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.
"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 Faras, 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.
