Madrid, December 11, 2018.- Solar PV developer Dhamma Energy today announced the sale of a 130 MWp solar project located in the northern Mexican state of Sonora to French energy group ENGIE that took place on September 6, 2018.

The park, one of the largest corporate solar projects yet to be built in the country, will supply electricity through a long-term corporate power purchase agreement (PPA) awarded to ENGIE by steel producer Gerdau.

Dhamma Energy started the project in 2014 and developed it until the ready to build phase.

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The project is set to be operational by the end of 2019 and Dhamma Energy will provide assistance throughout the construction phase and commissioning of the solar park by ENGIE.

Dhamma Energy initially began developing the project under the regulations in force prior to the 2014 Energy Reform and therefore the project will benefit from advantages such as reduced transmission tariffs and the use of the public grid under the energy bank scheme, which allows to use the electricity from the solar park at any time of the day within a period of 12 months.

“With this project, to date Dhamma Energy has developed and sold 390 MWp of solar PV that hold PPAs in Mexico and is one of the largest solar developers of projects under corporate schemes in the country” said cofounder of Dhamma Energy Philippe Esposito. “These are projects that are in construction phase.”

Mexico is currently one of the main markets for solar plants and a leading market in corporate solar. The country’s favorable regulatory framework for renewable energy has enabled around 2 GWp of solar plants to be been built in Mexico to date, mainly corporate and auction projects, and the total combined capacity is expected to reach 4 GWp in 2019.

Dhamma Energy opened a subsidiary in Mexico in 2013. Overall, Dhamma Energy has developed to date in Mexico 470 MWp of solar projects under different regulations and currently holds a pipeline of 1.2 GWp of solar projects.

Dhamma Energy was founded in 2007 by Philippe Esposito and Olivier Crambade. The Madrid-based company develops and operates PV projects in Europe, Latin America and Africa. Dhamma Energy is currently developing solar projects in 12 countries.

Main markets for Dhamma Energy are Mexico, France, Spain and in certain countries in Africa. In France, 40 MWp of PV projects developed by the company are already operating and close to 100 MWp of solar projects were awarded in recent auctions. In Spain, Dhamma Energy has 150 MWp of solar projects under development.