US firm Pattern Energy Group LP, or Pattern Development, plans to build at least 1 GW of renewable energy plants in Mexico over the next five years through a new joint venture with local firm CEMEX Energia.
Pattern Development announced on Thursday it has signed a deal with the unit of Mexican cement producer Cemex SAB de CV to establish a jointly-owned company that will advance development opportunities and buy projects in their early to mid-stages of development.
The US renewable energy firm pointed out that the Mexican market has become more attractive after the recent energy law reforms, which envisage 35% of local power generation to come 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).
Pattern Energy Group Inc (NASDAQ:PEGI), in which Pattern Development holds a roughly 25% stake, will have the right of first offer (ROFO) to acquire the projects developed by the company in Mexico.