Cubico Sustainable Investments and Mexico’s state-owned utility CFE have signed a JV agreement to develop five renewable energy projects with a combined capacity of 578 MW and 176 MW/500 MWh of BESS, under a 25-year public-private partnership.
The projects were awarded to Cubico under CFE’s Mixed Investment Scheme representing an investment of nearly USD1bn, and they are planned to be developed in the Mexican states of Tamaulipas, Nuevo León, Campeche and Yucatán. Construction of the first project, the 78 MW Altamira Solar plant in Tamaulipas, is scheduled to begin in December 2026. The remaining four projects include solar and wind facilities and are expected to start construction during the second quarter of 2027. The battery systems are expected to provide around three hours of storage and operate under availability agreements with CFE.
In June 2026 the CFE awarded a total of 37 renewable projects with a combined capacity of 7.4 GW through its Mixed Investment Scheme. According to the conditions of the tender, the CFE should retain at least 54% ownership in each project, while private partners may hold up to 46%.
As of 2026, Cubico owns and operates around 600 MW of renewable energy capacity in Mexico, with a domestic development pipeline of about 1.5 GW.