Mexican retailer Soriana and its joint venture partner, Vientos del Istmo, plans to invest $300 million in a wind driven power plant in Mexico that will provide electricity to over 200 of Soriana's stores.
Located in Oaxaca, the plant is due to start generating electricity from 2009, and will be used to power the electricity in Soriana stores. Soriana said that the project is an attempt to cut the rising cost of electricity.
Soriana revealed that its joint venture partner, Vientos del Istmo, already possesses a permit from the Mexican government to build the plant because, under Mexican law, private companies are allowed to provide their own power, but they are forbidden to sell it onto other companies or buyers.