WEST PALM BEACH, Fla. 5/3/12 (PennWell) -- Independent power provider Hydro Alternative Energy Inc. has signed a memorandum of understanding with renewable energy developer Energreen, SA de C.V of Mexico to partner in developing hydrokinetic projects
The intent of the MOU is for Hydro Alternative Energy Inc. (HAE) and Energreen to partner in developing one or many off-shore hydrokinetic projects that would provide Mexico with additional renewable electric power generation capacity.
"Both companies have similar philosophies when it comes to understanding the renewable energy business, and we believe this will be key to the success of our joint efforts and projects," says Carlos Diaz, commercial director of Energreen.
HAE is focusing on "utilizing hydrokinetic and other power development resources to generate electric power worldwide," according to a company release.
Meanwhile, Energreen -- part of the Desus Group of Mexico -- is dedicated to the generation of renewable energy and environmental improvement projects, the release says.