Chinese wind turbine maker Envision Energy Ltd said on Wednesday it has bought a controlling stake in a 600-MW-plus wind portfolio in Mexico from developer ViveEnergia.
The two firms have formed a strategic alliance that aims to bring the projects within the portfolio to their shovel-ready state by the end of 2015. The start of construction work on the first wind park is expected early next year, with a goal to commission the plant by the end of 2016. Overall, the pair will seek to realise 1.5 GW of projects by 2020.
The Chinese company did not mention how much it paid for the majority stake.
Envision's executive director Felix Zhang commented that Mexico’s energy reform and its untapped wind resources, viable projects and off-takers make the country’s wind power market one of the most promising ones in the Americas.
"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," added Rafael Valdez Mingramm, Envision's director for Latin America and the Caribbean.