Greenwood, ILIOSS in Mexico plan

Greenwood Energy and ILIOSS have announced they will finance and build 250MW of PV capacity in Mexico by 2017, adding further momentum to the Mexican renewables market.

Greenwood Energy, the New York-based solar investor backed by the Libra Group conglomerate, will finance and own the projects, while Mexican renewables developer ILIOSS will provide all EPC and O&M services.

The power will be sold to “a diverse array” of unnamed customers under PPAs, the companies say.

Greenwood is aggressively targeting the Latin American solar market in places like Panama, Peru and Chile, with a pipeline stretching to 2GW. Greenwood also has a US solar joint venture with Tanaska-backed Soltage.

ILIOSS claims to be Mexico’s first commercial rooftop PV developer, with about 33MW under construction and a 500MW pipeline.

The announcement comes just weeks after Mexico’s landmark energy reform legislation was signed into law, with expectations that it will lead to a flood of external investment into both fossil fuels and renewable energy across the country.

Even before the legislation was set in motion, investment into Mexico’s renewables sector had been increasing rapidly. Some $1.3bn was invested in clean-energy in Mexico in the first half of 2014, compared to $1.6bn during the whole of 2013, according to Bloomberg New Energy Finance.

“Solar energy’s future is incredibly bright in Mexico,” says Greenwood chief executive Camilo Patrignani.