Sun in Mexico Lures Cash to Solar as Prices Plunge Marc Roca - Bloomberg News
go to original October 4, 2013

A contractor for First Solar Inc. works on a project in California. (Sam Hodgson/Bloomberg)

Mexico, poised to allow foreign oil extraction for the first time in 75 years, is finding its abundant natural resources also appeal to investors in a much cleaner energy: sunshine.

First Solar Inc. of the U.S. has bought its first projects in Mexico, while more than a dozen other developers including Germany’s Saferay GmbH and Spain’s Grupotec Tecnologia Solar SL own licenses there. Local investor Gauss Energia opened Latin America’s largest photovoltaic plant in the country last month.

The project “will open the way for the development of the photovoltaic sector,” Gauss Chief Executive Officer Hector Olea said in an e-mail. “There have been multiple announcements but very little real development work so far even though the regulatory system is sound and conducive to bankable projects.”

Mexico, a top 10 oil producer, plans to generate 35 percent of its power from clean sources by 2026, up from less than 15 percent now, to curb emissions and diversify its energy mix. A global surplus of solar panels has made them cheaper, while the costly oil-fired plants common in areas such as Durango, Sonora and southern Baja California make solar a competitive option.

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