Infraestructura Energética Nova (IEnova), through one of its subsidiaries, has signed an agreement to acquire the 252MW Ventika wind energy complex in northern Mexico from subsidiaries of Blackstone Group and partners for $852m.

As per the terms of the deal, IEnova has agreed to pay $375m to Blackstone Energy Partners, Fisterra Energy, and other minority shareholders for the wind project. It will also assume about $477m in debt associated to project financing.

The Ventika wind energy complex comprises two wind farms located adjacent to each other, about 35 miles from the US border in the northern Mexican state of Nuevo Leon.

Featuring 84 turbines, the project is said to be the largest of its kind farm in Mexico and one of the largest in Latin America.

The deal is part of IEnova’s efforts to enhance its renewable energy generation portfolio.

IEnova chairman and CEO Carlos Ruiz Sacristán said: “It is 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.”

Commissioned in April 2016, the wind facility was developed by Fisterra Energy, which is owned by funds managed by Blackstone, and Mexican cement firm Cemex SAB.

Upon completion of the deal, Cemex will continue to manage the wind farm.

Blackstone senior managing director Sean Klimczak said: “This transformative project, which has helped reduce Mexico’s CO2 emissions and reliance on oil-fired generation, is emblematic of the types of projects we endeavor to develop around the world.”

Scheduled to be completed in the fourth quarter of 2016, the transaction is subject to customary closing conditions including regulatory approval from Mexico’s Federal Antitrust Commission (COFECE) and corporate approvals from the shareholders of IEnova.

Image: The Ventika and Ventika II wind farms are located in the town of General Bravo, Nuevo León. Photo: courtesy of Acciona Windpower.