The project, which will be located in Isthmus of Tehuantepec, in the La Ventosa region of Oaxaca of Mexico, will be developed by Marena Renovables. The isthmus represents the narrowest piece of land separating the Gulf of Mexico and the Pacific Ocean.
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When complete, it will be the largest project in Latin America.
Under the deal, Mitusbishi will own 34% of Marena. Other investors are Macquarie Mexican Infrastructure Fund and PGGM. Mitsubishi, which is developing its own 7MW offshore turbine, said it hopes to gain operational experience through the development of the project.
Power purchase agreements are in place with beverage manufacturers Fomento Económico Mexicano, the world's largest bottler of Coca-Cola, and Cerveceria Cuauhtémoc Moctezuma, which produces Heineken.
In November last year, The Inter-American Development Bank (IDB) has approved a $72 million loan to develop the project.
Oaxaca is arguably a stronghold for Mexican wind energy and, as a result of its position on the coast and high wind speeds, represents around two-thirds of the country's wind capacity.