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Mexico Awarded $2.5 Billion for New Wind Farms

13 September, 2012

According to a report by Reuters,Mexico announced last
Thursday it has received a $2.5 billion investment for new wind farms from the
San Diego-based Cannon Power Group,which plans to build in southern Quintana
Roo near Cancun,as well as in the central state of Zacatecas and on the Baja
California peninsula. The new wind farms will generate more than 300 MW of
electricity for Mexico and are an important part of the Mexican government's
drive towards renewable energy.

Mexico's president Felipe Calderon said his country already
generates more than 500 MW of renewable power and plans to reach 2000 MW by the
end of his term in 2012. “We need to... reduce the use of fossil fuels and this
is the way,projects that generate electricity without burning anything,
without burning gas,without burning oil,” he stated.

Mexico is committed to reducing the amount of greenhouse
gasses it releases into the atmosphere and Cannon Power Group already operates
a plant in Baja. A longtime top exporter of oil to the United States,Mexico
has seen its oil production drop significantly in recent years as its fields
age. Today,the country only produces about 2.6 million barrels of oil every
day,which is a far cry from its peak production in 2004 when it reached 3.4
million. Furthermore,Mexico is forced to import more than 40 percent of its
gasoline due to its limited refining ability.

As a result,Calderon has stated Mexico must increase
production of wind,hydro,solar and a variety of other renewable energy
sources and hopes to cover at least 26 percent of the country's total demand by
2012,up from 23 percent when he became president in 2006.

Thanks to Cannon Power
Group's recent investment announcement,Mexico is expected to hit upwards of
$100 billion in foreign investment dollars to fund alternative energy by 2012,
thanks to commitments from a number of companies that hope to cash in on
Mexico's green future.

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