(Bloomberg) — Mexican building products company Cemex SAB
agreed to form a joint venture with Pattern Energy Group LP to
develop at least 1,000 megawatts of renewable-energy projects in
its home country in the next five years.
It’s the first step into electricity by Monterrey-based
Cemex, which announced formation of an energy division Thursday
that plans to build plants capable of supplying 3 percent to 5
percent of Mexico’s power needs. The company, which is the
largest cement maker in the Americas, will invest about $30
million into Cemex Energia, it said in a statement.
The projects, some of which will be acquired from third-party developers, will be a mix of solar and wind power, Matt
Dallas, a spokesman for San Francisco-based Pattern Energy, said
in a phone interview Thursday. “There’s really no split in
mind, but wind will likely be a little bit more,” he said.
Mexico is seeking to generate 35 percent of its electricity
from clean sources by 2024, which will “create significant
opportunities for development,” according to a statement from
Pattern Energy, a closely held developer of renewable-energy
projects backed by Riverstone Energy Ltd.
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Reed Landberg at
Tina Davis, Carlos Caminada