Mexico to Increase its Wind Power by 600% in Next Three Years
Mexico is looking to increase its wind power capacity six-fold by 2014.
Currently the country has 500 megawatts of installed wind energy, and according to to the Latin American Wind Energy Association new wind projects will bring that capacity to 3,000 MW within three years. The cost of these wind farms is expected to cost US$5 billion.
The government has introduced several incentives to help support its immature wind market. These incentives include offering exemptions for importing wind equipment as well as providing mechanisms to lower the amortization cost of a project over the first ten years.
The Mexican government's new commitment to developing its wind sector has led wind and energy companies from around the world to swoop in and secure the big contracts. Three renewable energy giants from Spain, Iberdrola (MCE:IBE), Acciona (MCE:ANA), and Gamesa (MCE:GAM) are developing Mexico's largest wind farm, the Oaxaca wind project. The Oaxaca wind initiative will be comprised of 14 wind farms capable of generating 2,500 MW of power by 2014.
Read the full story at Renewable Energy World: Mexico's Push To Install 3,000 MW of Wind by 2014
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.
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