SAN FRANCISCO, Feb. 19, 2015 /CNW/ -- Pattern Energy Group
LP ("Pattern Development") today announced it has signed a joint
venture (JV) agreement with CEMEX Energia, a subsidiary of CEMEX,
S.A.B. de C.V. ("CEMEX") (NYSE: CX). The CEMEX Energia/Pattern
Development JV envisions advancing development opportunities and
acquiring projects from third parties in the early to mid-stages of
their development process. The Joint Venture expects to build a
portfolio of at least 1,000 MW of renewable energy projects over
the next five years.
"Through this strategic partnership with CEMEX Energia, we have
set a goal of jointly developing 1,000 megawatts of renewable
generation in Mexico over the next
five years," said Mike Garland,
President and CEO of Pattern Development. "Mexico is a natural expansion market due to
our development headquarters in Houston and our team's experience in
developing over 1,000 megawatts of wind projects in California, New
Mexico and Texas. 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."
"We are very enthusiastic about Mexico's energy sector future, and we will
leverage our experience in developing projects that benefit the
country," said Fernando A. Gonzalez,
CEO of CEMEX.
"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," said Luis Farías, CEMEX Vice-President of
Energy.
Recent reforms in Mexican energy laws, including a mandate for
35% of generation to come from clean resources by 2024, create
significant opportunities for development of Mexico's substantial wind and solar resources.
The development of new wind and solar generation can help meet
Mexico's growing demand for
electricity, reduce CO2 and other emissions, and help reduce
Mexico's high power costs.
Pattern Development's affiliate, Pattern Energy Group Inc.
(NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy"), has the right of
first offer (ROFO) to acquire the projects it develops. 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 4,500 MW pipeline of
development projects, all of which are subject to Pattern Energy's
right of first offer.
About Pattern Development
Pattern Energy Group LP
(Pattern Development) is a leader in developing renewable energy
and transmission assets. With a long history in wind energy,
Pattern Development's highly-experienced team has developed,
financed and placed into operation more than 3,500 MW of wind power
projects. A strong commitment to promoting environmental
stewardship drives the Company's dedication in working closely with
communities to create premier renewable energy projects. Pattern
Development has offices in San
Francisco, San Diego,
Houston, New York, Toronto, Santiago,
Chile, and Tokyo, Japan.
For more information, visit www.patterndev.com.
Contact:
Matt Dallas
Pattern Development
917-363-1333
matt.dallas@patternenergy.com
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SOURCE Pattern Energy Group LP