Financing for industrial solar projects in Mexico is changing. Shorter payback periods, the growth of energy storage, and greater flexibility in financing complementary infrastructure are altering how companies structure their energy investments . This was confirmed by Raquel Bivian and José Saadia, Managers at Serfimex Solar, in an interview with Energía Estratégica.
The manager of Serfimex Solar pointed out that, depending on the cost proposed by the integrator, the return on investment for the panels is 2 to 3 years, while that period for solutions with storage can be " approximately 5 or 6 years ".
Alongside this reduction in payback periods, the finance company has been expanding its operations within the Mexican industrial sector. “ To date, we have financed approximately 150 projects totaling more than 1.5 billion Mexican pesos ,” stated José Saadia, Manager of Serfimex Solar, in an exclusive interview with the website.
The company starts with a minimum order value of one million pesos , although it maintains that it does not set a predetermined financial ceiling for transactions within its target market. The focus is primarily on legal entities in the industrial, commercial, and hospitality sectors, with a particular emphasis on medium-voltage connected users.
The size of the projects is also beginning to change. Serfimex can finance photovoltaic installations close to the new limit for distributed generation and, when a company has different services or meters, analyze more than one installation within the same business operation.
“ If a client has an industry and wants a 0.7 MW project, if they have another service, another meter and want to install another project of the same size, we can finance it without a problem ,” explained Biviano Tenorio.
The comment comes at a time of regulatory change for Mexico. The energy reform raised the threshold applicable to distributed generation from 0.5 MW to less than 0.7 MW , expanding the scale of projects that can be developed under this model without requiring a generation permit.
For Serfimex, this expansion coincides with another transformation: the industrial project no longer necessarily ends with the panels. Batteries, capacitor banks, structural reinforcements, and solar carports can be incorporated into the financing , provided they are part of the technical solution required by the user.
“ For many industries, simply having solar panels isn't the solution ,” warns Biviano Tenorio. The executive mentions cases where the plant needs to reinforce a roof before installing modules, incorporate energy storage due to supply problems, or correct penalties related to power factor.
This flexibility allows us to address one of the common restrictions in the C&I segment: an additional solution can improve the project's energy performance, but at the same time increase the initial outlay and make it less feasible for the company to pay in cash .
One example is carports. In facilities where the available roof space is insufficient, utilizing parking areas allows for the incorporation of new photovoltaic capacity. According to Biviano Tenorio, this can increase a project 's energy consumption from around 20% to 40% or even 50% .
Cost reductions are also changing the equation. According to the executive, about ten years ago, the cost of an installed solar watt ranged between $3 and $4, while currently it's around $0.70 . This is in addition to greater power per module, which allows for generating more energy with fewer panels, less wiring, and less installation.
Biviano Tenorio emphasizes that a similar dynamic is beginning to emerge in energy storage . “ Batteries are booming ,” she maintains. The executive points out that the market has gone from having few alternatives for industry to receiving a growing number of new brands, with lower costs and better payback times.
However, the outlay remains significant. “ Adding batteries to a photovoltaic project can double the cost per watt,” so financing is becoming increasingly important to prevent the investment from jeopardizing companies' liquidity.
In this regard, Serfimex also finances exclusively storage projects, both for industries that already have photovoltaic systems and for users seeking backup power in the event of blackouts or power outages. This expansion of offerings, in turn, necessitates a more rigorous technical evaluation process. The company reviews equipment certifications before approving financing, given that a larger number of suppliers does not necessarily imply the same technological standards.
Following that logic, Serfimex also works on alliances with distributors that market technologies from international manufacturers such as Huawei and LONGi , seeking to coordinate financing, equipment availability and project integration.
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“ We have a very important alliance with the main distributors nationwide ,” explained Saadia, Manager of Serfimex Solar . The executive describes a chain in which the distributor provides the materials, the integrator develops the solution for the end user, and the finance company provides the necessary capital to complete the investment.
This connection with the ecosystem is also part of the positioning the company seeks to build in relation to traditional financial institutions. For Saadia, the difference lies not only in having resources, but also in understanding the technology, the stakeholders involved, and the actual time required to implement an energy installation.
“ Our payment is based on progress to prevent the client from becoming financially depleted. They don't pay 100% of their debt until the system is fully installed, interconnected, and ready to be turned on. And we give them months of grace on principal payments ,” explained Biviano Tenorio.
The product offers financing with 0% down payment, grace periods on principal, terms of up to 72 months, and fixed or variable interest rates , according to the company. Serfimex also states that it technically and financially evaluates the profitability of each project, with the goal of ensuring that energy savings offset debt service payments.
“ Let the savings pay the monthly bill ,” the executive summarized. The idea is to convert part of the cash flow the company already allocates to the electricity bill into the payment of an asset that will reduce that same expense.
From credit to territory: what companies and entities does Serfimex seek to finance?
The program is primarily aimed at businesses in the industrial, commercial, and hospitality sectors , and excludes residential projects. The company requires more than two years of operation and reviews applicants' credit histories, though its executives emphasize that the process seeks to maintain greater flexibility compared to traditional banks.
The focus is especially on medium-voltage users, where electricity costs can significantly alter the cost structure. According to Biviano Tenorio, in some cases energy expenses represent close to 50% of a company's main outlays and can even exceed that level .
The minimum scale of one million pesos doesn't necessarily exclude smaller businesses. Serfimex can group several facilities of the same company until reaching that amount, an option applicable, for example, to restaurant chains or car dealerships with multiple locations.
Another focus of its national strategy is territorial expansion. The financial institution has already entered into collaboration agreements with the governments of Jalisco, the Yucatán Peninsula, and Quintana Roo , along with state and integrating organizations.
The model seeks to bring together three elements: institutional support, the integrator's technical capacity, and access to financing , with the aim of unlocking investments that many companies postpone in favor of other capital priorities.
“ More specific states where it is growing quite strongly are coming soon. Among them are Sinaloa and others in the Republic that cannot yet be announced ,” Saadia anticipated.
Although Serfimex is not yet revealing the next signings, the agreements are part of a broader expansion strategy towards 2027. The starting point is a portfolio that already includes around 150 projects and more than 1.5 billion pesos financed , a scale that the firm seeks to expand in conjunction with the growth of solar and industrial storage.
This scenario is compounded by additional pressure on the industrial sector. Biviano Tenorio warns that more and more exporting companies are being asked by their own clients to demonstrate that some of the energy used in their processes comes from clean sources , so the transition is beginning to respond to commercial and ESG criteria as well.
This shift in demand could also lead to an expansion of operations. Although Serfimex's current focus remains on medium voltage and distributed generation , the company has already received approaches for larger-scale projects.
“ We have recently had approaches regarding utility-scale projects and we are evaluating them. We are not closed to the idea ,” Biviano Tenorio stated.
For executives, progress no longer depends solely on how much equipment prices continue to fall. The challenge also lies in structuring financing capable of supporting larger and more complex projects without compromising companies' liquidity.
“ We see next year as very attractive ,” the manager concluded. Thus, by 2027, Serfimex envisions an industrial market where shorter photovoltaic returns, more competitive batteries, sustainability demands, and a greater need for capital converge. This combination could expand both the volume of financing and the scope of energy solutions demanded by Mexican companies.