Madrid, May 26, 2020.- Grupo Arteche, specialists in the design and manufacturing of electrical equipment, is strengthening its position in Mexico with the financial support of COFIDES. To this end, COFIDES will provide 3 million euros to the project company, Arteche North America S.A. de C.V., by means of a co-investment loan from its own funds. COFIDES will thus contribute to financing the Arteche Group's new production plant in Mexico to produce medium and low-voltage measurement transformers, equipment for energy quality and restorers, which has been operational since 2019.

It is a strategic project for the company because the plant in Mexico will help it to increase its activity in North America. This market is experiencing growth in the electricity sector due to the development of renewable energy and the transformation of the sector. For this reason, the Arteche Group has decided to expand the production capacity of its current plant in Mexico, as well as to launch the new factory that COFIDES will back. This production expansion will allow the Arteche Group to incorporate substantial technological improvements in key processes, as well as the use of automated systems. The Group has had a presence in Mexico for more than 25 years and has three factories and more than 720 employees there. COFIDES has supported Grupo Arteche in its international growth in China, Mexico and Argentina.


This is the first project in which COFIDES is applying a sustainability component to its co-investment loans. This is a new initiative of COFIDES within the framework of its 2019-2021 Strategic Plan, with the aim of promoting the sustainability of businesses which receive financing from the Company. In this type of financing, COFIDES links the variable component of the loan to one or more indicators connected to the developer's sustainability strategy, which must be periodically reported on and confirmed by an independent third party. In this Arteche Group project, the variable component of the loan is related to the reduction of CO2 emissions on the part of the project company.

The Chairman and CEO of COFIDES, José Luis Curbelo, explained that “with this financing we aim to encourage companies to continue promoting sustainability in their projects." He added that “it is important to support companies which, despite the difficulties being faced due to COVID-19, are committed to internationalisation while at the same time being committed to sustainable growth." In his opinion, “COFIDES is committed to sustainability and convinced that the effects of the pandemic cannot be an obstacle to achieving the 2030 Agenda and the Sustainable Development Goals."

“Even in times as difficult as these, in which our focus is firstly on health and, secondly, on economic matters, we must maintain sustainability as a priority axis of our activity,” said Alexander Artetxe, Chairman and CEO of the Arteche Group. “Because when we talk about sustainability, we are talking about values. The same ones we have had since our inception almost 75 years ago."


This project contributes to the achievement of Sustainable Development Goals (SDGs) 13 (Climate Action), since the company is making efforts to reduce its carbon footprint; 8 (Decent Work and Economic Growth); 5 (Gender Equality); 10 (Reduced Inequality); and 17 (Partnerships to Achieve the Goals).


The Arteche Group has its head office in Mungia (Bizkaia) and is dedicated to the design, manufacture and commercialisation of electrical devices and solutions with a high technological component for the electricity generation, transport and distribution sectors, as well as in industrial electrical applications and in turnkey projects for  renewable generation substations and plants, energy quality and distribution automation projects. It makes significant investments in R+D+i and has more than 140 employees who are dedicated to innovation and working on more than 100 projects. These investments are enabling them to improve and adapt the traditional product and develop new solutions with a high technological component. The Group has more than 1,800 employees and has a presence in five continents.


COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. 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.