Madrid, December 28th, 2020.- COFIDES will support Genesal Energy in the expansion of its rental business line in Mexico. To this end, it will provide the project developer, the company's Mexican subsidiary, with 800,000 euros in the form of a co-investment loan funded by the FONPYME and COFIDES's own resources. The total investment behind the project is 1.6 million euros.
Genesal Energy has been present in Mexico since 2014 and designs and manufactures its generator sets for various sectors and customers. The financing provided by COFIDES will facilitate the acquisition of generator sets for rentals to companies in the energy and construction sectors, which prefer to rent rather than purchase. The company is already successfully providing this service at its Peruvian subsidiary, for which there is also demand in Mexico.
The COFIDES chairman and CEO, José Luis Curbelo, said that "with this financing we are supporting an SME in the expansion of its business opportunities. At the present time, it is especially important that we ensure access to financing for Spanish SMEs looking to grow their business abroad".
The founder and managing director of Genesal Energy, Fernando Cueto, expressed "his gratitude to COFIDES for the financial support received, which will enable an SME like ours to scale our activities more rapidly based on a solid and ambitious project, in addition to helping to consolidate our brand in the international market”.
CONTRIBUTION TO THE SDGs
This investment contributes significantly to the achievement of Sustainable Development Goal (SDG) 8, decent work and economic growth. It also contributes to the achievement of SDG 10 (reduced inequalities), SDG 17 (partnerships for development) and SDG 5 (gender equality).
Genesal Energy is a leading brand in its sector, with more than 25 years in the market. With its head office in A Coruña, it is dedicated to the design, manufacture, rental and maintenance of generator sets. These sets ensure the continuous supply of power and can be used as a main source of power or as an auxiliary source in case of power outages. The company has a presence in Peru and Mexico and distributes its products mainly in Chile, Mexico and Peru, as well as in countries such as the United Kingdom, Austria and Qatar. It also has its own technology centre focused on distributed energy (CETED), which is unique in its sector and has a staff of 78 people.
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.