CIFI, BICSA, and Banco Aliado Strengthen Guatemala’s Renewable Energy Matrix Through a Syndicated Loan to a Solar Park Developed by Cox

• The financing will support the construction and commissioning of the solar complex located in the municipality of Chiquimulilla, one of Guatemala’s areas with the highest solar irradiation levels.
• The project will have an installed capacity of 75.2 MWp, positioning it as one of the largest solar complexes in the country.

Panama City, September 2, 2026 – CIFI announced the financial close of a USD 36 million syndicated senior loan to finance the construction of the PSF Chiquimulilla photovoltaic solar project, developed by Cox Energy Guatemala S.A., a subsidiary of Cox Infrastructure Group, in the department of Santa Rosa, Guatemala. The project will have an installed capacity of 75.2 MWp, positioning it as one of the largest solar complexes in Guatemala.

CIFI acted as structuring bank and lead arranger of the syndication, participating alongside the Sustainable Infrastructure Debt Fund (SIDF), managed by CIFI Asset Management, as well as BICSA and Banco Aliado as lenders. Banco Aliado also serves as the facility’s paying and administrative agent bank.

The financing will support the construction and commissioning of the solar complex, located in the municipality of Chiquimulilla, one of Guatemala’s areas with the highest solar irradiation levels. The project will be developed in two phases and will supply clean energy through both long-term power purchase agreements and the country’s wholesale electricity market.

PSF Chiquimulilla has secured 15-year power supply agreements with the distribution companies Empresa Eléctrica de Guatemala (EEGSA) and Distribuidora de Electricidad de Occidente (DEOCSA), providing a solid revenue base for the project.

"We are pleased to support Cox in the execution of this important energy project in Guatemala. This transaction reaffirms CIFI’s commitment to mobilizing capital toward solutions that contribute to the energy transition, strengthen the region’s energy security, and generate positive environmental and economic impacts for communities," said Antonio Arauz, Director of Structured and Corporate Finance at CIFI.

For Cox, the project is part of its expansion strategy in Central America, strengthening its presence in the region and contributing to the enhancement of Guatemala’s renewable energy matrix. The development will leverage the area’s exceptional solar irradiation conditions and help increase the availability of clean and competitive energy in the country.

Once operational, the project is expected to generate approximately 167,600 MWh of renewable electricity annually, supplying clean energy to around 200,000 households and avoiding approximately 19,600 tons of CO₂e emissions per year. These benefits reflect a tangible contribution to the country’s energy transition, supporting more resilient, inclusive, and low-carbon infrastructure. In this way, the project transforms global sustainability commitments into concrete outcomes aligned with the United Nations Sustainable Development Goals related to affordable and clean energy, climate action, and resilient infrastructure.

This transaction demonstrates the ability of financial institutions to collaborate in supporting strategic sustainable infrastructure projects in the region. Through this financing, CIFI, BICSA, and Banco Aliado are contributing to the development of new renewable energy generation capacity in Guatemala, fostering a more diversified, resilient, and sustainable energy matrix.

About CIFI

CIFI is an investment platform that provides integrated financial solutions to developers and private investors in sustainable and high-impact infrastructure in Latin America and the Caribbean. With a solid track record of more than 220 transactions and disbursements exceeding USD 2 billion, CIFI has mobilized over USD 21 billion in capital since its founding in 2001.

About Cox

Cox is a global integrated water and energy utility headquartered in Spain that develops sustainable solutions in high-growth markets. Its business model combines long-term concession assets with in-house industrial capabilities, positioning it as a unique platform capable of developing, building, and operating critical infrastructure. A leader in the water sector and a significant player in renewable energy generation and transmission, the company has operations across the Americas, Europe, the Middle East, and Africa.

About BICSA

Banco Internacional de Costa Rica, S.A. (BICSA) is an international financial group incorporated in Panama with more than five decades of experience. The bank provides comprehensive and innovative financial solutions to corporate clients, with a presence in Panama, Miami, Costa Rica, El Salvador, Guatemala, and Mexico. Its portfolio includes commercial lending, trade finance throughout Latin America, factoring, leasing, and trust services.

About Banco Aliado

Banco Aliado, S.A. is a Panamanian bank specializing in tailored banking services for upper-middle-market and corporate clients in Panama, Central America, the Caribbean, and South America. Founded in 1992, the bank has maintained a strong focus on trade finance, complemented by corporate banking, leasing, factoring, and investment banking services. It holds a Moody’s Local Panama rating of AA-.pa, with a loan portfolio concentrated on international operations across Latin America.