China invests in Mexico’s green energy

Chinese energy giant State Power Investment Corp has purchased the largest independent producer of “green” energy in Mexico. This happened on the background of a weakening interest in such projects by the local authorities and should restore the confidence of the industry and give it access to the international investment market.

Chinese energy giant State Power Investment Corp (SPIC), which investments in energy assets (including renewable ones) around the world exceed $ 170 billion, has completed a deal to acquire the largest independent producer of “green” energy in Mexico. This was announced by a spokesman for the Mexican company, without disclosing the amount of the transaction.

This purchase contributes to SPIC’s portfolio of energy assets in South and Latin America, which has been actively developing over the past few years.

It is noteworthy that this transaction occurred against the background of vague interest of the Mexican authorities in renewable energy. President Andres Manuel Lopez Obrador and his administration have recently slowed down the development of wind and solar projects. The main goal of Mexico’s energy strategy today is to restore crude oil production, including by increasing domestic demand, which is directly contrary to the interests of green energy.

In support of the change in the vector of energy policy, the Mexican authorities argue that wind farms harm the environment and cause “visual pollution”. In addition, all green energy in the country is more or less subsidized by the state, which in the current economic realities is an unacceptable luxury.