Atlas Renewable Energy acquires the Guajiro solar project in Hidalgo

4 April, 2018

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Atlas Renewable Energy, a developer formed by UK-based private investment firm Actis, announced that it acquired from SunPower Corp. the Guajiro solar project in Mexico, with a planned capacity of 126.5 megawatts (MWp) peak (101.4 MW), in the municipality of Nopala de Villagran, state of Hidalgo.

The project, which is expected to be commissioned in the second quarter of 2019, will generate close to 300 gigawatt hours (GWh) of energy per year. The financial terms of the deal were not disclosed.

Guajiro is contracted under a long-term Power Purchase Agreement (PPA) with the CFE, Mexico’s state-owned electric utility. The project, initially developed by SunPower, was awarded in the country’s first electricity power auction, organized by Mexico’s National Center for Energy Control (CENACE), which manages the country’s electric system.

Following the acquisition of Guajiro, Atlas Renewable Energy will be responsible for the financing, construction and commissioning of the project.

Atlas Renewable Energy CEO Carlos Barrera said that “the Guajiro project marks a major milestone for Atlas Renewable Energy and constitutes the first of many projects in Mexico, one of our core focus markets”.

“We are pleased to have worked with SunPower on this acquisition, further building on a strong relationship between both our organizations. Establishing enduring relationships in the industry is something we regard as fundamental. We will continue seeking opportunities to invest or partner in high-quality solar and wind projects in Mexico, as we extend our footprint in the country”, he added.

SunPower Chief Financial Officer Chuck Boynton, said that “Mexico’s energy sector reforms spurred significant growth of the country’s solar market, and we are optimistic that growth will continue and result in a robust clean energy economy”.

“SunPower commends Atlas Renewable Energy for its commitment to renewable energy development in Latin America. By establishing its Mexico portfolio with the Guajiro project, and making additional investments in the country, Atlas Renewable Energy is well positioned to play a key role in promoting Mexico’s economic growth and sustainable energy sector”, Boynton added.

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