Mexico's Total Non-Hydropower Renewable Generation to Reach 20.44 TWh by 2017, Reveals New Report

Our forecasts for the Mexican non-hydro renewables industry remain largely unchanged this quarter and we maintain our optimistic outlook. Numerous project announcements, particularly projects being developed by European utilities, are testament to the country's appeal. Furthermore, we believe increasing numbers of US companies will head over the border to develop projects in Mexico as higher power prices, cheaper land costs and robust growth potential draw investment.

Mexico's adoption of the 'General Law on Climate Change' in June 2012 set a target of boosting the renewable industry so that 35% of energy generated comes from alternative sources (including hydropower) by 2024 - an ambitious goal considering the prevalence of thermal energy in its power mix. However, progress has been made, and overall, we expect Mexico's non-hydro renewables industry to continue to expand robustly. Furthermore, we believe Mexico will maintain its position as a key renewable energy player in the Latin American region.

Recent Developments:

• In January 2014, Iberdrola Renewables expanded La Ventosa wind farm's generating capacity by 22MW in Mexico, raising the capacity to 102MW. The wind farm's grid connection and the 230kV transmission line were also upgraded under the expansion programme.
• Alstom secured a USD41.05mn contract in December 2013 to construct a 25MW geothermal plant in the Mexican state of Puebla. The Los Humeros III Phase A power plant contract was awarded by Mexican state-owned energy company CFE. The contract includes designing, operating and construction of the plant.
• In April 2014 Mexican cement company Cemex and Fisterra Energy completed the financing for a 252MW wind power complex, called Ventika, in the General Bravo unicipality of the country. The complex, worth about USD650mn, consists of two 126MW wind farms. Spanish utility Acciona's subsidiary Acciona Energia has been appointed to undertake the engineering, construction, operation and maintenance of the wind farm.
• US-based renewables energy company Vertex, in collaboration with its Mexican affiliate Vertex Ingenieros Consultores, announced in April 2014 it is installing the 30MW ZacSol 1 solar plant in the Mexican state of Zacatecas. The USD92mn project, which is being developed in the municipality of Guadalupe, forms part of a 90MW development.

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