The JV will develop renewable energy projects throughout Mexico.
Pattern Energy president and CEO Mike Garland said: "Through this strategic partnership with CEMEX Energia, Pattern Development has set a goal of jointly developing 1,000 megawatts of renewable generation in Mexico over the next five years.
"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."
CEMEX CEO Fernando A. Gonzalez said: "We are very enthusiastic about Mexico’s energy sector future, and we will leverage our experience in developing projects that benefit the country."
CEMEX vice-president of energy Luis FarÃas noted: "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."
Following recent reforms in the country’s energy laws, which includes a mandate for 35% of generation to come from clean resources by 2024, there is significant opportunities for development of wind and solar resources in the country.
Pattern Development owns about 25% stake in Pattern Energy, which has the right of first offer (ROFO) to acquire projects developed by Pattern Development.
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