Innergex eyes Mexican market

Canadian company Innergex Renewable Energy Inc (TSE:INE) will partner with Mexican government-owned utility Federal Electricity Commission (CFE) to develop renewable energy projects, particularly small hydroelectric plants in Mexico.

Longueuil, Quebec-based Innergex said on Tuesday it has signed a memorandum of understanding with CFE to jointly study a number of renewable energy project opportunities in Mexico. The aim is to jointly develop selected projects with a focus on small hydroelectric facilities of below 200 MW.

The Canadian company's president and chief executive Michel Letellier called the agreement "an important first step in working with high-quality local partners to establish a long-term presence in Mexico".

Jacques Daoust, Quebec minister of the economy, innovation and exports, noted that Mexico's economic reforms, including those in the energy sector, were presenting opportunities for Quebec companies and added that the Innergex-CFE agreement was an opportunity to export local know-how and a recognition of Quebec's renewables expertise.

Innergex's operating portfolio consists of interests in 33 facilities with a total net capacity of 687 MW, including 26 hydroelectric facilities, six wind farms and one solar farm.

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