Canadian renewable energy firm Polaris Renewable Energy Inc. has signed a mixed investment agreement with Mexico’s state utility Comision Federal de Electricidad, CFE, for three solar-plus-storage projects with a combined capacity of more than 200MW.
The agreement was executed through Polaris’ Mexican project structure with fiduciary trustee Banca Mifel SA, Institucion de Banca Multiple, Grupo Financiero Mifel, acting on behalf of CFE.
The 30-year deal sets the framework for joint participation by Polaris and CFE in the development, financing, construction, ownership and operation of the three projects. The projects were selected under Mexico’s Mixed Development Program, which aims to procure about 6,500MW of new renewable generation and energy storage capacity by 2029.
Polaris CEO Marc Murnaghan said the signing represents a key milestone in advancing the three awarded projects into long-term contracted operating assets. He noted that the agreement reflects strong collaboration between Polaris and CFE. The company is also progressing toward financial close and construction, while advancing a growing pipeline of additional renewable energy and storage opportunities in Mexico. Murnaghan added that Mexico remains a core growth market for Polaris and that the company intends to expand its presence while supporting the country’s energy transition.
According to Polaris, both parties will now work to finalize the remaining definitive agreements required for the program. These include power purchase agreements, a trust agreement, management services agreement, operation and maintenance agreement, and other related project documentation. Commercial operation of all three plants is scheduled for 2028.
The Mixed Development Program is central to Mexico’s plan to accelerate clean energy deployment and reduce reliance on fossil fuels. By combining solar generation with battery storage, the three Polaris-CFE projects are expected to provide more stable and dispatchable power to the grid, helping to address peak demand periods and improve reliability in regions with growing electricity needs. Government officials have said storage-enabled renewables will be critical to meeting Mexico’s climate and energy security goals over the next decade.
For Polaris, the agreement deepens its footprint in Latin America, where it already operates hydro, solar and wind assets. The company said it is prioritizing markets with clear long-term policy frameworks and strong utility partners. With construction set to begin following financial close, the Mexico portfolio is expected to contribute significantly to Polaris’ target of doubling its operating capacity by 2030, while also creating jobs and local supply chain opportunities during the development and operation phases.
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