Polaris signs CFE agreement for 250 MW solar, 192 MWh battery portfolio in Mexico

Polaris Renewable Energy has signed a mixed investment agreement with Mexico’s state-owned utility CFE for three solar-plus-storage projects totaling 249 MW of solar capacity and 61.6 MW/192 MWh of battery energy storage.

The agreement covers projects in Quintana Roo, Tlaxcala and Sinaloa with an estimated investment of $217 million, excluding grid interconnection and network upgrade costs.

The agreement was signed on July 3 by Polaris’ Mexican project entities and Banca Mifel, acting as trustee on behalf of CFE. It establishes a 30-year framework for the joint development, financing, construction, ownership and operation of the projects.

The largest project is Los Girasoles in Quintana Roo, which will combine 132.57 MW of solar capacity with a 33 MW/101.5 MWh battery energy storage system. Polaris expects the plant to generate about 249,239 MWh annually, with an estimated investment of $120 million and commercial operation targeted by Nov. 28, 2028.

The Solar Energía Tres Hermanos project in Tlaxcala will include 91.06 MW of solar generation and a 22.5 MW/71.6 MWh battery system. Annual generation is projected at 198,485 MWh, with an estimated investment of $78 million and commercial operation expected by Dec. 1, 2028.

The Don Humberto project in Sinaloa will feature 25.3 MW of solar capacity paired with a 6.1 MW/18.9 MWh battery system. Polaris forecasts annual generation of 47,173 MWh, with a $19 million investment and commercial operation planned by April 1, 2028.

Following execution of the agreement, the parties will finalize remaining documentation, including power purchase agreements, trust agreements, management services agreements, operation and maintenance contracts, and other project documents. Polaris said energy and storage pricing will be updated once project budgets incorporate interconnection and grid reinforcement costs.

Polaris announced in June that the three projects had been selected to advance to the final negotiation stage under CFE’s Mixed Development Program. The first tender selected 37 renewable energy projects, including 33 solar projects totaling about 6.71 GW and four wind projects totaling about 700 MW.

From pv magazine Mexico