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Mexico to Receive $8 Billion in Foreign Investment for Renewable Energy

13 September, 2012

According to a recent report by
Bloomberg News out of London,foreign investment in Mexico's renewable energy
projects is expected to climb in the coming months to reach more than $8
billion this year alone. In late June 2011 these new figures were revealed by
Carlos Guzman,who is the current president of Promexico,which is the state
agency that is responsible for bringing a large amount of foreign investment
dollars into Mexico.

According to the new report,
Promexico is currently working with a number of European and American wind and
solar power companies in an effort to launch at least five new projects this
year. By comparison,only four renewable energy projects totaling three billion
dollars were initiated in 2010. In addition,Guzman mentioned that he is still
in talks with Italian companies Enel and Iberdrola,as well as Spanish
companies Acciona and Abengoa,all of which are expected to decide to make
additional substantial investments in Mexico's renewables in the coming months.

Many of these companies are very
interested in the 3,000-plus kilometer hilly borderland that stretches between
northern Mexico and the southern United States. Much of this land has been
designated as an ideal location for a variety of wind,solar and hydropower
plants that could supply power to parts of Mexico and the United States. Once
these plants are up and running,Mexico may eventually help states like
California,which are required to obtain at least one third of their total
energy supply from renewable sources by the year 2020. In order to comply with
these ambitious goals,most experts agree that the states in question will need
help.

“It's very difficult for California to achieve that goal in such a short
period,” Guzman shared. “Many of the projects that we are generating in Mexico
have in mind that they could serve the California market. We still have to work
on the regulatory issues,but it is a possibility.”

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Topics: Mexico Investment

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