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Mexico Wind Farm Projects Boost Renewable Energy Market

07 April, 2016

Mexico is now among the top ten nations worldwide to record the greatest level of spending on renewable sources of energy,reported Mexico News Daily. In 2015,that spending totaled $4 billion in US dollars,which represents growth of more than 105 percent over 2014,according to the annual report from the United Nations Environment Program (UNEP).

“The creation of nine wind farm projects was a major contributor to the increase in wind power investment,which shows no signs of slowing.”

In addition,there is another new wind farm currently under construction in northern Mexico’s border state of Tamaulipas. Known as Tres Mesas,it will reportedly be a 45-turbine park and one of the largest in Mexico by the time it is completed,creating enough power to service the needs of 71,000 homes.

“The state has a high investment potential due to its stable,year-round winds,” wrote Mexico News Daily. “Mexico was also one of the three emerging economies with the highest yearly growth in renewable energy investment.”

Mexico’s new Energy Transition Law,which was approved by Congress last December,also ensures the continued growth in the renewables market. The law declares that at least 35 percent of the nation’s energy must be generated from clean renewable sources by 2024 and 60 percent by 2050.

“Mexico has enough potential,estimating that by 2030 the country could be well capable of generating 46 percent of its electricity needs through sustainable sources,” according to the International Renewable Energy Agency (IRENA). “IRENA estimated that Mexico is capable of generating 26 percent of its electricity through wind and solar farms,12 percent through hydroelectric generators,5 percent by harnessing geothermal energy and 2.5 percent through biomass.”

In real numbers,it appears Mexico could realistically reduce its use of coal by up to 62 percent,natural gas by up to 21 percent and oil by 6 percent by 2030. The UNEP report also told an interesting tale about the spending of emerging economies versus developed nations on renewables,with emerging countries spending upwards of $156 billion,compared to only $130 billion among the developed world.

“Mexico represents one-fifth of all energy use in the Latin American and Caribbean region and is key to ensuring a successful regional transition to renewable energy,” stated Adnan Z. Amin,who serves as director general of IRENA. “With the recent energy sector reform,Mexico is now on the path of rapid renewables growth,which can help secure a safer,healthier and more sustainable future.”

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