Canada-based renewables company Polaris Renewable Energy has executed a mixed investment agreement for a 250MW solar-plus-storage portfolio in Mexico.
Consisting of three projects selected under the country’s Comisión Federal de Electricidad (CFE) Mixed Development Program tender, which awarded 6.7GW of capacity to solar PV projects in June 2026. In total, 37 renewable energy projects were awarded, totalling 7.4 GW.
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The three solar-plus-storage projects are Los Girasoles in the southern state of Quintana Roo, with 132.6MW of solar PV and 33MW/101.5MWh of energy storage capacity, the Solar Energía Tres Hermanos in the central state of Tlaxcala, near the capital, with 91.06MW solar PV and 22.5MW/71.6MWh BESS and Don Humberto in the northwestern state of Sinaloa and with 25.3MW solar PV and 6.1MW/18.9MWh BESS.
All three projects are forecast to begin commercial operations in 2028 and have an estimated capital expenditure of US$120 million, US$78 million and US$19 million, respectively.
The mixed investment agreement was signed with fiduciary trustee, Banca Mifel, Institucion de Banca Multiple, Grupo Financiero Mifel, acting on behalf of CFE.
Mexico’s Mixed Development Program represents the country’s largest renewables and energy storage procurement initiative, which aims to facilitate strategic partnerships between CFE and the private sector for the development, financing, construction, operation and maintenance of new electricity generation.
Under the government’s tenders, awarded companies will secure 25-year power purchase and tolling agreements.
Polaris’ portfolio of solar-plus-storage projects, as well as the solar capacity awarded in this year’s tender, will further accelerate the growth of solar PV in Mexico, which recently unveiled its renewables target by the end of the decade. Presented by the country’s president Claudia Sheinbaum, Mexico aims to install 12GW of new solar PV by 2030, which would increase the country’s installed solar capacity by 140%.
Marc Murnaghan, CEO at Polaris, said: “The execution of the Mixed Investment Agreement marks another significant milestone in developing these three awarded projects into long-term contracted operating assets and reflects the strong collaboration between Polaris and CFE.
“As we continue advancing toward financial closing and construction, we are also actively progressing a growing pipeline of additional renewable energy and energy storage opportunities across the country. Mexico remains one of our highest-conviction growth markets, and we look forward to expanding our presence while supporting the country’s energy transition.”
Outside of Mexico, Polaris is present in other Latin American and Caribbean markets and is engaged in the acquisition, development and operation of renewable energy projects. Its operational solar portfolio currently consists of three solar projects across the Dominican Republic and Panama totalling 35MW.
