Financing the Transition: Solar and Storage ROI in 2026

Q: Aspiria recently announced a significant partnership with BBVA Spark. Tell us about that development. What were the key factors that gave your financial partners the confidence to commit to these transactions?

A: We recently closed a major transaction with BBVA. That particular deal is focused on our working capital line of business. However, in parallel, we are actively working with BBVA and several other European financial institutions that have expressed strong interest for financing renewable energy projects in Mexico, specifically solar. 

We have been in the market for eleven years, with approximately MX$6,000 million(US$350 M) in financing deployed. When you dedicate yourself fully to a single mission and execute it consistently well, you begin to develop a kind of gravitational pull; you attract institutions that want to support what you are building. That is what happened with BBVA and other institutional investors we work with, and it is what is driving the interest from other partners as well to help us serve the Mexican market.

Q: Given the developments that followed Sheinbaum's energy reform over 2025, what does your operational strategy look like for 2026?

A: I do not think I have ever been more bullish on the solar sector than I am right now. We expect significant growth this year, and the pipeline is substantial.

If anything is creating friction at this stage, it is the pace of client decision-making. Unlike working capital, where business owners are actively seeking financing and come to us with urgency, solar financing is fundamentally a savings product. The return horizon is two, three, five, sometimes fifteen years out. That requires a different kind of decision-making process, and not every entrepreneur wakes up thinking about solar financing on a given morning.

That said, the economic case is becoming increasingly compelling. Energy prices are rising everywhere. Business owners are growing more comfortable with the idea of generating their own power, something that would have seemed implausible not long ago. However, once someone experiences it firsthand, they talk about it with their friends and family. The word-of-mouth dynamic is real, and it is accelerating adoption in a way that no sales effort alone could achieve.

Q: As clients have become more sophisticated, but still do not necessarily prioritize solar financing day-to-day, particularly given the uncertainty of the past few years, what are the most effective ways to make the case for this alternative?

A: The approach I have found most effective is radical simplicity. With this solution, starting on day one, we try to have clients have significant savings on their energy bills. An immediate, tangible benefit with no complexity and no projections, just a clear number they can act on.

Another framing that resonates is what I call the real estate analogy. Imagine you are paying a mortgage on a small apartment for three years, after which you collect rental income for the next twenty. Solar works the same way: you finance the system for say,  three years, and then for the next fifteen to twenty years, you receive an important yield every single month. Ynlike a mortgage, which typically spans twenty years, the payoff period here is just a few years. The economics are straightforward, and on top of that, you are hedging against energy price inflation for the long term. Once you frame it that way, the decision tends to make itself.

Q: In our last conversation, you mentioned that battery storage systems (BESS) were generating excitement but that widespread adoption was still some way off. Where does that stand now and have you seen meaningful movement on storage implementation?

A: We are very excited to finance in the future storage at scale, and I believe the battery market is going to be enormous. I can speak to this from direct experience. Our offices span approximately 2,500m2 and house around 130 employees. We recently installed a battery system here, at a cost of roughly MX$700,000. In the event of a power outage, it gives us eight to twelve hours of uninterrupted operation. For a business like ours, where downtime carries a real cost, the math is straightforward. I calculated that a single day without power, with staff sent home, costs us approximately MX$3 million in lost productivity. Given the frequency of outages in our area, roughly eight to 10 per year, the payback on that investment is almost immediate.

For businesses with critical processes, be it hospitals, manufacturers, or high-value service operations where continuity is non-negotiable, the case for battery storage is compelling on its own, even before you account for additional benefits like peak shaving and time shifting. I expect to see an great raise in battery adoption over the next five years. The market is still nascent, but the trajectory is inevitable.

Q: Given the persistent uncertainty, where do you find stability to keep growing your business?

A: Last year was genuinely difficult for most business owners in Mexico. This year, I have cautious optimism that the environment will improve, largely because certain things are beginning to settle. But there are two known events on the near horizon that I believe are critically important.

The first is the renegotiation of USMCA, expected sometime in March or April. This is of enormous consequence for Mexico. The second is the trajectory of US-China relations: whether the current confrontational posture continues or gives way to renewed cooperation will affect global trade flows in ways that ripple through virtually every industry.

Both of these matter directly to the energy sector, because the majority of the solar and battery technology we install comes from Asia. American-manufactured alternatives exist, but the price differential makes them largely uncompetitive at current volumes. If either negotiation produces unfavorable tariff outcomes, the cost structure of solar projects in Mexico changes materially.

Beyond tariffs, both events will affect the exchange rate and overall investment sentiment. I am already seeing a cautious reactivation in our industry, as business owners who spent the past year on the sidelines are beginning to make decisions. If the next few months pass without a major disruption, I believe many of them will commit. What the business community wants, more than anything, is for the rules of the game to stop changing so frequently. Stability, not perfection, just reasonable predictability, is what unlocks investment.

Q: What are you most excited about for 2026, and what are Aspiria’s goals for the year ahead?

A: Energy is one of the things I am most excited about this year, without question. We had a strong 2025 and expect to grow considerably in 2026. If I could leave one message for your audience, it is this: whatever your energy challenges are, we have solutions and we are ready to help you address them.

I remain genuinely optimistic about Mexico. Cautiously, but sincerely optimistic. If the key variables move in a reasonable direction this year, I believe 2026 could be a meaningful first step toward a stronger run for this country. The foundation is there, we just need the conditions to stabilize.

Aspiria is a digital financial institution that focuses on providing SMEs with access to financial services.