Pattern-Cemex Energia forms JV to develop 1GW renewable projects in Mexico

19 February 2015 (Last Updated February 19th, 2015 18:30)

Pattern Development has entered into a joint venture (JV) with Mexico's Cemex Energia to initiate 1GW of renewable power generation in the country.

Pattern Development has entered into a joint venture (JV) with Mexico’s Cemex Energia to initiate 1GW of renewable power generation in the country.

CEMEX Energía will have the option to take minority equity stakes in the power projects, which the JV plans to develop over the next five years.

Pattern Energy Group is the 25% owner for Pattern Development. The company will have the right of first offer to acquire the projects.

Pattern Energy president and CEO Mike Garland said: "Mexico is a natural expansion market due to Pattern Development’s headquarters being based in Houston and its team’s experience in developing more than 1,000MW of wind projects in California, New Mexico, and Texas.

"Pattern Energy enter the rapidly growing renewable energy market in Mexico with a strong and experienced local partner in CEMEX."

"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."

Mexican building materials firm Cemex, which is the parent company for CEMEX Energia, expects a $30m investment into the unit over the next five years. The recently formed division intends to meet 3% to 5% of the country’s power requirements within that period.