Isofotón signs 150 MW PV project agreement in Mexico

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Amid insolvency rumours and staff restructuring announcements, the Spanish photovoltaic manufacturer and project developer said it signed the MOU with Yucatán’s Governor and Environment and Economy Secretaries on February 8.

According to a statement released today, February 14, construction on the 150 MW photovoltaic project is slated to start on January 1, 2014. It added that when complete the installation will include six panels comprising 25 MW worth of modules. They will be produced at Isofotón’s Malaga factory.

Around €360 million will be invested in the project, which is expected to generate enough energy for 30,000 households.

Isofotón president, Ángel Luis Serrano, said the MOU represents "a key step in reinforcing our presence on the American continent, confirming once again the importance of international expansion as a key aspect in the progress of our business, as we are also one of the first manufacturers of modules worldwide to launch a project of this type in Mexico."

Last week, Isofotón hit the headlines after news emerged that Spanish Logistics Group, Lamaignere has requested the opening of insolvency proceedings for the photovoltaic company. While Isofotón has denied any knowledge of the action against it, it did say that it is currently drawing up a staff restructuring plan at its Malaga factory in Spain, which will affect 380 employees.