PRESS RELEASE

Atlas Renewable Energy announces 1st solar project in Mexico

By
Wednesday, April 4, 2018

By Atlas Renewable Energy

Mexico City. - April 2, 2018 -Atlas Renewable Energy announced today that it acquired from SunPower Corp. (NASDAQ: SPWR) the Guajiro solar project in Mexico, with a planned capacity of 126.5 megawatts (MWp) peak (101.4 MW), in the municipality of Nopala de Villagran, state of Hidalgo.

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The project, which is expected to be commissioned in the second quarter of 2019, will generate close to 300 gigawatt hours (GWh) of energy per year.

Guajiro is contracted under a long-term Power Purchase Agreement (PPA) with the CFE, Mexico's state-owned electric utility. The project, initially developed by SunPower, was awarded in the country's first electricity power auction, organized by Mexico's National Center for Energy Control (CENACE), which manages the country's electric system.

Following the acquisition of Guajiro, Atlas Renewable Energy will be responsible for the financing, construction and commissioning of the project.

The Government of Hidalgo has accompanied the development and is supportive of the execution of Guajiro as this investment by Atlas Renewable Energy comes to strengthen the industrial environment of the state.

Atlas Renewable Energy CEO Carlos Barrera said that "the Guajiro project marks a major milestone for Atlas Renewable Energy and constitutes the first of many projects in Mexico, one of our core focus markets".

"We are pleased to have worked with SunPower on this acquisition, further building on a strong relationship between both our organizations. Establishing enduring relationships in the industry is something we regard as fundamental. We will continue seeking opportunities to invest or partner in high-quality solar and wind projects in Mexico, as we extend our footprint in the country", he added.

SunPower Chief Financial Officer Chuck Boynton, said that "Mexico's energy sector reforms spurred significant growth of the country's solar market, and we are optimistic that growth will continue and result in a robust clean energy economy".

"SunPower commends Atlas Renewable Energy for its commitment to renewable energy development in Latin America. By establishing its Mexico portfolio with the Guajiro project, and making additional investments in the country, Atlas Renewable Energy is well positioned to play a key role in promoting Mexico's economic growth and sustainable energy sector", he continued.

The acquisition of the Guajiro project, made on March 28, is part of Atlas Renewable Energy's growth strategy: in the last year, the company that operates exclusively in Latin America, has expanded throughout the region inaugurating a 110 MW plant in July 2017 in Chile; currently developing and constructing three photovoltaic plants in Brazil with a total capacity of 330 MW, and entering the Mexican market with the Guajiro project.

The platform's rapid growth is backed by an experienced team with a successful track record in the industry and by its sponsor Actis, a London based company leader in emerging markets in Africa, Asia and Latin America.

Actis delivers consistent, competitive returns, responsibly, through insights gained from trusted relationships, local knowledge and deep sector expertise with 33 energy infrastructure companies in more than 25 countries, generating 18 gigawatts (GW) of energy capacity.