SAN FRANCISCO, Feb. 19, 2015 /CNW/ -- Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy"), today announced that its parent company, Pattern Energy Group LP ("Pattern Development"), signed a joint venture agreement with CEMEX Energia, a subsidiary of CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX). The CEMEX Energia/Pattern Development JV will jointly develop renewable energy projects throughout Mexico.
- Pattern Development forms JV with CEMEX Energia in Mexico
- Expands wind and solar project development in Mexico
- Increases pipeline of development projects, which are subject to Pattern Energy's ROFO rights
"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," said Mike Garland, President and CEO of Pattern Energy. "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."
"We are very enthusiastic about Mexico's energy sector future, and we will leverage our experience in developing projects that benefit the country," said Fernando A. Gonzalez, CEO of CEMEX.
"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," said Luis Farías, CEMEX Vice-President of Energy.
Recent reforms in Mexican energy laws, including a mandate for 35% of generation to come from clean resources by 2024, create significant opportunities for development of Mexico's substantial wind and solar resources.
Pattern Development owns approximately 25% of Pattern Energy, which has the right of first offer (ROFO) to acquire projects developed by Pattern Development. Pattern Energy maintains a list of identified ROFO projects, which represent near-term acquisition opportunities. The ROFO list represents a portion of Pattern Development's 4,500 MW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer.
CEMEX is a global building materials company that provides high-quality products and reliable services to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,500 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the number of MW which may be jointly developed by the JV, the development of Mexico's energy sector future, the ability to announce more ROFO additions in the future, and the ability to achieve mandates for generation from clean resources. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K, as amended by Form 10-K/A and the Company's Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
SOURCE Pattern Energy Group Inc.