Solar International Core Canada announces US$2 billion investment for plant in Hidalgo

Solar International Core Canada and the government of Hidalgo announced in Toronto the upcoming construction of an active pharmaceutical ingredients plant in the Mexican state, representing an investment of US$2 billion.

The investment announcement was formalized through the signing of a memorandum of understanding between Babak Arefpour, CEO of Solar International Core Canada, and Carlos Henkel, Hidalgo’s Secretary of Economic Development. The company detailed that it will allocate US$70 million to acquire land at the Zapotlán Economic Development Hub in Hidalgo, where the plant will be installed.

Pharmaceutical investment strengthens Hidalgo’s industrial development

The announcement was witnessed by Mexico’s Secretary of Economy, Marcelo Ebrard, and Canadian Minister of Trade Dominic LeBlanc.

“We are closing the day with a US$2 billion investment for Hidalgo. That alone made the entire trade mission worthwhile, although we are achieving many more results,” said Secretary Ebrard, who is leading a trade mission of 244 Mexican business leaders to Canada.

Mexico and Canada promote new industrial investments

As part of the mission, a series of letters of intent were also signed, through which Canadian companies committed to analyzing potential investments in Mexico:

• Between the government of the state of Chiapas and INTE Modular, to explore the development of a modular housing plant in the state, with a potential investment of up to US$360 million.
• Between the government of the state of Puebla and ProcessResearch Ortech Inc., to explore the development of a mineral and battery materials processing plant in the state, with a possible investment of US$380 million.
• Between the government of the state of Jalisco and Sustainable Agave Holdings Ltd., to explore the development of an agave processing plant for pulp production, which, if completed, would involve an investment of US$100 million.