Mexico may approve up to 60 renewable energy projects worth $12.5 billion — OilPrice

Mexico’s state-owned Federal Electricity Commission may approve up to 60 renewable energy projects, most of which will be solar power plants. According to unnamed Bloomberg sources cited by OilPrice, they could add 8.2 GW of new generating capacity, while investment could reach $12.5 billion.

Plans through 2030

As OilPrice reports, one Bloomberg source cautioned that the number of initiatives ultimately approved could be fewer than 60.

The projects are intended to help fulfill Mexican President Claudia Sheinbaum’s plan to create about 32 GW of new generating capacity by 2030. It had previously been expected that solar and wind generation would provide around 70% of this increase. At the same time, Bloomberg reported that the share of renewable sources in the planned capacity increase now stands at about 30%.

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Solar and wind projects

Earlier this month, Mexico’s Energy Ministry reported 42 solar projects with a combined capacity of 6.86 GW and 13 wind projects with capacity of just over 4 GW. According to PV Magazine, the Federal Electricity Commission is involved in about 70% of these projects.

Another 4.44 GW of solar and 2.16 GW of wind capacity are awaiting allocation. Energy Minister Luz Elena González also said that private companies are prepared to invest $4.75 billion in 20 projects with a combined capacity of 3.32 GW.

The state-owned company must generate at least 54% of all electricity in the country, while the remaining 46% is available to private generators. The article also notes that the development of solar and wind generation may require additional spending on power transmission lines to supply electricity to consumption centers.