Madrid-headquartered PV developer Dhamma Energy has closed the sale of a 37MW ready-to-build solar project located in the Mexican state of San Luis Potosi to asset manager Balam Fund.
Dhamma Energy developed this project under the self-consumption scheme and construction of the solar plant is expected to begin in Q3 2018. Dhamma Energy will remain involved in the project until it is connected to the grid.
Dhamma established a subsidiary in Mexico in 2013 and has currently more than 1GW of PV projects under development, of which over 300MW already hold all the permits required to start construction.
“We have already fully developed seven solar projects in Mexico. We believe that there is a big potential for long-term opportunities in the country. Mexico has implemented key reforms in the last years for the development of renewable energy,” said cofounder of Dhamma Energy, Philippe Esposito.
This represents Balam´s fourth acquisition in Mexico. The asset manager currently controls a portfolio of solar and wind projects totalling over 500MW.