Maremotrices de Energias Renovables, a Mexican builder of systems that generate electricity from the motion of waves, plans to start building 30 megawatts of projects in February that will save companies money on their energy bills.
Marersa, as the company is known, expects to receive $100 million of mezzanine equity from an investment bank throughout next year to help fund the development of the four plants, Director of Finance and Administration Rafael Ortiz Markivich said in a telephone interview without disclosing the name of the investor.
Marersa, based in Mexico City, will install about 450 floating buoys that harness the movement of waves to create hydraulic pressure which is converted into electricity, Markivich said. It has pledged to sell the energy at 20 percent lower prices than electricity bought from state power utility Comision Federal de Electricidad.
“We have the cheapest renewable energy in Mexico,” Diego Carrion, sales and business manager for Marersa, said in a telephone interview. “Wind farms may be able to offer between a 10 and 12 percent discount” on grid electricity.
The company expects to sign additional contracts to sell energy from about 70 megawatts of plants by June with companies including Wolfsburg, Germany-based car-maker Volkswagen AG (VOW), he said. The average price of electricity in Mexico is 1,300 Mexican pesos ($100) a megawatt hour.
Marersa expects to start operating in February a 3-megawatt plant for CFE in Baja California state, which cost $5.4 million to build, he said.
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org