April 16 (Renewables Now) - Mexico's Secretary of Energy, Pedro Joaquin Coldwell, said last week that renewable sources will likely produce 43% of the country's electricity by 2024.
The calculation is based on the results of the energy auctions carried out by the government so far, the secretary pointed out. With three completed tenders, 65 new power plants, of which 40 are solar and 25 are wind, are expected to be built in the next three years. The overall investment has been estimated at USD 8.6 billion (EUR 6.9bn).
The government also stated that the prices achieved at the auctions are among the lowest in the world. In the most recent auction, wind was negotiated at USD 17.7 per MWh and the price of solar power was USD 19.7 per MWh.
Mexico's solar installed capacity already grew 110% in the last few years, going from nine solar power plants in 2015 to 23 in 2017. The auctions will allow the country to have 68 solar power plants as early as 2021, Coldwell noted.