Sojitz buy stake in 348-MW Mexican solar portfolio

Japanese trader Sojitz Corp (TYO:2768) said on Wednesday it has acquired a 20% stake in solar photovoltaic (PV) projects in Mexico with a combined capacity of 348 MW in a deal with Alten Renewable Energy Developments.

With this transaction, Sojitz now owns a stake in two project companies for the Cubico Alten Aguascalientes Uno and Cubico Alten Aguascalientes Dos projects of 180 MW and 168 MW, respectively, the firm said. The deal is touted as the first in which a Japanese company joins a solar power business in Mexico.

Located in Mexico’s Aguascalientes state, both PV power plants are scheduled to commence operations by September 2018. When completed, they will sell their output and clean energy-certificate power to a subsidiary of Mexico’s state-owned power company Comision Federal de Electricidad (CFE) through a long-term power purchase agreement (PPA) won in a tender last year.

London-based Cubico Sustainable Investments just announced that it has achieved financial close for the Aguascalientes projects.

Currently, Sojitz has around 500 MW of combined solar production capacity in Latin America, the company noted.

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