A major Korean energy utility has made a sizable investment in three large Mexican solar projects, including two in Sonora.
The Korean Electric Power Corporation — or KEPCO — and fund manager Sprott Korea have bought a 49% interest in those three solar projects from Canadian Solar. That’s according to a recent release from the latter company.
The two Sonoran projects will have an estimated peak capacity of roughly 125 megawatts each. Construction on the third in Aguascalientes is already underway, with commercial operation expected by the second quarter of 2020. The Sonoran plants are expected to be up and running by early 2021.
"This high-quality solar portfolio is a strategic addition to our international renewable energy holdings and will allow us to further diversify our generation portfolio," KEPCO's CEO JongKap Kim was quoted as saying in the release. "We are pleased to be working again with Canadian Solar, an industry-leading developer, and expect further cooperation in the global solar market."
All three projects came out of Mexico’s third long-term energy auctions. Earlier this year, Mexico’s president indefinitely canceled the fourth such auction, raising questions about the future of utility-scale solar development in the country.