Cox Energy and Finsolar will invest 250 million dollars for the generation of electricity for medium and large companies in Bajío, Jalisco, Nuevo León and the Yucatán Peninsula.
“We have a vehicle to invest between the two parties, but much of the capital comes from Cox Energy,” revealed Ian de la Garza Couturier, CEO and co-founder of Finsolar.
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“We are experts in distributed generation and we have relationships with 800 companies (with operations in the country), while Cox has the capital and strength,” he told Forbes Mexico.
To begin with, the investment of 250 million dollars in this joint venture between the Mexican cleantech and the Spanish electricity company will serve to build solar parks and cogeneration plants, which will produce 450 MW of electricity in Mexico.
With the capital, 30 electrical projects will be built for large companies and 400 small electricity generation plants for medium-sized companies between now and 2028, explained the director of the Mexican company.
The manager explained that his potential clients of distributed generation are medium-sized companies, which own a warehouse or light industry, as well as large companies, which own dozens of factories and distribution centers installed in Bajío, Jalisco, Nuevo León and the Yucatán Peninsula.
With the electricity generated by Cox and Finsolar, companies will reduce the cost of the electricity consumption rate by between 30 percent and 40 percent compared to the prices of the Federal Electricity Commission (CFE), as well as they will not suffer blackouts and there will be operational continuity of the companies.
De la Garza pointed out that the strategic business alliance accelerates the energy transition of the commercial and industrial sector in Mexico.
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The alliance “is a joint venture,” which began to be created 4 years ago with talks with directors of Cox Energy, he said.
“We have been in constant communication, it is not something new nor did we say: Cox Energy buys Iberdrola and we are going to join forces with them. We were already in talks with them (for the joint venture).”
When the first conversations for the joint venture began, Cox Energy was defining its strategy to enter the Mexican market, as well as reviewing, analyzing and studying the regulation of the electricity industry in Mexico, he added.
It was not until today that the business alliance was finalized, since Cox Energy is committed to the generation of renewable energy in Mexico, said the CEO of Finsolar.
The commitment of the electricity business to sell electricity to medium and large companies is the first investment project between Finsolar and Cox Energy.
Ian de la Garza pointed out that the alliance with Cox Energy is key to scaling the impact of its smart solar solutions and facilitating the energy transition of more companies in Mexico.
“For Cox, the alliance with Finsolar represents much more than a joint project, because it is the convergence of two visions committed to transforming the energy landscape of Mexico,” declared Lamberto Camacho, director of Promotion and Development of Cox Energy.
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The director of the company of Spanish origin said that they are committed to a sustainable and profitable model, which allows access to clean energy to be a reality for companies in Mexico.
“Collaboration allows us to advance strongly in our mission to accelerate the energy transition in key regions that today face structural challenges,” said Lamberto Camacho.
