SkyPower and Grupo Uribe Form Joint Venture for the Strategic Development of Solar Energy in Mexico
MEXICO CITY, August 7, 2015 /PRNewswire/ --
SkyPower, the largest developer of solar PV energy projects in the world, is pleased to announce the formation of a joint venture with Grupo Uribe, a leading energy company based in Mexico with over 50 years of experience serving households, businesses and industries. The joint venture will form the single largest solar development company in Mexico and will focus on the development of an integrated pipeline of utility-scale solar PV projects across the country. Mexico has one of the fastest growing economies in the Americas and is committed to diversifying its energy supply mix in order to rapidly move forward with energy reform.
SkyPower and Grupo Uribe are committed to providing renewable energy solutions that will support the Government of Mexico's ambitious goals to increase energy accessibility for Mexicans and feed its growing manufacturing sector. The combined strength of SkyPower's wealth of global experience in developing utility-scale solar parks and Grupo Uribe's long-standing credible presence in the Mexican energy sector enables the joint venture to rapidly deploy its capital and resources in order to immediately execute on large-scale solar development opportunities to align with Mexico's demand for solar.
"SkyPower is truly excited to be a part of this historical change in the energy sector for Mexico, which will undoubtedly create new jobs and stimulate economic growth and development in both rural and urban communities around the country," said Kerry Adler, President and Chief Executive Officer of SkyPower.
"Grupo Uribe looks forward to this strategic partnership with SkyPower, a truly global company that is committed to deploying renewable energy solutions for Mexico," said Fabian Uribe of Grupo Uribe. "Our collective strengths will allow us to harness the vast solar energy potential in Mexico with agility and speed."
Charles Cohen, Executive Vice President and Global Head of Development said, "This is another remarkable moment in the history of SkyPower and it makes me proud to see this joint venture between two incredible companies who are committed to making a positive difference in addressing issues related to climate change and providing access to electricity for those who need it the most."
ABOUT SKYPOWER
SkyPower is the largest and one of the most successful developers and owners of utility-scale solar photovoltaic (PV) energy projects in the world. With roots dating back to over a decade, SkyPower's global team possesses a vast track record of over 800 years of combined experience in power and large infrastructure projects.
The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25 GW worldwide - 7 GW of which was recently announced in bilateral agreements to be built on the continent of Africa over the next five years in Egypt, Nigeria and Kenya.
Over the past few years alone, SkyPower has secured over two dozen utility-scale solar PV Power Purchase Agreements (PPA) and Contracts, which in aggregate represent well in excess of US $80 billion worth of long-term renewable energy sales to leading utilities and governments around the world.
SkyPower is majority owned by CIM, a transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US $19.8 billion in assets under management. http://www.cimgroup.com
ABOUT GRUPO URIBE
Grupo Uribe is a diversified conglomerate that through its Energy Division has been serving households, industries and businesses in Mexico for more than 50 years, always offering the highest quality care and service.
Thanks to the efforts and dedication of our staff, and aimed at a policy of continuous improvement, we have achieved important quality certifications (ISO 9000) and Environmental Compliance, which positions us as a leader in the sector for distribution of LPG, demonstrating our commitment to Mexico.
For more information about SkyPower, please contact: Hando Kang, Vice President, International Public Affairs, hando.kang@skypower.com, +1-647-478-2812; Maria Vorobieva, Director, International Public Affairs, mariav@skypower.com , +1-647-478-1149
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