Mexico Wind Solar and Energy Storage Power Plant Budget

How big is Mexico's solar energy industry?

Mexico’s solar energy industry is the second biggest in Latin America, after Brazil, with a capacity of over 7 GW over installed solar photovoltaic (PV) in 2021. It also has a significant wind power capacity of roughly 7.7 GW, and 976 MW of geothermal power generation.

Why are solar energy projects growing in Mexico?

This affordability is driving the expansion of solar energy projects across the nation, such as the new 500 MW solar panel production line recently commissioned by Solarever. Mexico’s wind energy sector is also experiencing rapid growth.

What will Mexico's solar power project include?

The project includes the construction of one of the world’s largest solar power plants, the development of Sonora’s lithium reserves, and the manufacturing of electric vehicle (EV) parts. It also includes the expansion of the state’s principal Guaymas port. Mexico’s energy demand is expected to continue rising.

Does Mexico have a wind energy sector?

Mexico’s wind energy sector is also experiencing rapid growth. With the country’s favorable geographic conditions, wind power is becoming an integral component of its renewable energy mix.

How much power does Mexico have?

It also has a significant wind power capacity of roughly 7.7 GW, and 976 MW of geothermal power generation. The Mexican government has established several ambitious renewable energy targets for the next decade and beyond, targeting 35% of its electricity generation from clean energy sources by 2024, up from roughly 29% in 2022.

How much solar power does Mexico have in 2022?

In 2022, Mexico had a total of 31.3 GW of installed clean energy capacity, which mainly consisted of hydropower, wind, and solar power. In 2024, Mexico had the second-largest solar PV capacity in Latin America, ranking only behind Brazil, with 4.42 GW of installed distributed solar capacity by the end of the year.