New Projects, Renewables, Wind

Two Wind Farms in Mexico Sold for $852 Million

Acciona wind turbines

A unit of Sempra Energy (NYSE: SRE) signed an agreement to buy two wind energy farms in Mexico majority-owned by Blackstone Energy Partners (NYSE: BX) for $852 million.

Infraestructura Energética Nova (IEnova), through one of its subsidiaries, entered into a purchase and sale agreement for 100 percent equity interest in the 252-MW Ventika I and Ventika II wind facilities in Mexico.  The wind farm uses 84 Acciona wind turbines. It was jointly developed by Fisterra Energy and Cemex. Construction was completed in December 2015 and commercial operations started in April 2016. Cemex will remain as asset manager of the project.

Upon closing in fourth quarter 2016, IEnova would make an estimated cash payment of $375 million, plus the assumption of outstanding debt of approximately $477 million. Ventika has long-term project financing in place, granted by commercial and development banks, as well as long-term power purchase agreements.

The deal is subject to customary closing approvals, including from IEnova’s shareholders and Mexico’s Federal Antitrust Commission.