(Yicai Global) Nov. 20 -- Hong Kong-based China Power International Development concluded its acquisition of Mexico’s largest green energy company Zuma Energía yesterday, the two announced in separate statements the same day.
Their statements omitted mention of the value of the deal or other financial details.
Zuma, which is Mexico's largest independent renewable energy power producer, develops, finances, constructs and operates clean energy projects. It has four power stations in operation with a total installed capacity of 818 megawatts. CPI is a unit of Beijing-based State Power Investment Corp.
“[We] are very excited for Zuma to join the SPIC family. The investment … shows our commitment and sustained support for the generation of clean energy and renewables, as well as our confidence in the Mexican economy,” said Qian Zhimin, president of SPIC and CPI, adding, “Zuma complements and synergizes our current investments in the region and will contribute to our operational development and investment in the countries of the region.”
This is the first major direct investment of a Chinese power company in the Mexican power market, and also the largest renewable energy merger and acquisition project in Latin America this year.
Zuma will focus on the clean energy market in Mexico and other Latin American markets after joining SPIC, and will also work with its new affiliates in Brazil and Chile to boost employment and revitalize socio-economic development in Latin America post-epidemic, said CPI, which is the SPIC arm focused on overseas development and project investment.
SPIC also owns nuclear power, thermal power, hydropower, wind power and photovoltaic power generation assets. Its installed power capacity reached 165 million kilowatts as of the end of last month, with its 53.3 percent clean energy installed capacity making it the world’s largest photovoltaic power generator.
Editor: Ben Armour, Xiao Yi