Cubico Sustainable Investments (“Cubico”), has announced the signing of a Joint Venture Agreement with Mexico’s Federal Electricity Commission (CFE), formalising a long-term public-private partnership to develop 578 MWac of renewable energy projects across Mexico.

The agreement incorporates all five projects awarded to Cubico under CFE’s Mixed Investment Scheme and represents a combined generation capacity of 578 MWac, alongside 175.7 MW of battery energy storage capacity for 3 hours (500 MWh).

The partnership marks a significant milestone for both Cubico and Mexico’s energy sector, establishing a 25-year framework that will unlock close to US$1 billion of investment in new energy infrastructure, strengthen energy security, support growing electricity demand and contribute to the country’s continued economic and industrial development.

The projects are located across Tamaulipas, Nuevo León, Campeche and the Yucatán Peninsula – regions that are playing an increasingly important role in Mexico’s future growth. By increasing generation capacity in areas experiencing rising demand from industry, businesses and communities, the projects will support economic activity while advancing Mexico’s energy transition and decarbonisation ambitions.

Construction of the first project, Altamira Solar in Tamaulipas, is expected to commence in December 2026, with construction of the remaining four projects scheduled to begin during the second quarter of 2027.

Jens-Peter Saul, Chief Executive Officer of Cubico, said:
“The signing of this agreement is a major milestone for us and demonstrates what can be achieved when the public and private sectors work together towards a shared objective. Through this partnership, Cubico and CFE will help deliver the infrastructure needed to support Mexico’s growing energy needs, attract investment and create long-term value for communities across the country.”

“Mexico has been a strategically important market for Cubico for many years, and we are proud to deepen our commitment through a partnership that will deliver lasting benefits for the country’s energy security, economic development and decarbonisation goals.”

Osvaldo Rance, Country Head, Mexico at Cubico added:
“This agreement represents the culmination of many years of work by our team in Mexico and marks the beginning of an exciting new phase for these projects. Our focus now is on delivery, and we look forward to working closely with CFE, local communities and stakeholders to ensure these projects are developed safely, responsibly and in a way that creates lasting benefits for the regions where we operate. “

The agreement further strengthens Cubico’s position as a long-term investor and partner in Mexico. It also demonstrates the role that public-private collaboration can play in mobilising the investment, expertise and delivery capability needed to support the country’s future energy needs while accelerating the deployment of new renewable energy capacity.

KeyFacts Energy: Cubico Mexico country profile