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Polaris Renewable Energy has executed a milestone 30-year Mixed Investment Agreement with Banca Mifel, acting as the fiduciary trustee for CFE. This contract establishes a joint venture structure where CFE holds a majority 54% stake and Polaris maintains 46% to develop, construct, and operate three solar projects in Mexico totaling 250MW of generation and 180MWh of battery storage. Representing a total investment of US$217 million, this portfolio is one of the very first binding contracts to materialize under CFE’s massive 7,411MW national Mixed Development Program, using heavy battery backup to exceed baseline grid stability mandates.
Polaris Renewable Energy announced it has executed a Mixed Investment Agreement with the fiduciary trustee Banca Mifel, acting on behalf of CFE. The contract establishes the contractual 30-year framework governing the joint participation of Polaris and CFE in the development, financing, construction, ownership, and operation of three solar projects in Mexico, including the applicable governance, economic, and corporate arrangements.
The agreement represents a total investment of approximately US$217 million across the three projects and is one of the first Contratos de Inversión Mixta to be formally executed following CFE’s June 5 award of approximately 7,411MW under the first national Mixed Development Program, making Polaris one of the earliest international developers to convert a mixed scheme award into a binding 30-year contract.
The Three Projects and Their Scale
All three Polaris-owned projects submitted under the Mixed Development Program were selected to advance to the final contract negotiation stage. The three projects represent approximately 250MW of solar photovoltaic generation capacity, along with more than 180 MWh of Battery Energy Storage Systems, located in strategically important energy regions of Mexico.
The combined scale, 250MW of generation and 180MWh of storage, places Polaris’s portfolio within the medium-tier of the mixed program’s awarded projects, larger than several single-park awards but below the flagship 700MW-plus projects such as Terralia’s hybrid complex. The storage component exceeds the mandatory minimum, 30% of generation capacity for at least three hours, demonstrating that at least some developers in the program are going beyond regulatory compliance on storage to improve their grid integration profiles and competitive positioning with CFE.
The Structure: CFE at 54%, Polaris at 46%, 30-Year Term
The Mixed Program represents the largest renewable energy and energy storage procurement initiative undertaken in Mexico. The program was established to facilitate significant renewable energy and storage investment through a co-investment structure in which CFE will hold a minimum 54% participation in each project.
The contract structure executed o is administered through a trust arrangement with Banca Mifel as fiduciary on behalf of CFE, a mechanism that provides CFE with its constitutional majority stake while giving the private partner, Polaris, a defined contractual role in development, financing, and construction. The 30-year term is the longest project lifecycle framework Mexico’s electricity sector has seen for a renewable investment under any regulatory structure, providing long-dated revenue visibility that international project finance lenders require to make investment grade terms available to developers.
Polaris is a Toronto Stock Exchange-listed renewable energy company with a portfolio spanning Latin America and the Caribbean. Its Mexico projects were among the three it submitted to the RfP process launched in February 2026. The process was evaluated in accordance with the Guidelines for Mixed Development Programs published by SENER in January 2026, with CFE and SENER announcing on June 5 that the final award volume exceeded the original target, with approximately 8,000MW of projects selected for advancement under the program.

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