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HomeMiddle EastSaudi energy firm wins deal to build solar project in Mexico

Saudi energy firm wins deal to build solar project in Mexico

Fotowatio Renewable Ventures (FRV), a developer of large-scale solar power plants and part of Saudi-based Abdul Latif Jameel Energy, has been awarded a 30-year 300MW solar project in Mexico.

With this build-operate-own agreement, FRV said it is extending its global footprint into the Mexican market at a rate of $26.99/MWh for the first 15 years of the project.

The construction of the plant will begin in mid-2018 and will become operational in mid-2019, and will create approximately 250 local jobs as part of the construction phase and a further 20 jobs during operations.

The plant will generate enough green electricity to supply approximately 76,100 homes, while reducing greenhouse gas emissions by approximately 97.7 million tons of CO2, the company said in a statement.

It added that the the agreement was part of a second electricity market auction conducted by the National Energy Control Centre (CENACE).

FRV said the help the Federal Commission of Electricity’s plans to generate 35 percent of its electricity from renewable energy sources by 2024.

“Mexico is one of the world’s richest markets in renewable energy sources which presents numerous opportunities for FRV and international investors. FRV’s success in this auction marks a milestone as it further expands the company’s footprint in Latin America and supports its global growth plans,” said Rafael Benjumea, CEO of FRV.

“Our pipeline in the country, in addition to our expertise and competitiveness, places us in a good position to continue participating in future auctions.”

FRV was acquired by Abdul Latif Jameel Energy in April 2015.

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