Credits can be sold to large energy consumers required by the government to buy a certain amount of renewable energy. Its sale generates additional revenue for renewable energy projects.
The Mexican Wind Energy Association and the Mexican Solar Energy Association said in a joint statement last week that the rule change “has destroyed the value of the assets of the renewable energy project already in operation.”
The credits “were the main mechanism by which Mexico should meet its national and international goals for clean electricity generation,” the statement continued.
Yesterday’s ruling only guarantees the value of the claims of the company that filed the injunction, but other courts are expected to follow suit. Bloomberg said that if more injunctions are granted in lower courts, the rule change will be effectively halted nationwide.
Sources told the news agency that there are still at least 18 injunctions to be considered.
The Energy Secretariat could appeal the federal court’s decision, but an immediate ruling would be unlikely and the suspension of the rule change would continue in the meantime.
Source: Bloomberg
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