The auction in which the company participated is part of the Guatemalan government's Generation Expansion Plan (PEG in Spanish) to promote the energy transition in the country.
The auction had 48 companies, which submitted bids for a total of 1,500 MW out of the 235 MW subject of the auction. Cox Energy participated in the generated energy block, which totaled 40 MW, of which the company won 96.0% to be awarded 38.41 MW.
Cox Energy will supply electricity to the distributors Empresa Eléctrica de Guatemala, S.A. (EEGSA in Spanish), Distribuidora de Electricidad de Oriente, S.A. (DEORSA in Spanish) and Distribuidora de Electricidad de Occidente, S.A. (DEOCSA in Spanish).
It is estimated that the generation project for the total energy awarded will begin operations in 2028. The estimated investment for this project will be $32 million, which will be made with the company's own resources, as well as with support from financial and multilateral institutions.
José Antonio Hurtado de Mendoza, CEO of Cox Energy commented, "Guatemala has great potential in renewable energy, mainly solar, due to its privileged geographic location. In addition, the implementation of renewable projects through tenders contributes to diversifying the country's energy matrix, increasing energy generation security and reducing greenhouse gas emissions.
"At Cox Energy, our mission is to promote a sustainable and clean future through innovation in renewable energy. With the necessary momentum, we are confident that Guatemala can become a regional leader in the use of solar energy and generate significant environmental and socioeconomic benefits."
