One of America’s leading solar developers, SolarCity, will now expand into Mexico, after the announcement of its acquisition of ILIOSS.
SolarCity announced Wednesday that it would acquire one of Mexico’s largest commercial and industrial solar developers, ILIOSS, which after the conclusion of the acquisition process will operate as an independent business unit of SolarCity.
SolarCity and ILIOSS stated in their joint press release that they intend to provide cheaper solar power for many commercial and industrial customers throughout Mexico, well below current electricity bills.
Mexico has often been regarded as one of the most attractive new renewable energy markets, due in part to high existing electricity rates as well as a massive solar resource, which has been even more incentivised by favourable solar economics in the country.
In May, a new report from the International Renewable Energy Agency (IRENA), prepared in collaboration with the Mexican Energy Secretariat (SENER), found that, not only can Mexico increase its share of renewable energy in its energy mix from 4.4% in 2010 to 21% in 2030, but it can also generate up to 46% of its electricity by 2030 from renewable energy sources.
Solar will play a huge role in Mexico’s future renewable energy mix, but many companies are also looking to the ability to develop wind in the country as well. Gamesa recently announced that it intends to increase sales to nearly 4 GW in 2017, thanks in part to “its leading position in India, Mexico, and Brazil.”
At the same time, Enel Green Power announced in mid-July that it will invest $220 million into a new wind farm being developed in Mexico that will generate 280 GWh annually.