Cubico Sustainable Investments and Mexico's Federal Electricity Commission have signed a Joint Venture Agreement to develop a portfolio of five renewable energy projects totaling 578 megawatts of generation capacity across four Mexican states, committing close to one billion US dollars in new energy infrastructure over a 25-year partnership framework.

A Landmark Public-Private Agreement

The agreement, announced in Mexico City, formalizes a long-term public-private partnership between Cubico and CFE, the state-owned Federal Electricity Commission.

The deal incorporates all five projects that were previously awarded to Cubico under CFE's Mixed Investment Scheme, consolidating them into a single joint venture structure designed to govern development, construction and operation over a multi-decade horizon.

Alongside the 578 MWac of generation capacity, the partnership includes 175.7 MW of battery energy storage with three hours of storage duration, equating to 500 megawatt-hours of total storage capacity.

The combined scale of the investment and infrastructure commitment makes the agreement one of the more substantial public-private renewable energy deals announced in Mexico in recent years.

Cubico Chief Executive Officer Jens-Peter Saul described the signing as a major milestone, saying the agreement demonstrates what can be achieved when the public and private sectors work toward a shared objective.

He added that Mexico has been a strategically important market for Cubico for many years, and that the partnership is intended to deliver lasting benefits for the country's energy security, economic development and decarbonisation goals.

Project Locations and Regional Significance

The five projects span the states of Tamaulipas, Nuevo León, Campeche and the Yucatán Peninsula. These regions, according to Cubico, are playing an increasingly important role in Mexico's future growth, with rising electricity demand from industry, businesses and communities driving the need for new generation capacity.

By targeting these specific geographies, the partnership aims to align new renewable supply with areas where demand pressure is most acute. The projects are intended to support economic activity in those regions while simultaneously contributing to Mexico's broader energy transition and decarbonisation objectives.

The Yucatán Peninsula and Campeche in the south, alongside Tamaulipas and Nuevo León in the northeast, represent a geographically diverse footprint that reflects the varied nature of the projects included in the portfolio, which the source material identifies as spanning solar photovoltaic, wind and battery storage technologies.

Construction Timeline

The first project to break ground will be Altamira Solar, located in Tamaulipas. Construction on that development is expected to commence in December 2026. The remaining four projects in the portfolio are scheduled to begin construction during the second quarter of 2027, establishing a sequenced development pipeline that will extend activity well into the latter half of the decade.

Osvaldo Rance, Cubico's Country Head for Mexico, noted that the agreement represents the culmination of many years of work by the company's team in the country and marks the beginning of a new phase for these projects.

He said the company's focus is now on delivery and on working closely with CFE, local communities and stakeholders to ensure the projects are developed safely and responsibly.

Investment Scale and Energy Security Context

The close to USD 1 billion investment figure associated with the partnership reflects the combined capital required to develop, construct and bring into operation all five projects under the joint venture.

The 25-year framework is designed to provide the long-term certainty needed to mobilize that level of capital, supporting both project financing and operational planning over the life of the assets.

The agreement comes as Mexico faces growing electricity demand tied to industrial expansion and broader economic development. The projects, by adding new generation capacity in regions where demand is rising, are positioned by both parties as a direct response to those pressures, contributing to energy security while advancing the country's stated ambitions around clean energy deployment.

Cubico has described the deal as further strengthening its position as a long-term investor and partner in Mexico. The company pointed to the agreement as an example of how public-private collaboration can mobilize investment, expertise and delivery capability to support future energy needs and accelerate the deployment of renewable capacity.

Cubico's Existing Presence in Mexico and Latin America

The signing deepens a commitment that Cubico has maintained in Mexico over a number of years. The company did not specify in the announcement the full scope of its existing Mexican assets, but Jens-Peter Saul characterized the market as strategically important to the company across a sustained period. The new joint venture with CFE represents the most significant formalization of that relationship to date.

Cubico has also been active elsewhere in Latin America, with recent activity including the commissioning of a project in Colombia with Celsia and the refinancing of a wind and solar portfolio in Uruguay, both of which preceded the Mexico announcement.

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