USAT to Invest MX$2.43 Billion in Yucatan Semiconductor Plant

Summary: Ultimate Solar Advanced Technology (USAT) will invest MX$2.43 billion in a semiconductor plant in Yucatán to produce solar cells, signaling the expansion of high-tech and clean-energy manufacturing in southeastern Mexico. The project, expected to create 1,000 specialized jobs and develop supplier networks, strengthens regional industrialization, renewable energy supply chains and nearshoring opportunities. The investment aligns with Yucatán’s broader infrastructure and logistics strategy aimed at attracting high-value manufacturing and diversifying Mexico’s semiconductor and energy ecosystems.

Ultimate Solar Advanced Technology (USAT) will invest MX$2.43 billion in a semiconductor manufacturing plant in Kanasin, Yucatan, a project expected to generate about 1,000 specialized jobs and produce up to 1GW annually of solar cells, state authorities announced March 27. Joaquín Díaz, Governor, Yucatan, said the investment represents a strategic step to position the state as a technology manufacturing hub in southern Mexico. 

During a meeting with Mario Emilio Sáenz, Representative of OC Investments and Partner, USAT, Díaz said the project will expand economic opportunities and strengthen innovation and competitiveness in the state.

“This investment opens a new economic horizon for Yucatan by attracting a high value-added industry,” Díaz said. “We are sending a clear message that Yucatan is a strong destination for investment, with talent, infrastructure and long-term vision.”

Authorities said the project will create technical and engineering jobs, while also generating opportunities for suppliers in logistics, industrial maintenance, transportation, manufacturing and technology services. USAT is backed by Mexican and Canadian capital and will focus on advanced semiconductor manufacturing for solar energy applications. The first of two phases will allocate MX$1.52 billion for initial development and construction of the plant, which will produce components linked to the solar energy industry.

The project is expected to create around 1,000 direct jobs, many of them in specialized fields such as electrical engineering, advanced manufacturing, industrial automation and clean technologies. Ermilo Barrera, Yucatan Minister of Economy and Labor, said the investment will introduce job categories that previously did not exist in the state and could offer wages up to seven times higher than the average daily salary.

“In Yucatan, a new industrialization process has begun based on strategic sectors such as this,” Barrera said, adding that the project signals the state’s readiness to receive high-tech investment.

Sáenz said the facility will be unique in Latin America and highlighted Yucatan’s institutional support, talent pool and investment climate as key factors behind the decision.

The plant is expected to produce up to 1GW annually of solar cells, one of the most advanced technologies in the sector, equivalent to energy consumption for more than 1.5 million households. Authorities said the project will strengthen the development of a technology ecosystem linked to renewable energy and support Mexico’s participation in global clean energy supply chains.

Yucatan Expands Investment Pipeline

State authorities recently outlined a private investment pipeline exceeding MX$111 billion and projecting more than 55,000 direct jobs, positioning Yucatan as one of southeastern Mexico’s growing economic regions. Officials reported economic growth of 2.4%, ranking eighth nationally, while exports increased more than 20%. The Port of Progreso also reported a nearly 47% increase in export value, reported MBN. 

The government is also advancing logistics infrastructure, including a MX$12 billion modernization of the port to expand cargo capacity and strengthen trade operations.

Yucatan is also expanding international partnerships. Díaz recently met with Clemens von Goetze, Germany’s Ambassador to Mexico, to discuss investment opportunities in renewable energy, innovation and water management. In parallel, the state confirmed additional investments with Grupo Empresarial San Francisco de Asís expected to generate more than 230 direct jobs.

Additionally, Díaz and Jorge Arce, President and CEO, HSBC Mexico and Latin America, announced the arrival of two new private investments totaling MX$15 billion (about US$814 million) over the next four years. The projects, led by two food and beverage companies, will focus on production, logistics and distribution, generating jobs and reinforcing Yucatan’s economic growth, reported MBN. 

The government said the investment strategy includes energy infrastructure and housing development. Officials projected energy self-sufficiency by 2028 and the construction of 70,000 housing units to support population growth.

Díaz credited support from Claudia Sheinbaum, Mexico’s president, for enabling more than MX$37 billion in public investment for strategic infrastructure projects. “We are building a competitive and modern Yucatán capable of attracting high-value investments that generate quality jobs and regional development,” Díaz said.