Siemens is considering investment opportunities in Mexican energy industry after President Enrique Pena Nieto has opened up the energy markets relaxing investment laws, reports Bloomberg.
Siemens has got the opportunity to invest in services like private power generation to oilfield electrification services.
While Siemens has operated in Mexico for about 120 years, they will have to face their Spanish competitors in market, says the report.
The reformed laws are attracting foreign companies to invest in segments including wind energy.
For the first time in more than seven decades, Mexico has opened its energy industry to private companies. It has fixed an oil and natural gas contract for companies such as Chevron and Exxon Mobil. Legislation was passed for freeing access to the national power network.
Mexico aims to boost clean energy share to 33 percent from the current 15 percent level by 2018.
In addition, Mexico will add 1 GW of wind turbines this year, up from 236 MW in 2013, estimates Bloomberg New Energy Finance.
Companies like Suzlon Flexi System, are keen to spread their investments in wind technology segment of other countries than Europe.
Iberdrola , a Spanish utility already owns 5.2 GW of generation and plans to invest $5 billion in Mexico over the next four years, concludes the news agency.
Besides, Spain’s Acciona and Gamesa Tecnologia have finalized large wind-turbine deals in Mexico recently.