SkyPower to partner with Mexican energy company Grupo Uribe on joint venture
Toronto-headquartered company eying growth well south of the border
MEXICO CITY—Toronto-based SkyPower Global, which is one of the largest developers of solar photovoltaic energy projects in the world, has announced the formation of a joint venture with Grupo Uribe, a leading Mexican energy company.
Skypower, which is majority-owned by real estate and infrastructure fund manager, CIM Group, said 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. It noted 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 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,” Kerry Adler, president and CEO of SkyPower, said.
SkyPower said the combined strength of its 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.
Grupo Uribe, which is a diversified conglomerate that has served households, industries and businesses in Mexico through its energy division for more than 50 years, is also excited about the partnership.
“Our collective strengths will allow us to harness the vast solar energy potential in Mexico with agility and speed,” Fabian Uribe of Grupo Uribe, said.
SkyPower is the largest as well as one of the most successful developers and owners of utility-scale solar photovoltaic energy projects in the world. Over the past few years , SkyPower has secured over two dozen utility-scale solar PV Power Purchase Agreements and contracts valued at over US$80 billion.