SoWiTec group GmbH / DE000A2NBZ21
06.02.2024 - 10:00:05SOWITEC and Cubico Sustainable Investments sign contract for the development of renewable energy projects in Mexico with a capacity of 800 MW
| SoWiTec group GmbH / Key word(s): Contract 06.02.2024 / 10:00 CET/CEST The issuer is solely responsible for the content of this announcement. Sonnenbühl, 6 February 2024 – SOWITEC group (SOWITEC), one of the leading developers of renewable energy projects in the wind and solar sectors, has signed a contract with Cubico Sustainable Investments for 800 MW of renewable energy development projects in Mexico. The transaction includes three advanced projects, one hybrid project and two solar projects, with a total capacity of 630 MW with secured land and corresponding permits. Frank Hummel, CEO of the SOWITEC Group: “The important energy market in Mexico is now experiencing the recovery we expected. Our decision to hold on to the long-term market potential despite the challenging environment since 2018 has thus proven to be absolutely right. We are all the more pleased that our perseverance in consistently driving forward our activities in this sector has led to a strategic agreement with such a renowned partner as Cubico Sustainable Investments.” Osvaldo Rance, Country Head for Mexico at Cubico Sustainable Investments, commented: “We are delighted to announce the completion of this transaction which reinforce our commitment to delivering projects that will contribute to both reducing greenhouse gas emissions and driving Mexico’s future economic growth. We are confident that these projects will play a vital role in meeting the growing demand for clean energy in the region. Looking ahead, we will be seeking both public and private off takers.” Since 2018, the expansion of the Mexican electricity market and renewable energies has slowed down significantly under the current government. As a result, private companies have faced and continue to face significant obstacles, including delays in approval processes, transmission restrictions, policy changes and reduced profitability. However, there are very clear indicators that the private sector will once again actively participate in the development of renewable energy after the upcoming presidential elections in 2024 at the latest. Numerous major investors are already building a robust pipeline of wind and solar projects to strategically prepare for this resurgence.About SOWITEC: As a first-tier international developer of renewable energy projects, SOWITEC operates in 12 countries, primarily concentrating on emerging markets. With a dedicated team of over 100 professionals, SOWITEC covers the complete spectrum of solar and wind power project development, encompassing planning, design, yield assessments, profitability calculations, construction assistance, sales, financing, and the technical and commercial management of wind and solar parks. Presently, SOWITEC boasts a successful portfolio of over 60 wind and solar projects, totaling nearly 3,000 MW, actively contributing to the sustainable energy landscape across eight countries. www.sowitec.com About Cubico: Founded in May 2015, Cubico Sustainable Investments is one of the world’s largest privately-owned renewable energy companies. The company is backed by the resources of Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan, and PSP Investments, one of Canada’s largest pension investment managers. Cubico’s global portfolio in ten countries has an installed gross capacity of more than 3 GW, with nearly 700 MW in construction and a 4.9 GW development pipeline. Cubico is headquartered in London and has offices in Manchester (UK), Athens (Greece), Milan (Italy), Austin and New York (US), Mexico City (Mexico), Madrid (Spain), Sydney, Melbourne and Brisbane (Australia), Montevideo (Uruguay) and Bogotá (Colombia). www.cubicoinvest.com Contact: Frank Ostermair, Linh Chung Better Orange IR & HV AG 089/8896906-25 linh.chung@better-orange.de 06.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | SoWiTec group GmbH |
| Löherstraße 24 | |
| 72820 Sonnenbühl | |
| Germany | |
| Phone: | +49 (0) 7128 3808-0 |
| Fax: | +49 (0) 7128 3808-38 |
| E-mail: | info@sowitec.com |
| Internet: | www.sowitec.com |
| ISIN: | DE000A2NBZ21, DE000A30V6L2 |
| WKN: | A2NBZ2 , A30V6L |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1830581 |
| End of News | EQS News Service |
| |
