Displaying items by tag: Renewable energy
Grupo Polpaico signs renewable energy deal with Colbún
02 January 2019Chile: Colbún has signed a deal with Grupo Polpaico to supply the cement producer with 183GWhr/yr of renewable energy for a 10 year period. Cementos Polpaico will start using renewable energy at its Cerro Blanco integrated plant and its Coronel cement grinding plant in 2019 to allow energy efficiency upgrades to be implemented. Other plants in the group’s portfolio will start using the renewable energy supply by 2022.
Chile: Cementos Bicentenario (BSA) has signed a deal with energy company Engie to supply its Quilicura grinding plant near Santiago with renewable energy. All of the energy supplied to the plant will come from renewable sources including solar and hydroelectric. The contract, equivalent to 35GWh, will see the plant achieve the I-REC certification.
Cemex creates Cemex Energia to tap into energy reform
20 February 2015Mexico: Cemex has created an energy division, Cemex Energia, to take advantage of Mexico's landmark energy reform and launch power projects that could provide up to 5% of Mexico's electricity requirements within five years.
Cemex has struggled with a large debt load and cost-cutting since an ill-timed US$16bn takeover of Australian rival Rinker in 2007, when the US housing market nosedived. In recent years, Cemex has been slashing costs and has looked to sell assets to regain a coveted investment grade rating. Cemex executives are hopeful that Mexico's energy reform will be a lucrative new path.
"We are very enthusiastic about Mexico's energy sector future and we will leverage on our experience in developing projects that benefit the country," said Cemex CEO Fernando Gonzalez.
Cemex will invest US$30m in Cemex Energia in the next five years. Cemex has also signed a joint venture agreement with Pattern Energy Group Inc, which owns wind power projects, to create 1GW of renewable power in Mexico in the next five years. Pattern said that new legislation in Mexico, which mandates that 35% of Mexico's power must come from renewable sources by 2024, prompted it to expand.