Farfan & Mendes secures US$5M IDB loan
–to help boost capacity to generate solar power
IDB Invest has signed a revolving credit facility with Guyanese firm, Farfan and Mendes (FMCG Inc.) to develop and expand its commercial and utility-scale solar photovoltaic (PV) energy-generation capacity.
The US$5 million loan, which has a five-year tenor, will be used finance the company’s working capital needs to advance the use of renewable energy here in Guyana.
IDB Invest’s revolving working capital facility will allow FMCG Inc. to optimise its cash-conversion cycle, strengthen the relationships within its value chain and mitigate foreign-exchange risk by bridging the cash-flow gap between payments made to suppliers and payments received from clients.
The financing deal is aligned with Guyana’s Low-Carbon Development Strategy 2030, which calls for the generation and usage of clean-energy resources.
It also strengthens IDB Invest’s commitment to working with the private sector to increase investments in renewable energy iin Guyana and across Latin America and the Caribbean, driving action on climate change.
The project is expected to contribute to five of the United Nations’ Sustainable Development Goals, namely: No Poverty (SDG 1), Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).
Farfan and Mendes is an industry leader in providing equipment and services to various sectors, including agriculture, forestry, renewable energy, oil and gas, and mining. Since its establishment in 1967, the company has been at the forefront of technology adoption, and has successfully adapted to market changes through diversification as a business model.
Its partnerships with leading companies such as Crosbie Group, Soventix Caribbean and Concrete Canvas etc. have enabled it to offer a wide range of products and services to clients. Through the company’s Sustainability Strategy, and a proven track record of success, Farfan and Mendes is helping to realise the Low-Carbon Development Strategy ambition that renewables will account for over 70 per cent of installed generation capacity by 2040 in Guyana.
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