* New energy fund to issue certificates
* Projects will not be consolidated into Cemex balance sheet
By Gabriela Lopez
MEXICO CITY, Oct 30 Mexican cement maker Cemex
said on Tuesday it would join a clean energy fund
that is expected to raise $300 million through a public offer of
certificates on the Mexican stock exchange.
Cemex said its participation in the fund would be limited to
management and advisory activities, and that it would retain a
minority equity stake no higher than 10 percent in sponsored
In February, the Monterrey-based company said it
planned to create an investment fund this year that would
finance some $1 billion in energy projects.
This initiative included the $300 million certificate offer
while the rest of the money was expected to come from a loan.
Neither the fund nor the sponsored projects will be
consolidated into Cemex's balance sheet, the company said.
Luis Farias, Cemex's vice president for energy and
sustainability, told Reuters the company planned to list the
certificates by the end of the first quarter of 2013. He said
the full $1 billion would be executed through 2017.
The first project will be the construction of a wind-powered
park, Ventika, in the northern industrial state of Nuevo Leon,
Cemex recently posted a narrower third-quarter loss compared
with a year ago, bolstered by stronger results in Mexican and
The company has been easing its way back to financial health
by refinancing its huge debt pile and pushing back payments for
up to four years
Cemex shares treaded 0.25 percent lower at 11.80 pesos on