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Hanwha Energy, a South Korean renewable energy company, Thursday announced the initiation of construction for a 125MW solar power plant in Torreon, Coahuila, Mexico.

The company’s wholly owned U.S. subsidiary 174 Power Global is responsible for project development, financing and post-construction operation in the $115 million Laguna solar project, which aims to power over 25,000 households in the Coahuila province per year.

The solar facility is set to be completed by March next year and the subsidiary will sell electricity to Mexico’s state-run power company for 15 years under a power purchase agreement

Hanwha Energy said more than 60 percent of the project costs will be financed through Korea Development Bank and local Mexican banks.

The project is also expected to raise synergy between Hanwha Group companies as Hanwha Q Cells will provide a full set of 360,000 quality solar modules to the site.

By Kang Doo-soon and Minu Kim

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