Pattern Development expands into Mexico; signs JV with CEMEX Energia
Pattern Energy Group LP recently announced it has signed a joint venture (JV) agreement with CEMEX Energia, a subsidiary of CEMEX, S.A.B. de C.V.
The CEMEX Energia/Pattern Development JV envisions advancing development opportunities and acquiring projects from third parties in the early to mid-stages of their development process. The Joint Venture expects to build a portfolio of at least 1,000 MW of renewable energy projects over the next five years.
Mike Garland, President and CEO of Pattern Development, said:Fernando A. Gonzalez, CEO of CEMEX, said:"Through this strategic partnership with CEMEX Energia, we have set a goal of jointly developing 1,000 megawatts of renewable generation in Mexico over the next five years. Mexico is a natural expansion market due to our development headquarters in Houston and our 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 inMexico."
"We are very enthusiastic about Mexico's energy sector future, and we will leverage our experience in developing projects that benefit the country."Luis Farías, CEMEX Vice-President of Energy, 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."
Recent reforms in Mexican energy laws, including a mandate for 35% of generation to come from clean resources by 2024, create significant opportunities for development of Mexico's substantial wind and solar resources. The development of new wind and solar generation can help meet Mexico's growing demand for electricity, reduce CO2 and other emissions, and help reduce Mexico's high power costs.
Pattern Development's affiliate, Pattern Energy Group Inc., has the right of first offer (ROFO) to acquire the projects it develops. Pattern Energy maintains a list of identified ROFO projects, which represent near-term acquisition opportunities. The ROFO list represents a portion of Pattern Development's 4,500 MW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer.
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