Mexican building materials firm Cemex has launched a new division, which has formed a joint venture Pattern Development to develop 1GW of renewable power in the country.
The planning for renewable developments in the country will be done over five years.
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CEMEX Energía will have the option to take minority equity stakes in the power projects, while Pattern Energy Group, the 25% owner for Pattern Development, will have the right of first offer to acquire those.
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."
Cemex has planned $30m investment for Cemex Energia for the next five years. The recently formed energy unit expects to fulfil 3% to 5% of Mexico’s power requirements within that period.
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.
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By GlobalData"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."
