Hydro Alternative Energy Inc (HAE), an emerging independent power provider, has executed a memorandum of understanding (MOU) with renewable energy company Energreen SA de C.V for the development of hydrokinetic energy projects in Mexico.
Energreen is part of the Desus Group of Mexico, an integrated series of companies with each focused on a specific area of sustainable development.
The intent of the MOU is for HAE and Energreen to partner with each other for the purpose of developing one or many offshore hydrokinetic energy projects to provide Mexico with additional renewable electric power generation capacity for internal consumption.
“Energreen was clearly the right group to team up and partner with in Mexico to study, develop and sell electricity to be produced by our Oceanus system, which is planned to harness energy from underwater ocean currents,” said Enrique Pallares, HAE’s President. “Our Mexican partners have demonstrated the highest level of interest and cooperation in working together with us to procure power purchase agreements with local municipalities and governments in Mexico. We are excited and committed to working together with Energreen for many years to come.”
Carlos Diaz, Commercial Director of Energreen, added: “Energreen is a company dedicated to renewable energy generation, and we view HAE as a credible and much desired 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. 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.”