Beijing, November 19, 2020 - CPIH successfully completed its acquisition of Zuma Energía, a leading renewable energy producer in Mexico, on November 19. This is the first major direct investment made by a Chinese power generation company in the Mexican market, and the biggest renewable energy transaction in Latin America in the year. It also marks a new milestone in the pursuit of “World Class Strategy 2035” and the international development of State Power Investment Corporation (SPIC) - CPIH’s parent company.
Zuma Energía is a leading independent producer of renewable energy in Mexico, dedicated to developing, financeing, constructing and operating renewable energy projects. The company has developed a portfolio of 828 MW of projects currently under construction or already running in Mexico. Zuma Energía is committed to sustainability and the communities where it operates. It has generated over 5,000 jobs during the construction of the projects, and by generating renewable energy.
After joining SPIC, Zuma Energía will continue its development in the renewable energy sector in Mexico and other Latin American countries, and forge a development synergy with SPIC’s branches in Brazil and Chile, jointly contributing to job creation and economic recovery in Latin America in the post-pandemic era.
Market rules and business practices were honored throughout the transaction. Professional teams consisting of the best lawyers, accountants, auditors and engineers were engaged to conduct a full and thorough due diligence check. It took only 11 months to complete the equity transfer, despite the lasting adversial effects of the pandemic.
SPIC is a large key state-owned enterprise in China, and a Fortune Global 500 company. Positioning as a developer of advanced clean energy technologies, a supplier of clean and low-carbon energy and an integrator of energy ecosystem, SPIC is committed to building itself into a world-class clean energy enterprise with global competitiveness. By October 2020, the total installed capacity of SPIC has reached 165 GW, in which clean energy accounts for 53.3%. SPIC is also the largest solar power generation enterprise in the world.
As SPIC's main platform for overseas development, CPIH is commited to market development and project investment globally, and strives to become SPIC's international platform for clean & low-carbon energy investment, integrated smart energy development, and clean energy capital operation.