Abdul Latif Jameel Energy secures financing for Mexican solar farm that will power 150,000 homes

Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has secured a financing deal to develop a 342 MW dc solar farm in Mexico.

Potosí Solar Farm is Abdul Latif Jameel Energy’s first project in the country and adds to a growing list of renewable energy projects it has delivered across Latin America, including Uruguay and Chile.

The solar farm will generate 800,000 MWh per year, enough clean energy to power around 150,000 homes and reduce greenhouse gas emissions by approximately 600,000 tons of CO annually. Construction is due to begin in early 2018.

Roberto de Diego Arozamena, Chief Executive Officer of Abdul Latif Jameel Energy, said:

“Over the past week, we have announced we will power nearly 400,000 homes in Chile and Mexico with clean energy. That’s why countries such as Saudi Arabia are right to be bringing forward initiatives such as the National Renewable Energy Program as there is huge potential in renewable energy.

“Building on our growing footprint in Latin America, this particular project will capitalize on the considerable opportunity for renewables in Mexico and we look forward to driving clean energy in the country.”

Abdul Latif Jameel Energy, through FRV, closed the financing agreement with KFW (Kreditanstalt für Wiederaufbau), Bancomext and ING.

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