The partnership expands wind and solar project development in Mexico. The country had 2.38GW of installed wind power capacity in 2014.
A new mandate in Mexico’s energy laws calls for 35% of generation to come from clean resources by 2024, creating opportunities for wind and solar developments in the country.
Pattern Energy Group, in which Pattern Development owns about 25% interest, will have the right of first offer to acquire the projects developed by the company in Mexico.
Cemex Energia will have the option to take minority equity interests in the projects developed by the JV.
Pattern Energy president and CEO Mike Garland said: "Mexico is a natural expansion market due to Pattern Development’s headquarters in Houston and its team’s experience in developing over 1,000 megawatts of wind projects in California, New Mexico and Texas.
"We enter the rapidly growing renewable energy market in Mexico with a strong and experienced local partner in CEMEX, a global leader in building materials with a successful track record of developing projects in Mexico."
Cemex Energia vice-president of energy Luis Farías said: "We are very pleased to sign this joint venture with Pattern Development that will help us leverage the use of our knowledge to continue our industry-leading expertise in the use of clean energy and alternative fuels."
The JV is part of Cemex Energia’s portfolio, which intends to deliver around 3% to 5% of Mexico´s electricity requirements in the next five years.
Image: Pattern Development and Cemex Energia will jointly develop 1GW of renewable energy projects in Mexico over the next five years. Photo: Courtesy of Anusorn P nachol/FreeDigitalPhotos.net.
