Pattern Energy + Cemex Developing 1 Gigawatt Of Renewable Energy Projects In Mexico
The US based renewable energy company Pattern Energy is partnering with the Mexican construction company Cemex to form a joint venture to develop projects in Mexico, according to recent reports.
The announcement of the new joint venture follows on the heels of Cemex announcing the launch of its new energy division (Cemex Energy, fittingly). “Renewable energy” in the case of the new joint venture refers to solar and wind energy projects, as you’d probably expect.
The plan is for up to 1 gigawatt (GW) in new project capacity to be developed via the joint venture.
“Through this strategic partnership with Cemex Energy, we have set the goal to jointly develop 1,000 MW of renewable generation in Mexico over the next 5 years,” stated Pattern Energy President and CEO Mike Garland.
With regard to the renewable energy projects previously developed by the two companies — which should give us some idea of where they’re heading with this — Pattern Energy has to date developed more than 1 GW of wind energy in California, Texas, and New Mexico; and Cemex has incorporated a notable amount of solar energy capacity into its facilities.
Reportedly, both companies will contribute to the costs of the planned projects, with Cemex also noting that it may acquire minority stakes in some of them.
“This is a win-win deal that will help us make use of our experience to continue our track record as a leader in the clean energy industry and in the consumption of alternative fuels,” stated Cemex Energy Director Luis Farias.
The new energy division of Cemex was created, at least partly, to help the company achieve its goal of getting 3–5% of its electricity needs at its facilities in Mexico via new energy projects over the next 5 years. The company is reportedly investing ~$30 million into the new division.
Image Credit: Pattern Energy
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