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Mexico

Mexico

Envision signs Mexico MoU

MEXICO: Envision has signed a memorandum of understanding (MoU) with Banco Interacciones to develop wind projects in Mexico.

The government is looking to source 35% of the country’s electricity from renewable sources by 2024
The government is looking to source 35% of the country’s electricity from renewable sources by 2024

Envision will use Banco Interacciones' knowledge of the local business sector to help find potential projects and identify areas for investment.

Carlos Hank Gonzalez, CEO of Banco Interacciones' parent company Grupo Financiero Interacciones, said the MoU would be able to take advantage of Mexico's recent energy reform, which was signed into law in August.

The Mexican president Enrique Pena Nieto said the reforms would promote investment in renewable energy by opening the country's electricity market up to foreign companies.

The government is looking to source 35% of the country's electricity from renewable sources by 2024.

Its energy department is targeting 12GW by the end of 2020, which requires around 1.5GW of new capacity annually over that period.

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