China’s Envision Energy has completed the acquisition of a controlling stake in a portfolio of more than 600 megawatts of wind projects in Mexico developed by ViveEnergia.
Under the terms of the strategic alliance entered with ViveEnergia, the consortium will bring current portfolio into a ‘ready to build’ stage by the end of this year and initiate construction of the first wind farm early next year. A goal of 1.5 gigawatts of projects developed and in operation has been set by 2020.
The first of the projects in the group is due to be completed by the end of 2016. “Mexico is one of the most promising markets in the Americas for wind power generation in the coming decade, not only a result of the energy reform but also given its untapped wind resources, viable projects and off-takers, as well as the interest of equity sponsors and lenders,” said Felix Zhang, Envision’s Executive Director.
“This investment is considered China’s largest direct investment in Mexico in the renewable energy space and will take advantage of bilateral cooperation agreements and lines of credit that are in place,” said Rafael Valdez Mingramm, Envision’s Director for Latin America & the Caribbean.