Iberdrola to Advance Renewable Energy Projects in Mexico

Iberdrola Mexico and Mexico Infrastructure Partners (MIP) have joined hands to give a push to renewable energy in Mexico.

Iberdrola is a Spanish multinational electric utility company. MIP is an independent Mexican fund manager of alternative investment vehicles, such as promoting energy and infrastructure in Mexico.

The announcement about the MoU signed between the two firms was made by the Executive Chairman of Iberdrola, Ignacio Galán and the President of the Government of Mexico, Andrés Manuel López Obrador.

The Government of Mexico will lend support to the operations of renewable energy. This will be done by providing financial support from the National Infrastructure Fund of Mexico (Fonadin) and other public financial entities.

Iberdrola maintains that with cooperation from the Federal Government, it would further establish its leadership as the primary private generator of renewable energy. As a result, it will get the impetus to continue operating assets under market conditions while supporting the energy transition in Mexico.

Obrador said, “The agreement reached with Iberdrola, which allows progress in the implementation of Mexico’s new energy policy, represents the beginning of a new stage in which the company will actively participate in the renewable development of the country.” 

Galan stated, “Iberdrola appreciates the support and flexibility shown by the Government of Mexico to reach this agreement while considering Mexico a strategic country with potential for growth and expansion where it will show its support to Mexico and the State by developing renewable capacity.”

Iberdrola recently inked its largest-ever power purchasing agreement (PPA), under which it will develop large-scale renewable energy projects along with Amazon.