López Obrador Looks Toward US to Finance Four Wind Farms
President López Obrador announced that he is expecting either the US government or banks in the country to grant Mexico interest-free loans to build four wind-power farms in the Isthmus of Tehuantepec.
The wind farms in the south of Mexico are part of López Obrador’s plans to build 10 industrial parks along the new railway corridor that will connect the Salina Cruz port in Oaxaca with the Coatzacoalcos port in Veracruz via a 303km railway with connections with highways, as well as the airports of Minatitlan, Ixtepec and Huatulco. The so-called Interoceanic Corridor is one of the key projects of López Obrador’s administration. The route will also feature a gas pipeline and a fiber optics network.
López Obrador said he expects the US to visit the Isthmus next month along with US climate envoy John Kerry to launch the projects. However, locals have opposed the construction of wind farms in the area in the past. In addition, the president has previously refused to grant permits to private renewable energy projects by foreign investors in Mexico.
Moreover, in his efforts to bolster the state-owned electricity company, López Obrador said that the new wind farms would be run by CFE.
The Interoceanic Corridor of the Isthmus of Tehuantepec is positioned to boost Mexico’s logistic capabilities similar to major players like Panama. The federal government expects this project to be a success as it aims to compete with important logistic hubs in the region, much like the Panama Canal.
According to Eduardo Romero, Coordinator for Industrial Sector Development and Strategy, the interoceanic Corridor, the project will be able to move over 1.4 million containers per year. Romero said that the project will contribute 1.6 percent of the GDP by 2050, attract over US$50 billion in investments and create more than 500,000 direct jobs since it will be an “investment magnet” because of the tax incentives it will offer. Project Director Rafael Marín Mollinedo said the corridor will begin transporting goods as soon as April 2023, adding that by December of this year, the corridor will link to the Mayan Train with a route from Coatzacoalcos to Palenque.
Hermilo Pérez, Director, The Association of Local Authorities of Mexico, said the project will completely transform the region and will put 79 municipalities of the region at the center of economic development.