Image credits: Anders Jacobsen
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News Article

Solarever Opens New Solar Panel Manufacturing Plant in Colima

By Paloma Duran | Wed, 11/25/2020 - 16:54

The Mexican company Solarever inaugurated Latin America’s largest solar panel manufacturing plant in Tecoman, Colima with Chinese investment totaling US$20 million, which includes the financing of two other projects in Hidalgo and Guanajuato.

In an interview with MBN, Simon Zhao, President of Solarever, said Mexico has the potential to become a manufacturing and technological hub for PV generation. “By encouraging a long-term vision, fostering local technological studies, component testing and local innovation of PV components, we can fully unlock Mexico’s potential in terms of solar resources,” said Zhao.

During the opening of the plant, Zhao said Solarever has been doing business in Mexico for the past eight years with an investment of US$250 million. He added that with the implementation of Colima’s plant, the company has now a total of three plants in Mexico that are considered some of the largest in the country and in Latin America, reported Forbes.

According to Grupo Concreto, Solarever is considered the first producer of solar panels in Mexico and currently does business with over 10 countries including the US and Canada.

Zhao said the company is a leader in the production of panels and in the supply of solar expansions. He added that currently the company is focusing on expanding, investing and installing new plants that will generate more jobs, reported Forbes.

According to Bloomberg, Chinese companies control the solar energy industry. Collectively, these companies have 60 percent of the global share capacity within the supply chain. China is betting on solar energy because the decrease in costs have made solar energy the cheapest energy in the world.  As the solar market trend is growing, it is becoming more competitive.

Despite the US-China trade war, the Chinese solar industry is growing rapidly. At the end of 2019, Chinese panel factories had an annual capacity of 193GW, which was 60 percent more than what was installed worldwide in the same year, reported Bloomberg.

At the inauguration of the Tecoman’s plant, the Governor of Colima, Ignacio Peralta, said the project will boost economic growth and job creation. Peralta added that this investment will contribute to a favorable environment for great investments in Colima, reported Forbes.

Walter Oldenbourg, Colima’s Minister of Economic Development, said the company is taking advantage of the state’s strategic ports in the Asia-Pacific supply chain. Oldenbourg said the opening of the Tecoman’s plant is the beginning of a series of projects in the state, reported Forbes.

In addition, Solarever signed a collaboration agreement with UNAM to work together in the development and implementation of technological projects, which will generate patents and research that aim to boost the growth of clean energy in Mexico.

 

The data used in this article was sourced from:  
MBN, Forbes, Bloomberg, Grupo Concreto
Photo by:   Anders Jacobsen
Paloma Duran Paloma Duran Junior Journalist and Industry Analyst