China’s JinkoSolar to build three solar projects in Mexico

China’s JinkoSolar to build three solar projects in Mexico

JinkoSolar (NYSE:JKS) a Chinese manufacturer of photovoltaics, has been awarded the rights to construct and develop three solar photovoltaic projects in Mexico at the country’s first electricity auction. 

The projects together will total 188MW and the auction comes as the Mexican Government plans to invest US$14 billion to connect a renewable power capacity of 6GW from 2015-2018.

Two solar power plants will be built in Yucatán and the other in Jalisco.

The projects will produce more than 500GWh of clean electricity in total each year and reduce CO2 emissions by 200,000t. All plants will be running by mid-2018.

Mexico’s Federal Electricity Commission (CFE) will buy the solar power generated under a 15-year purchase agreement.

Xiande Li, chairman of JinkoSolar said: “We are eager to jointly work with CFE and Centro Nacional de Control de Energía (CENACE) to develop renewable energy in Mexico. We look forward to leveraging this win to further increase our growth momentum in Mexico and other emerging solar markets as we continue to seek project development opportunities in other markets.”

JinkoSolar has linked approximately 1,006.6MW of solar projects to China’s grid as of 31 December 2015.