SOWITEC – a German wind and solar energy project developer – has signed contracts to sell three solar development projects in Mexico with a total capacity of 570 MW to an international utility.

The financial terms of the transaction were not disclosed.

The three solar projects are already at an advanced development stage with secured land and all necessary environmental permits. Commissioning is expected to begin in 2025. These projects are part of a portfolio with a total capacity of 1,000 MW, for the development of which SOWITEC established a joint venture only in 2022.

“We are pleased that Mexico is again developing positively as a large and important market for SOWITEC. It has proven right to hold on to the long-term intact market potential despite the difficult environment since 2018 and to consistently continue our activities there. We are also particularly benefiting from our long-standing contacts, which we have maintained intensively since we entered the market in 2008,” said Frank Hummel, CEO of SOWITEC Group.

STANLIB Infrastructure Fund II, the largest asset manager in South Africa and part of the Standard Bank Group, has acquired a 42% stake in the 258 MW Upington Solar Power project in South Africa from Norway’s Scatec for ($57 million). Along with Scatec, and other stakeholders in the project, Norfund has also sold off its 18% share to the Fund. The Upington Solar Power Project comprises three solar projects and has been operational since April 2020. Scatec will continue to provide operations and maintenance (O&M) and asset management services to the solar project.

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.