Cannon Power Group agrees to spin off a portion of its Mexico project development activities
Due to the substantially increased volume of activity of its Mexico projects, Cannon Power Group, a global leader in renewable energy development, has decided to reorganize its growth in Mexico.
As a result, Cannon Power Group has agreed to spin off a portion of its Mexico project rights in the states of Baja and Zacatecas to Cannon Power Group’s chairman, Gerry Monkhouse. Monkhouse will continue developing these projects, as well as projects in other locations in Mexico, under a newly formed and separate Mexico-based company, Mexico Power Group, which plans to sell power to Mexican off-takers.
Cannon Power Group will reserve the right to develop a portion of the Aubanel Wind Project located in Baja, California, and will concentrate on cross-border opportunities to sell power into the California/U.S. market from the project to be built on the property.
While operating Mexico Power Group, Monkhouse will remain as Chairman of Cannon Power Group to provide leadership, insight and support for projects the company is pursuing in the U.S. and Europe.