EU aiming to open Mexico’s Plan Sonora to private investment

The European Commission is in talks with the Mexican government and the European Central Bank to find a way to include the private sector in the US$48bn clean energy Plan Sonora. 

Investments or financing from Europe could possibly be confirmed this year or next, the EU’s ambassador to Mexico, Gautier Mignot (pictured), told BNamericas during the Mexico Wind Power event. 

“The idea, precisely, is to facilitate private sector investments in the Plan Sonora, whether these are European or non-European,” he said, adding that the embassy and Mexico’s foreign ministry gathered 80 European companies on July 18 to present the benefits of Plan Sonora. 

“We want to see where we can support sectors that correspond to our priorities, which are related to the green transition.”

Europe’s interest in Plan Sonora was unveiled in June during European Commission president Ursula von der Leyen’s visit to Mexico City. After a two-hour meeting with President Andrés Manuel López Obrador, she said on social media that the EU “will support Plan Sonora, to harness a resource you have in abundance: the sun.” 

According to Mignot, the EU is also helping Mexico determine its green taxonomy and conduct pre-investment studies for rail development and two passenger trains specifically. The tender for those studies was launched in May and can be seen here. 

Asked about European companies' interest in relocating to Mexico as part of nearshoring, Mignot said, “Our companies have been nearshoring in Mexico for years and investing here to get closer to the Mexican market, so that will continue.”

Sonora Plan

Sonora’s energy director Rafael Cabanillas said at the Intersolar México event earlier this week that the Sonora Plan was expanded to include four main elements, becoming yet more appealing to companies intent on nearshoring. 

These elements are energy generation at the US$1.6bn Puerto Peñasco solar plant, the production of lithium by state-owned company LitioMex, building the US$14bn Saguaro Energía natural gas liquefaction hub and the modernization of logistics infrastructure such as highways, the Guaymas port and Ciudad Obregon airport. 

Cabanillas at Intersolar México.

The first stage of the 1GW photovoltaic plant was inaugurated earlier this year and involves 120MW. Construction is underway on the second (300MW) and third (300MW) stages. They will start operations in February next year and in April 2026. The last stage should conclude in 2028, Cabanillas said.

The reason behind the long construction period relates to an interconnection project to link the neighboring state of Baja California, according to Cabanillas, who also said the local government is building 40 small 0.5MW plants in marginal communities as part of this solar project.