Fotowatio Renewable Ventures (FRV) will generate 270 jobs and enough green electricity to supply 76,100 homes after securing a 300 MW solar project in Mexico.
FRV, a leading global developer of utility-scale solar power plants (part of Abdul Latif Jameel Energy), was successful in the second competitive auction staged this year by the National Energy Control Center (CENACE) of Mexico. The deal sees FRV extend its global footprint and enter the Mexican market at US$ 26.99/MWh.
Construction of the plant will begin in mid-2018. It will be operational by mid-2019, and will reduce greenhouse gas emissions by almost 98 million tons of CO2.
Rafael Benjumea, Chief Executive Officer of FRV, said: “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.”
In July 2015, FRV’s La Jacinta solar plant (pictured) began operations in Uruguay, making the country home to one of the largest solar photovoltaics projects in Latin America. FRV now has a 4.5 GW development portfolio in emerging solar markets, including Australia, the Middle East, India, Africa and Latin America.