Pattern Energy is joining hands with Cemex Energia for developing one GW of renewable projects in Mexico over the next 5 years.
As per the joint venture announced last week, Cemex EnergÃa will take minority equity stakes in the power projects.
The companies so far did not mention the renewables technologies as well as the segment it plans to employ on the future projects.
Cemex has already implemented solar power in its facilities and last year only inaugurated a 1.5 MW PV plant at its Dominican Republic facility.Right now, Cemex is aiming to increase the use of renewable energies.
In addition, Cemex now plans to execute renewable energy projects in Mexican facilities to contribute nearly 3- 5 percent of electricity consumption over the next five years.
The projects will be managed by the new Cemex Energy division developed by investing around $30 million.
Pattern Energy Group is the 25 percent owner for Pattern Development. The company will have the right of first offer to acquire the projects.
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So far, Pattern Energy has developed more than one GW of wind energy in California, Texas, and New Mexico.
Recently, Siemens bagged an order from Pattern Energy Group to supply and install SWT-2.3-108 87 wind turbines for the Logan’s Gap Wind project in the US.
The 200-MW project, located in Comanche County, Texas, will create clean energy to power 50,000 homes in Texas annually.
The Mexican market has become more attractive after the recent energy law reforms, which envision 35 percent of local power generation to derive from clean resources by 2024.
As at the end of 2014, Mexico had 2,381 MW of installed wind power capacity, according to statistics by the Global Wind Energy Council (GWEC).
Most of the photovoltaic farms under construction in Mexico are developed on net metering or self-supply system. Photovoltaic power constitutes roughly 150 MW in the country.
Sabeena Wahid
editor@greentechlead.com