SOWITEC signs contracts for the sale of three solar development projects in Mexico with a total capacity of 570 MW
Sonnenbühl, 13 February 2023 – SOWITEC group (SOWITEC), one of the leading developers of renewable energy projects in the wind and solar sectors, has signed contracts for the sale of three solar development projects in Mexico with a capacity totaling 570 MW to a major international utility. These projects are part of a portfolio with a total capacity of 1,000 MW, for the development of which SOWITEC has established a joint venture only in 2022. The three solar projects are already at an advanced development stage with secured land and all necessary environmental permits. Commissioning is expected to begin in 2025.
Frank Hummel, CEO of SOWITEC group: “We are pleased that Mexico is again developing positively as a large and important market for SOWITEC. It has proven absolutely right to hold on to the long-term intact market potential despite the difficult environment since 2018 and to consistently continue our activities there. We are also benefiting in particular from our long-standing contacts, which we have maintained intensively since we entered the market in 2008.”
Since 2018, the growth momentum of the Mexican electricity market has slowed down noticeably under the current government. For private companies in particular, there have since been barriers to investment in the form of delays in licensing procedures, restrictions on transmission, policy changes and lack of profitability. However, it is expected that by the next presidential election in 2024 at the latest, the private sector can and will once again become more involved in the expansion of renewable energies. Many large investors are already preparing for this by selectively building a substantial pipeline of wind and solar projects.
About SOWITEC:
As one of the leading global project developers for renewable energies, SOWITEC is active in 13 countries with a focus on the rapidly growing emerging and developing countries. With more than 140 employees, SOWITEC covers all areas of solar and wind power project development: from planning and design, yield and profitability calculations, construction support, sales and financing to technical and commercial management of wind and solar parks. More than 60 wind and solar projects developed by SOWITEC with almost 3,000 MW are currently in operation in eight countries.
www.sowitec.com
Contact:
Frank Ostermair, Linh Chung
Better Orange IR & HV AG
089/8896906-25
linh.chung@better-orange.de