France’s Engie has acquired a 130MWp, shovel-ready solar plant in Sonora from Spanish developer Dhamma Energy for an undisclosed price, according to an 11 December press release.
According to the release, Engie and Dhamma signed the agreement to transfer the ownership of the plant on 6 September and Dhamma CEO Phillippe Esposito confirmed that pending approvals had closed recently.
The project has a 15-year PPA contract with steel producer Gerdau, which Engie signed on 22 November.
Advising Dhamma on the acquisition is González Calvillo (legal).
The addition of the project to Engie’s portfolio takes the French company’s renewable energy generation capacity in the country to over 1GW.
Dhamma has developed and sold 390MW of solar PV projects in Mexico according to Esposito.
The company sold the 108MW Guanajuato I and II solar parks to Prana Power in July this year and the 37MW San Luis Potosí I solar plant to CKD manager Balam Fund in June 2018.
Esposito explained that Dhamma builds and operates its parks in Europe (in France and Spain), but in Mexico the company sells its projects once they are construction ready.
“Mexico has very competitive energy prices and the company is betting on the country,” Esposito said.
He added that the company also has operations in Argentina and is analyzing opportunities in Colombia.
The company is also developing solar PV projects in Africa, which Esposito describes as a region with a lot of potential.
Engie did not return calls seeking comment.