2030, Mexico may also be able to raise some money by issuing debt bonds. The state-owned utility in Mexico, which is embroiled in a trade dispute with the United States, will manage the solar parks.
The United States and Canada accuse Mexican President Andrés Manuel López Obrador of violating the terms of the US-Mexico Canada Free Trade Agreement by attempting to favor the country's state-owned utility over power plants developed by foreign and private investors.
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Also on Tuesday, López Obrador put an end to rumors that a Chinese company may be able to mine Sonora's lithium reserves. When López Obrador announced earlier this year that lithium was a strategically important mineral that could only be mined by the Mexican government, the Chinese company already had approval for such a mine.
Although López Obrador promised to maintain any existing permits, he announced on Tuesday that none were still valid.
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Thankfully, according to López Obrador, there were no private concessions. “They say a concession was granted, but it was during the project phase. Any lithium mining will now be done by a state-owned Mexican company.