$500M Invested in Mexico Distributed Solar

August 25, 2014 By Linda Hardesty

Greenwood energy manageGreenwood Energy and ILIOSS partnered to invest $500 million and develop over 250 MW of new solar photovoltaic projects in Mexico by 2017 based on the Mexican Energy Reform.

Greenwood Energy is the North and Latin American clean energy division of the Libra Group, a privately owned international business group comprising 30 subsidiaries operating across five continents. ILIOSS is a Mexican renewable energy developer with more than 100 projects currently under development in 19 states of Mexico.

Under the partnership, ILIOSS will develop the projects and provide all engineering, procurement, and construction (EPC) and operation services to an array of clients. Greenwood Energy will finance construction and own the projects once completed. Once commissioned, electricity from the solar systems will be sold through long-term power purchase agreements (PPAs) for clients looking to purchase electricity.

Mexico has set a 35 percent by 2024 non-fossil fuel power supply target.

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