en.Wedoany.com Reported - Polaris Renewable Energy, a Canadian renewable energy company, has signed a hybrid investment agreement for a 250MW solar-plus-storage project portfolio in Mexico.

The portfolio comprises three projects, all selected from a hybrid development plan tender concluded by Mexico's Federal Electricity Commission (Comisión Federal de Electricidad, CFE) in June 2026. The tender awarded a total of 37 renewable energy projects with a combined installed capacity of 7.4GW, including 6.7GW of solar capacity. The three projects are: the Los Girasoles project in Quintana Roo, with 132.6MW of solar capacity and 33MW/101.5MWh of storage; the Solar Energía Tres Hermanos project in Tlaxcala, with 91.06MW of solar capacity and 22.5MW/71.6MWh of storage; and the Don Humberto project in Sinaloa, with 25.3MW of solar capacity and 6.1MW/18.9MWh of storage.

All three projects are expected to commence commercial operations in 2028, with estimated capital expenditures of $120 million, $78 million, and $19 million, respectively. The hybrid investment agreement was signed with trustee Banca Mifel, Institucion de Banca Multiple, Grupo Financiero Mifel (on behalf of CFE).

The hybrid development plan is Mexico's largest renewable energy and energy storage procurement initiative, aimed at fostering strategic cooperation between CFE and the private sector in the development, financing, construction, operation, and maintenance of power generation projects. Under the tender terms, winning companies will receive 25-year power purchase agreements and transmission agreements.

Polaris's portfolio and the solar capacity awarded in this tender will further drive the growth of solar power generation in Mexico. Mexico recently announced its 2030 renewable energy targets, with President Claudia Sheinbaum proposing the addition of 12GW of solar capacity, which would increase the country's solar capacity by 140%.

Polaris CEO Marc Murnaghan stated that the signing of the agreement marks another significant milestone in the transition of the three awarded projects into long-term contracted operating assets, reflecting close cooperation between Polaris and CFE. While advancing financial closing and construction, the company is also promoting more domestic renewable energy and energy storage project pipelines. Mexico remains one of the company's most confident growth markets. In addition to Mexico, Polaris is active in other Latin American and Caribbean markets, with its operational solar portfolio currently including three projects in the Dominican Republic and Panama, totaling 35MW of installed capacity.