Fotowatio Renewable Ventures (FRV) said that it has secured financing for the 342MW DC Potosí solar farm to be built in the Mexican state of San Luis de Potosí.
The company has completed the financial agreement of the project with KFW (Kreditanstalt für Wiederaufbau), Bancomext and ING.
FRV won the rights to develop the project during the second auction conducted by the National Center for Energy Control (CENACE) in September 2016.
In March 2017, FRV signed a Power Purchase Agreement (PPA) with CFE Suministro Basico.
Located 60km northeast of Zacatecas, the Potosí Solar Farm, which will be connected to the national power grid, will generate enough power to cover about 150,000 households.
The solar farm will spread across nearly 800 hectares. It is expected to cut down greenhouse gas emissions by about 600,000 tons of CO2 per annum.
Construction of the solar farm will begin in early part of this year and will be carried out under an Engineering, Procurement, and Construction (EPC) contract by TSK. About 300 jobs are set to be created during the construction stage.
The Potosí solar farm is anticipated to begin operations by early 2019.
FRV CEO Rafael Benjumea said: “Mexico has enormous renewables potential. That is why we are committed to bringing clean energy and job creation in the country.
“This particular project will contribute to socio-economic development and allow us to continue leading international trends in the production of clean, competitive and sustainable energy.”
Earlier in the week, FRV had won a tender in Chile to develop a hybrid solar-wind project that would be capable of generating 540GWh of power.
The Chilean solar-wind project will be developed between the northern and the central parts of the country. It is expected to generate enough power to cover about 224,000 households while offsetting around 221,400 tons of CO2 into the atmosphere each year.
Image: FRV will be the operator of the 342MW Potosí solar farm in Mexico. Photo: courtesy of Fotowatio Renewable Ventures B.V.