BMW gets loan from three German banks for Mexican plant
BMW has received a loan from three mayor German banks for the construction of a plant in central Mexico, several media outlets revealed.
Neither the banks nor BMW were willing to disclose the amount of the loan, but the automaker has said that overall cost of the plant is around US$ 1 billion.
The financing has a tenor of 10 years, KfW Ipex-Bank, DZ Bank and BayernLB each contributed an equal share. This is also KfW’s largest single commitment under its energy efficiency lending programme.
Located in San Luis Potosí, the plant will be BMW Group’s most sustainable production facility worldwide.
Scheduled to be complete by 2019, it will produce the 3 Series Sedan, with an annual capacity of 150,000 vehicles.
It will be supplied by 100% CO2-free power, for instance through the use of renewable sources of energy, including an on-site solar power system.
The new plant will also use the lowest volume of water per BMW vehicle, which involves the brand’s first paint shop using recycled water.
“We are very pleased to be able to support BMW, our long-standing and esteemed business partner, with this key project, which sets new standards in terms of sustainability and energy efficiency,” says Markus Scheer, member of the management board of KfW Ipex-Bank.