Mexico's solar outlook is hot and sunny.
Opening of the energy sector brought the announcement today of a US $500 million investment in a solar power project.
The Mexican firm ILIOSS and United States-based Greenwood Energy will be partners in developing 250 megawatts of new solar photovoltaic projects by 2017. ILIOSS will develop the projects and provide engineering, construction and other services, while Greenwood will finance construction and own the projects once they are complete.
The companies will be looking for clients who want to buy cheaper and cleaner energy under long-term purchase agreements, they said in a prepared statement.
ILIOSS director general David Arelle said businesses with energy expenditures of 30,000 pesos per month and a roof area of 1,200 square meters are potential candidates for the type of service being offered.
The two firms hope to find at least 500 companies to sign up.
“Solar energy’s future is incredibly bright in Mexico, and this partnership with ILIOSS further expands our presence in Latin America, one of the world’s fastest-growing energy markets,” said Camilo Patrignani, CEO of Greenwood Energy. “Each new solar system helps our customers reduce energy consumption and costs, while we contribute to helping Mexico reduce its carbon footprint and diversify its energy sources.”
Greenwood, a division of the Libra Group, has experience with photovoltaic projects in the U.S., Panama, Peru and Chile, while ILIOSS is Mexico’s first commercial rooftop solar developer. It is currently building 32.6 megawatts of solar projects at 120 Soriana stores in Mexico in partnership with a German firm.
ILIOSS says it has brought about “significant” reductions in energy costs for Mexican clients, and envisions “helping unlock Mexico’s potential as a major solar energy producer.”
The government has set a target for non-fossil fuel powered electrical generation of 35% by 2024. Renewable energy investment is on track to exceed $2.4 billion this year, says Bloomberg.
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