Hydro Alternative Energy (HAE) has signed a memorandum of understanding with Energreen to develop hydrokinetic energy projects in Mexico.

The MOU enables HAE and Energreen to collaborate on the development of off-shore hydrokinetic energy projects to provide Mexico with additional renewable electric power generation capacity for internal consumption.

Energreen commercial director Carlos Diaz said the company is focused on renewable energy generation, and it views HAE as a credible partner with whom to jointly develop energy projects utilizing underwater currents.

"We believe Energreen’s experience in developing electric power generation projects will be instrumental in facilitating our and HAE’s joint project efforts in this regard," Diaz said.

"Both companies have similar philosophies when it comes to understanding the renewable energy business, and we believe this will be key to the success of our joint efforts and projects."

HAE is an independent power provider focusing on utilizing hydrokinetic and other power development resources to generate electric power globally.

Energreen is part of the Desus Group of Mexico, an integrated series of companies with each focused on a specific area of sustainable development.