CEMEX to Provide Industry-Leading Expertise for Projects to Be Developed by Clean Energy Fund
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that it will participate in a Clean Energy Fund that is expected to raise approximately U.S.$300 million through a public offer of Certificados de Capital de Desarrollo (CKDs, or Capital Development Certificates) in the Bolsa Mexicana de Valores (Mexican stock exchange) which proceeds will be invested in a series of clean energy projects in Mexico. CEMEX will provide its industry-leading technical expertise in clean energy generation to all of the fund's projects.
CEMEX's participation in the Clean Energy Fund will be limited to the management and advisory activities under the guidance of a technical committee and the certificate holders meeting of the projects authorized by the fund, not exercising control, and limiting its participation to a minority equity stake not exceeding 10% in the sponsored projects. Therefore, 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 optimizing 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.”
CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.
For more information, please visit: www.cemex.com
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This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of CEMEX or the project herein described to be materially different from those expressed or implied in this release. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.