Cemex Energia forms JV with Pattern Development to boost renewable power in Mexico

Mexican building materials firm Cemex has launched a new division, which has formed a joint venture Pattern Development to develop 1GW of renewable power in the country.

The planning for renewable developments in the country will be done over five years.

CEMEX Energía will have the option to take minority equity stakes in the power projects, while Pattern Energy Group, the 25% owner for Pattern Development, will have the right of first offer to acquire those.

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."

Cemex has planned $30m investment for Cemex Energia for the next five years. The recently formed energy unit expects to fulfil 3% to 5% of Mexico’s power requirements within that period.

Pattern Energy president and CEO Mike Garland said: "Mexico is a natural expansion market due to Pattern Development’s headquarters in Houston and its 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."