Fotowatio Renewable Ventures (FRV, Madrid, Spain), a global developer of large-scale solar photovoltaic (PV) power plants, has been awarded a 300 MW solar PV project in the second electricity market auction, conducted by the National Energy Control Center (CENACE) of Mexico, the company announced on October 27th, 2016.
With this agreement, FRV extends its global footprint into the Mexican market at a very competitive solar power rate of USD 26.99/MWh.
The construction of the PV plant will begin in mid-2018 and it will become operational in mid-2019. The PV plant will generate enough solar power to supply approximately 76,100 homes.
Mexico has set a target to generate 35% of its electricity from renewable energy sources by 2024, making it a strategic market for FRV and attracting a number of international investors.
Through this round of auctions, México plans to build more than 15,000 MW of new installed capacity of renewable energy.
“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,” explains 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 has had presence in Latin America since 2013. In July 2015, FRV´s “La Jacinta” solar plant commenced operations, making Uruguay home to one of the largest solar PV projects in Latin America.