Mainstream has been evaluating the opportunity in Mexico over the past year and, as part of its efforts to expand development activities, we set up an office in Mexico City, headed up by our General Manager for Mexico, Peter Eschenbach.
In 2016, Mainstream in partnership with General Electric (GE) acquired the El Durengueno wind project (120MW) as a late stage development asset and is on course to commence construction in Q2 2018. Mainstream’s management has in-depth knowledge of the project having previously worked for the original developer, Sunedison
While Mexico is the near-term focus, Mainstream is in the process of reviewing and monitoring the fuller Central American and Caribbean markets. Mexico has a population of around 125 million and is an OECD member whose economy continues to expand at an annual rate of c.2.5% per year.
Mexico has abundant solar and wind resources to generate electricity. Daily radiation reaches 6.3kWh/m2 in many places, more than double the resources exhibited by Germany, a world leader in solar PV. A solar PV installation across 100,000 hectares in Mexico could meet the entire country’s electricity needs. Mexico’s wind resources, if fully exploited, could also provide the country with 71GW of power.
Mexico has ambitious targets in place to derive 50% of electricity generation from renewables by 2050.