Nov 17, 2014 - US renewable energy firm Blue Earth Inc (PINK:BBLU) said Monday it may acquire 105 MW of utility-scale solar projects and 168 MW of wind projects in Mexico.
The company has entered into a letter of agreement giving it the exclusive rights to buy the six projects, which are in different stages of development. It has two months to carry out its due diligence.
Blue Earth said that all significant terms on the acquisition have been agreed upon.
If the purchase does go through, the US company will issue shares as payment for the projects. It will also award a project development deal for USD 2.5 million (EUR 82m) in cash to the seller so that the latter performs certain development services to bring the projects to the Notice-to-Proceed (NTP) stage.
"We are very excited about the possibility of moving forward on these utility scale projects and expanding into the Mexican market, which has implemented regulatory measures that will facilitate and subsequently increase renewable power generation in the country," said the buyer’s president Ruben Fontes.