The China-based solar energy company Risen Solar has announced that it plans to invest $600 million in a coming up 300 MW Mexican solar power plant, reports Clean Technica.
The company is located in Ningbo, Zhejiang province of China.
This 300 MW project located in the Mexican state of Durango.will be developed in three separate phases.
The project was initialized in 2011 as a 200 MW project and the letters of intent were signed between the company and the state of Durango.
As per current plans, at least 250 MW of capacity are slated to be online by 2017.
In another clean energy initiative in Mexico, Spanish firm Fluitecnik has begun construction of a solar power plant in Coahuila.
In Mexico, a country depending on imported natural gas, with limited hydropower, coal resources and underdeveloped grid infrastructure, new projects coming up on renewable energy is an advantage.
The energy demand is growing four percent annually, and electricity prices arerising 8-10 percent per year. Often, electricity demand outpaces capacity additions.
Solar power can fill the gap between demand and supply in Mexico. Around 24 gigawatts (GW) of solar projects are in the development pipeline, waiting for reform to be converted into capacity auctions.
97 megawatts (MW) of solar are expected to go online this year, rising to 3.2 GW by 2018.
Sabeena Wahid
editor@greentechlead.com