Infraestructura Energetica Nova (IEnova) has agreed to acquire the 252MW Ventika wind project in Mexico from subsidiaries of Blackstone Group and partners.
IEnova, will pay Blackstone Energy Partners, Fisterra Energy, and other minority shareholders $375m for the assets and assume about $477m in debt associated to project financing, valuing the transaction at $852m.
The 84-turbine project features two adjacent wind farms, situated about 35 miles from the US border in the northern Mexican state of Nuevo Leon.
Each wind farm houses 42 Acciona AW-3000 turbines with a nominal output of 3MW each.
Construction was completed in December 2015 and commercial operations started in April this year.
The power produced from the project is sold to high credit rating offtakers through power purchase agreements (PPAs) denominated in US dollars.
The project was developed by Fisterra Energy, which is owned by funds managed by Blackstone, and Mexican cement firm Cemex SAB. Cemex will continue to manage the wind farm.
IEnova chairman and CEO Carlos Ruiz Sacristán said: “This transaction will enhance IEnova’s renewables portfolio.
“It is also consistent with IEnova’s strategic plan to focus on short and medium-term growth and reflects IEnova’s commitment to exercise investment discipline by investing in assets which have long-term, US dollar-denominated contracts with creditworthy counterparties.
“We anticipate that, upon closing, this transaction will contribute significantly and immediately to IEnova´s earnings.”
The transaction is expected to close in the fourth quarter of 2016 and it is subject to customary closing conditions including regulatory approval from Mexico’s Federal Antitrust Commission (COFECE) and corporate approvals from the shareholders of IEnova.
Fisterra chairman and CEO Pedro Barriuso said: “It has been a privilege to co-develop and to construct such a marquee Mexican renewable project with Cemex, a world class and experienced partner.
“We look forward to continuing to be active in the Mexican power generation sector as the country continues to support private investment through its ongoing energy reform.”
Image: IEnova to acquire Ventika I and II wind farms in Mexico. Photo: Courtesy of prozac1/FreeDigitalPhotos.net.