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Mexico and the New Energy Economy – Solar Opportunity is Bright

Posted 18 May 2015 3:42 PM by Pedro Elio

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This week, First Solar is attending MIREC 2015 in Mexico City where members of the energy industry are gathering to discuss vital next steps for clean energy sources in Mexico.

A new energy economy is upon us as economic factors have shifted in the last few years, making solar energy competitively priced against conventional energy sources. Solar has reached a “tipping point” as companies are looking for sustainable energy options, and energy consumers are demanding access to worldwide affordable, reliable, cleaner energy. Especially in countries such as Mexico — where the supply and demand equation is ripe for solar growth — solar energy is a competitive, dependable alternative to traditional fuel resources.

Mexico has the ideal market conditions to develop a long-term, sustainable utility-scale PV market given its electricity price competitiveness, abundant availability of land, and growing electricity demand. Additionally, due to its location, solar insolation, workforce and existing infrastructure, Mexico is uniquely situated to capitalize on policy lessons learned over the last decade and launch a vibrant, robust and durable solar sector delivering carbon reduction, economic growth and affordable energy costs across the country.

Recognizing the economic, energy security, and environmental benefits of developing the clean energy segment, Mexico set ambitious clean energy targets of 35% by 2024 and 5% Clean Energy Obligations for 2018. In order to meet these ambitious goals in a market with approximately 60 gigawatts of installed generating capacity, secondary laws will need to focus on establishing clear and non-conflicting regulations focused on the long term growth of the renewable energy sector, include mechanisms for incentivizing and enforcing renewables targets, and establish a reverse auction mechanism that will help drive down the cost of solar.

In August of 2013, First Solar acquired a pipeline of Mexico development assets located in the State of Sonora that are currently in a position to take advantage of the emerging utility scale PV market in the country. We are looking to engage further in Mexico to help meet renewable energy goals that we believe will have many sustainable long-term benefits for the nation’s citizens.

First Solar at MIREC WEEK 2015 – Visit us at Booth B0 for a demonstration of First Solar’s Energy Capacity Assessment Tool, a self-service utility-scale planning application that helps developers and investors quickly and easily evaluate potential for customized solar power projects.

First Solar’s Country Manager for Mexico, Pedro Elio, responsible for the development and growth of First Solar’s pipeline of utility-scale solar energy projects in the region, will participate in the featured panel discussion, “Maximizing Project ROI,” on May 21st at 14:40.