SAN FRANCISCO, Feb. 19, 2015 /PRNewswire/ -- 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.
Highlights
- 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 FarÃas, 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.
About CEMEX
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.
Contacts:
Media
Relations
Matt
Dallas
917-363-1333
matt.dallas@patternenergy.com
|
Investor
Relations
Sarah
Webster
415-283-4076
sarah.webster@patternenergy.com
|
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SOURCE Pattern Energy Group Inc.