CEMEX Creates “CEMEX Energia”
February 19 2015 - 8:30AM
Business Wire
- New energy division signs joint venture
with Pattern Development, a subsidiary of Riverstone
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today the
creation of CEMEX Energia, an energy division seeking to develop a
portfolio of power projects in Mexico.
CEMEX Energia envisions advancing development opportunities with
no significant capital commitments and expects to build a portfolio
that aims to supply about 3% to 5% of Mexico's electricity needs
over the next 5 years.
“We are very enthusiastic about Mexico’s energy sector future,
and we will leverage on our experience in developing projects that
benefit the country,” said Fernando A. Gonzalez, CEO of CEMEX. “Our
new energy division will be led by Luis Farías and his experienced
team.”
The first milestone achieved by CEMEX Energia is the signing of
a joint venture with Pattern Development, a partner backed by
Riverstone, with strong and proven development expertise that will
help to put together a pipeline of renewable energy projects in
Mexico and share the development costs, with the objective of
creating significant development value. CEMEX Energía will have the
option to take minority equity stakes in the energy projects
developed by the joint venture.
“We are very pleased to sign this joint venture with Pattern
Development. This is a mutually beneficial deal, 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 Farias, CEMEX Vice-president of Energy and now head of CEMEX
Energia.
“Through this strategic partnership with CEMEX Energia we have
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 Development. “Mexico is a natural
expansion market due to our development headquarters in Houston and
our 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, which has a successful track record of developing
projects in Mexico.”
CEMEX will not consolidate any projects from this joint venture
and any debt incurred to fund such projects will have no recourse
to CEMEX. CEMEX expects to contribute approximately US$30 million
into CEMEX Energia over the next 5 years.
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.
Riverstone Energy Limited (REL) is a closed-ended investment
company that invests exclusively in the global energy industry,
with a particular focus on the exploration & production and
midstream sectors. The company is uniquely positioned to benefit
from the large number of investment opportunities being driven by
the North American energy revolution and the continued growth in
global energy demand. REL aims to capitalize on the opportunities
presented by Riverstone's energy investment platform. REL is a
member of the FTSE 250 and its ordinary shares are listed on the
London Stock Exchange, trading under the symbol RSE. To date, REL
has invested in nine energy companies spanning conventional and
unconventional oil and gas activities in the Gulf of Mexico, the
Continental U.S. and Western Canada.
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
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This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. Many factors could cause the actual results,
performance, or achievements of CEMEX or the project herein
described to be materially different from those expressed or
implied in this release. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein. CEMEX assumes no obligation to update or correct the
information contained in this press release. CEMEX is not
responsible of the contents and reliability of the information
contained in any third-party website.
CEMEX, S.A.B. de C.V.Media RelationsJorge Pérez, +52 (81)
8888-4334mr@cemex.comorInvestor RelationsEduardo Rendón, +52 (81)
8888-4256ir@cemex.comorAnalyst RelationsLuis Garza, +52 (81)
8888-4136ir@cemex.com
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