North / South America
Cemex to participate in Clean Energy Fund
Nov, 01 2012
(Mexico) -- Cemex announced that it will participate in a Clean Energy Fund that is expected to raise approximately US$300m through a public offer of Certificados de Capital de Desarrollo (Capital Development Certificates) in the Bolsa Mexicana de Valores (Mexican stock exchange). The proceeds will be invested in a series of clean energy projects in Mexico.
Cemex said its participation in the fund would be limited to management and advisory activities, and that it would retain a minority equity stake no higher than 10 per cent in sponsored projects. Neither the fund nor the sponsored projects will be consolidated into the Cemex balance sheet.
Cemex will offer its experience in energy projects, from initial planning to development and ongoing operation. As part of its responsibilities, Cemex will provide a team of professionals with experience in energy related projects, an extensive network of contacts, assistance in negotiating and closing these type of transactions, proficiency in optimising capital structures, and knowledge of the different stages of a project’s life cycle.
“As part of Cemex’s energy strategy, we have been industry pioneers in the use of clean energy and alternative fuels, said Dr. Luis Farías, Cemex Vice-President for Energy and Sustainability. “We want to use this knowledge to continue to help build a more sustainable future.”
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