Spanish renewable energy companies Cox Energy and X-Elio have formed an alliance in Mexico to build and manage a 118 MW photovoltaic solar farm capable of generating 275 gigawatt-hours (GWh) per year, enough to supply electricity to 100,000 homes. The investment figure will amount to 70 million euros and Cox will have 30%. The plant, located in the municipality of Tepeyahualco, State of Veracruz (Mexico), will enter into operation in 2019 and will create some 450 direct jobs at the peak of its construction.
The plant has a power purchase agreement (PPA) denominated in dollars for the majority of its production. Thanks to this, it is foreseen that the income generated will amount to 450 million dollars (around 400 million euros) during its entire useful life.
Both Cox Energy and X-Elio have developed their impact in Mexico. The company founded by Enrique Riquelme has 600 megawatts (MW), of which a significant percentage are backed by long-term contracts. To this figure we must add a pipeline of 1,500 MW. In addition, through Cox Energy México Suministrado, it has begun to market electricity in Mexico to qualified users (contracted capacity is greater than 1 MW).
X-Elio, for its part, has just won a contract in Guanajuato with an investment of 71 million dollars for a solar field. The company directed by Jorge Barredo has assets with contracted rates and a total capacity of close to 600 MW.