Pattern Energy Group has signed a joint venture (JV) agreement with CEMEX Energia to jointly develop renewable energy projects in Mexico.
The agreement allows Pattern to expand the development of wind and solar projects in Mexico, which recently enacted legislation to spur renewable energy.
Recent reforms in Mexican energy laws – including a mandate for 35% of generation to come from clean resources by 2024 – will create significant opportunities for development of Mexico's substantial wind and solar resources.
Additionally, Pattern Energy says the JV increases its pipeline of development projects that are subject to future acquisitions.
Pattern Energy has the right of first offer (ROFO) to acquire projects developed by Pattern Development. 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 4.6 GW pipeline of development projects.
‘Through this strategic partnership with CEMEX Energia, Pattern Development has set a goal of jointly developing 1,000 MW of renewable generation in Mexico over the next five years,’ says Mike Garland, president and CEO at Pattern Energy. ‘Mexico is a natural expansion market due to Pattern Development's headquarters in Houston and its team's experience in developing over 1,000 MW of wind projects in California, New Mexico and Texas.’
