Cubico Sustainable Investments has started commercial operations at a wind farm and solar plant in Mexico totalling 600MW.
The projects are the 250MW Mezquite wind farm in Nuevo Leon and the 350MW Solem photovoltaic project in Aguascalientes.
Cubico Mexico head Osvaldo Rance said: “These projects are honouring all their obligations under the power purchase agreements awarded in Mexico’s second long-term electricity auction in September 2016.
“The bulk of the of the energy, clean energy certificates and capacity produced by these projects are sold at very competitive prices to the Mexican state-owned utility CFE Basic Supply, the entity responsible for energy supply to the low income housing and agribusiness sectors.
“The legacy status provides these projects an intrinsic scarcity value and a competitive edge to secure bilateral corporate PPAs, which has become the name of the game now that the long-term electricity auctions have been temporarily cancelled.”
Cubico added that it also has a further two wind farms in advanced development in the country with a combined capacity of 400MW.
These two projects are expected to reach ready-to-build status during the first half of 2020, with construction following immediately and operations starting in 2021.
Cubico head of Americas Ricardo Diaz said: “We are very proud of what we have achieved in Mexico so far, having positioned ourselves among the top renewable energy companies and built a strong local platform comprised of highly experienced multidisciplinary professionals.
“This position will enable us to continue growing in the country, both organically and through opportunistic acquisitions as a long-term investor.”