(Press Release) Today, Antoni & Lelo de Larrea Venture Partners announced their investment in Mexico’s leading solar electricity solution provider Enlight (formerly Enerclima), further placing their bet on the electricity sector in Mexico in addition to its partnership with Mexico’s first electricity broker-dealer E3.
Enlight provides a comprehensive solar electricity solution for residential customers that covers the installation, monitoring and maintenance of photovoltaic systems and offers a wide range of cost-effective alternatives to traditional utilities. Founded in 2011, the Company has already established a wide presence in Mexico with over 1 MW of installed capacity in more than 10 states. The Enlight team, headed by seasoned entrepreneurs and industry experts Julian Willenbrock and Roberto Capuano, intends to become the leader in full-service solar power systems for homes and businesses, delivering the best user experience in solar electricity generation and consumption.
Mexico has one of the highest levels of solar radiation in Latin America, representing more than 20-40% than the USA1, making for a thriving solar-energy potential, however Mexico has been slow to capitalize on its prime resources. In 2010, the Mexican Federal Electricity Commission (CFE) created an initiative to jump-start the renewable energy sector by implementing net metering mechanisms allowing consumers with personal generation capacities to feed-in their surpluses of electricity to CFE networks in exchange for credit in case of insufficient electricity generation. By the end of 2014, renewable energy capacities represented only 3.2% of total installed capacity. The renewable energy sector in Mexico presents a huge untapped market opportunity valued at US$ 10bn, and in parallel the country’s total installed photovoltaic capacity is expected to grow by 37% per year between 2014 and 2018.
Enlight’s founder and CEO, Julian Willenbrock, commented on the strategic value ALLVP will bring to the Company: “We are convinced that ALLVP’s expertise in scaling innovative companies and their unparalleled network will help bolster Enlight as Mexico’s largest player in the residential solar market”. Managing Partner at ALLVP Fernando Lelo de Larrea commented on the partnership: “Mexico’s favorable geographic distribution of solar radiation coupled with regulatory reforms will allow cutting-edge, high-tech renewable energy sources to prosper in the near future, and we believe Enlight is the perfect combination of experience and skill to capture this potential”.