Good morning. Mexico's state utility CFE signed a 25-year joint-venture agreement on July 22 with Cubico Sustainable Investments to build out roughly $1 billion of renewable power and battery storage across five states — Tamaulipas, Nuevo León, Campeche, Yucatán, and one more — with CFE keeping majority ownership of at least 54% and Cubico holding up to 46%, according to Reuters and Enerdata.
The package covers five projects totaling 578 MWac of solar and wind capacity plus 175.7 MW / 500 MWh of battery storage. The first to break ground is Altamira Solar in neighboring Tamaulipas — a $100 million, 100 MW project starting construction in December 2026. The remaining four projects, one of which lands in Nuevo León, are slated to start construction in the second quarter of 2027.
Why it matters
Nuevo León's growth story — from EV plants to hyperscale data centers — runs on one thing above all else: reliable power. This deal is part of a broader push by CFE to bring private capital back into generation at scale, something Mexico's energy policy had mostly kept off-limits to majority private ownership for years. Cubico already operates the 250 MW Mezquite wind farm in Nuevo León, so this JV builds directly on ground the company already knows.
- Total JV value: approximately $1 billion across five projects
- Combined capacity: 578 MWac renewables + 175.7 MW / 500 MWh battery storage
- CFE ownership: at least 54%; Cubico: up to 46%
- First project (Altamira Solar, Tamaulipas): $100 million, 100 MW, construction starts December 2026
- Remaining four projects, including one in Nuevo León, begin construction Q2 2027
What to watch
Neither Reuters nor Enerdata has yet broken out the specific size or timeline of the Nuevo León project within this five-project package — we'll follow up as CFE and Cubico release project-level detail. For now, the state's inclusion in a fresh, billion-dollar generation commitment is itself the signal worth watching: every megawatt added here is a megawatt available to the data centers and factories already lining up for power.