In June, Iberdrola and the Mexican government finalized a deal announced in April to reduce the former’s presence in the country through the sale of part of its assets. Despite the challenges, the company continues to nourish its interest in investing in Mexico. Iberdrola retained ownership of 15 plants to ensure continued service to its private customers, while shifting its focus toward the expansion of renewable energy projects in Mexico. "We have a renewable portfolio with approximately 6,000 MW of installed capacity to explore new opportunities and promote growth in the country," shared Iberdrola.
According to Energía a Debate, Iberdrola’s investments in the country amount to US$1.9 billion, with investment plans in five states, one of them being Durango, where the company has a total projected investment of US$500 million. Here, Enrique Alba, CEO, Iberdrola México, met with Esteban Villegas, Governor, Durango, to address the company’s plans for its future operations.
The north of the country represents a key logistical point in the shifting landscape of global trade; its proximity to the US makes it important for manufacturing companies to move production closer to consumption. For manufacturing operations to be successful, however, experts have expressed the need to strengthen Mexico’s energy industry, especially in terms of cleaner energy.
Alba also met with Diego Sinhué Rodríguez, Governor, Guanajuato, where the company has US$400 million invested. Guanajuato is an important part of the automotive and aerospace industrial chain and both industries are rapidly evolving due to automation and electrification, which also entails growing energy demand. In Puebla, Alba met with Governor Sergio Céspedes to support the development of the automotive industry, as well as the state’s textile manufacturing sector, which also accounts for a large part of energy demand. Iberdrola has made clear its intention to remain attentive to the state of Puebla, which is expected to attract several companies because of nearshoring.
Lastly, Iberdrola plans to invest US$1 billion in Nuevo Leon for a solar park to double Nuevo Leon’s green energy capacity. The state has gained traction as one of the most attractive states for nearshoring, especially with the announcement of Tesla’s gigafactory construction project. The state has competitive and trained labor as well as a strategic logistical border with the US. The Nuevo Leon government has also emphasized its interest to attract more investments and has deployed plans to upgrade the state’s infrastructure.
The company is eager to address the different challenges presented by growing investment, supporting companies to grow their operations locally. "The faster these areas of opportunity are addressed, the faster Mexico will be able to move towards a successful energy transition," noted David Macias, Manager of Smart Solutions, Iberdrola, at Mexico Solar Summit 2022.