Mexico is once again a priority position on Soltec 's photovoltaic expansion map following the return of calls for renewable projects.
The company, which has been present in the region for more than 10 years, observes a change in the scenario and predicts that the country will maintain a high rate of construction, in contrast to the intermittent behavior that characterized the local photovoltaic industry in recent times.
“Mexico has always been one of the markets with the greatest potential for the solar industry, not only in Latin America, but globally as well. And what’s exceptional is that this potential is now being translated into reality at a breakneck pace,” stated Alejandro Moreno , President of Soltec in North America, during an exclusive interview with Energía Estratégica at Intersolar Mexico.
The volume committed during the last few months helps to understand why execution is starting to become the new focus, since the 2025 Private Generation Projects call awarded more than 3 GW of renewables and 1.48 GW of storage; while the first round of the mixed scheme with the Federal Electricity Commission (CFE) distributed 7,411 MW.
But the expectation is not only focused on the volume committed in recent months, but the company also anticipates successive construction windows over the next few years .
“We are witnessing a fundamental trend. I don't believe the new solar cycle is limited to this great wave we are experiencing now. Between now and 2030, we will see different phases of growth: new photovoltaic projects that will advance rapidly and many others, delayed for years, that will be reactivated as the right conditions arise. More than a single wave, we are entering a new cycle of solar expansion,” Moreno predicted.
Why? Because of the 28 GW that SENER plans to add to the electricity system between 2026 and 2030, as outlined in the recently published PLADESE plan, a total of 12.3 GW will be solar. Considering that until this year the stock of solar capacity connected to the National Electric System (SEN) was just over 8 GW, we can get an idea of all the additional photovoltaic capacity that is on the way to achieving such an ambitious goal.
The change of cycle finds Soltec with more than 1.6 GW of operational trackers in the country , out of a total of nearly 5 GW in North America and more than 22 GW installed globally.
The scenario that is now opening up presents particularities with respect to what established players in the country like Soltec were used to: the key to success for a developer lies not so much in the generation of pipeline as in the ability to simultaneously take a large number of initiatives towards financial closing, construction and operation.
“In the latest CFE Mixed Scheme auction, the priority for the winning projects should be structuring the financing. In fact, I believe that securing project finance is what will make the main difference between projects that are executed according to schedule and those that suffer significant delays,” Moreno points out.
At this point, the bankability of the suppliers becomes important again . Operational references and local track record can simplify the technical assessments made by banks and advisors during the structuring process.
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“What do photovoltaic developers demand from companies like ours? Mainly, that we make the process of obtaining project finance as easy as possible by demonstrating the bankability of the technology to be supplied. The more well-known and verifiable the manufacturer is in the country, the easier it will be for the bank and its technical advisors to verify this condition,” the interviewee explained.
One of the outstanding success stories within those more than 1600 MW that Soltec puts on the table to prove its bankability is its experience in Puerto Peñasco I , the first stage of the Federal Electricity Commission (CFE) complex, which was built with its SFOne trackers.
However, securing the necessary financing would not be the only challenge facing solar developers, as virtually the entire execution chain is susceptible to bottlenecks, whether in the subcontracting, logistics, installation or interconnection phases.
To face these uncertainties and risks with the greatest possible guarantees, Soltec systematically seeks to establish a solid relationship with its suppliers, extending its supply chain to Mexico, Europe and Asia.
This diversification is especially useful when projects are delayed by financial closing and the key NTP (Notice to Proceed ) milestone ends up arriving close to the date planned for the start of construction work.
This philosophy of building long-term relationships with suppliers also guides Soltec's business strategy. The company seeks to establish lasting collaborations with international developers, even if it means working with a smaller client base. As the company explains, “We prioritize customer loyalty and retention; we prefer to work with fewer partners but build strong, long-term relationships.”
The United States adds to the uncertainty, and Soltec looks at new regional markets.
The United States is maintaining its scale, but faces a more complex equation for closing investments. New tariffs, regulatory changes, and administrative decisions are altering the costs of developments that had been financially structured under very different assumptions.
“To give a very clear example, the minimum import price of photovoltaic panels in the United States has increased to 38 cents, plus a 15% import tax. This brings the cost of the modules to 43.7 cents per peak watt,” Moreno emphasized. The consequence is that many PPAs that were already signed are no longer economically viable, because if you had projected an equipment cost of 30 cents and that cost increases significantly, the impact on the project's profitability is enormous. Ultimately, all of this will delay, at least to some extent, the implementation of renewables in the United States.
However, regulatory pressure coexists with a rapid increase in demand, driven by the electricity needs linked to artificial intelligence . Therefore, the interviewee hopes that American pragmatism will ultimately lead to measures that will sustain the dynamism of the sector in the face of such a surge in consumption.
As Moreno indicated, in addition to Mexico and the US, there are other regions that the Soltec North America team is studying. One of them is Canada. It is a relatively small market for solar energy and with low penetration of tracker technology, but a tender recently launched in Ontario has put this market on Soltec's radar.
Similarly, there are three destinations in Central America that are particularly attractive . “We are closely looking at Panama , where we already have almost 100 MW of track record, as well as Guatemala and Nicaragua. These are certainly markets that we like very much,” confirmed the president of Soltec in North America.
The Dominican Republic completes the map. “We really like this country, but any photovoltaic structure on this Caribbean island must be sized according to the challenging climate, which may make the tracker unfeasible in some locations. Conditions must be studied on a case-by-case basis, but in any case, it is a market with great potential and one where we really want to expand our activities,” Moreno concluded.