Sojitz Corporation (“Sojitz”) has acquired a 66.7% stake in solar power developer Alten RE Developments America from parent company Alten Renewable Energy Developments (Head Office: Amsterdam, Netherlands), with the aim of operating a solar power plant in Mexico. Through this acquisition, Sojitz now owns a 20% stake in each of Alten America’s two operating companies in the country. These two companies are scheduled to construct Mexico’s largest solar power plants to date, with Sojitz’s participation marking the first time for a Japanese company to join a solar power business in the country.
The two operating companies will construct two solar power plants in Mexico’s State of Aguascalientes by September 2018, measuring 180MW and 168MW generating capacity. The project will then sell electricity and clean energy-certified power* to a fully-owned subsidiary of Mexico’s state-owned power company, Comisión Federal de Electricidad (“CFE”), based on a long-term power sales agreement.
Mexico’s energy sector was opened to private companies in 2016 after exhaustive energy sector reform. While the country is late in introducing solar power, at the same time, the country boasts some of the best solar radiation coverage in the world. The Mexican government hopes to leverage this energy sector reform to achieve a policy calling for 40% of the country’s energy mix to be comprised of renewable energy by 2035. As such, projections show sustainable growth for the country’s solar power sector.
Sojitz joined solar power projects in Peru in 2015 and Chile in 2017, with generating capacities of 44MW and 98MW respectively. The total combined energy produced by Sojitz’s solar power projects in Latin America now comes to approx. 500MW—the highest of any Japanese company. Sojitz will continue to actively pursue renewable energy projects in Mexico and the rest of Latin America in the future.
Date: Aug 9, 2017