Construction of the project will start in Q3 2018 in the Mexican state of San Luis Potosi. Dhamma Energy has a pipeline of solar projects of over 1 GW in Mexico.
Madrid, June 19, 2018.- PV project developer Dhamma Energy announced today that it has closed the sale of a 37 MW solar project ready to build located in the Mexican state of San Luis Potosi to Balam Fund.
Dhamma Energy successfully developed this project under the self-consumption scheme. The construction of the solar plant is expected to begin in Q3 2018.
Dhamma Energy will remain involved in the project until it is connected to the grid. “We are very pleased to work with Balam Fund in our first partnership with them in the country. Dhamma Energy and Balam Fund are both strong players in the Mexican solar market,” said cofounder of Dhamma Energy Philippe Esposito.
Mexico has a favorable regulatory environment for the development of renewable energy. Dhamma Energy established a subsidiary in Mexico in 2013 and has currently more than 1 GW of PV projects under development, of which over 300 MW already hold all the permits required to start construction.
“We have already fully developed 7 solar projects in Mexico. We believe that there is a big potential for long term opportunities in the country. Mexico has implemented key reforms in the last years for the development of renewable energy,” said cofounder of Dhamma Energy Philippe Esposito.
This represents Balam´s fourth acquisition in Mexico. The asset manager currently controls a portfolio of solar and wind projects totalling over 500 MW. Besides the acquisition referred to herein, which is the first acquisition of a project by Balam from Dhamma Energy, the rest of Balam´s projects are under operation or in final construction phase, projecting to connect to the grid over the following months.
The Madrid-headquartered company Dhamma Energy develops and operates PV projects in Europe, Latin America and Africa. France is one of the main markets for Dhamma Energy, where 40 MW of PV projects developed by the company are already in operation and further 60 MW will be connected to the grid in 2019.
In France, Dhamma Energy has also more than 150 MW of PV projects in advanced development stage and in Spain Dhamma Energy has 150 MW of PV projects under development.
Credit of the picture: Dhamma Energy /Harel Mallac