Grenergy expects next Mexico government to accelerate renewables

Grenergy Renovables is keeping an eye on Mexico where good news is expected in the future, according to company executive chairman David Ruiz.

Ruiz made the comment during the Madrid-based group’s first quarter results call where he highlighted the nearshoring effect with the US and high energy demand.

“Everything is indicating that [Mexico] will be an important market,” said Ruiz, who pinned hopes on the country’s next government.

“No matter who wins, both candidates have shown a great interest in developing renewables faster,” he told analysts and investors, ahead of Mexico’s presidential and general elections on June 2.

Read What a Xóchitl Gálvez administration would mean for Mexico's energy sector and Sheinbaum’s US$13.5bn generation, transmission plan for Mexico

In Mexico, Grenergy operates the 35MW San Miguel de Allende solar park which came online in 2021.

The company’s Mexican pipeline includes 461MW of early-stage solar projects and 673MW of identified solar opportunities. For Grenergy, early-stage projects have a 50% success rate of development and identified projects, 20-40%.