Yesterday the world reach a milestone in clean energy development as global renewable electricity capacity has overtaken coal to become the world's largest installed power source for the first time, according to Paris-based International Energy Agency (IEA).

Some 153 gigawatts (GW) of renewable power capacity –more than the total generation capacity of Canada– was installed during the course of 2015, making it the fastest-growing electricity source, the IEA said.

Solar power now accounts for more installed capacity than any other form of electricity generation, according to new data.

“About half a million solar panels were installed every day around the world last year,” the IEA said in a new report on the renewables sector, as emerging markets in particular bet heavily on green power. Aside from solar power, China alone installed two wind turbines per hour last year.

Mexico has been doing its part.

The country’s wide-ranging energy reform, which began in 2013, is expected to reverse the country’s declining oil production, increase the share of renewables in the power sector, and slow the growth in carbon emissions, providing a solid foundation for robust economic growth in the coming decades, according to the IEA.

Mexico’s innovative auction system provides a substantial boost to Mexico’s clean energy efforts in the power sector.

More than half of the country’s new power generation capacity installed between now and 2040 is renewables-based, tapping Mexico’s large wind and solar resources.

New investment in electricity will allow Mexico to reach its target of producing 35% of electricity from clean sources by 2024.

Last month Mexican goverment revealed the 23 winners of its second renewable energy auction, awarding 36 projects for wind and solar capacity. The selected companies will invest about US$ 4 billion over the next three years, the country’s energy ministry said.

The National Energy Control Center (CENACE) of Mexico organized the second long-term energy auction for the wholesale electric power market.

Over the next three years, the selected firms will build 8.909GWh of capacity of which 54% is for photovoltaic plants and 43% for wind farms.

The winners comprise Acciona Energy, Iberdrola, Enel, Zuma Energia, Fotowatio, Engie and IEnova, among other companies from 11 different countries.

Mexico Energy Secretary Joaquín Coldwell said that the tender round received $33.47/MWh on average, representing 30% lower than the prices in previous auction.

Power generated from the proposed projects will be sold to state-owned utility Comisión Federal de Electricidad (CFE) under long-term contracts.

MexicoNow

Related News

ACCIONA Energía to build its first solar plant in Sonora, Mexico

London-based Cubico wins contracts for wind farm and solar plant in Mexico

Canadian Solar signs deal for power plant in Aguascalientes

- Mexico inaugurates US$ 650 million wind farm

TPI Composites extends agreements with GE to supply wind blades