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Mexico

Mexico

Enel GP sells majority stake in 720MW of wind in Mexico

MEXICO: Enel Green Power has sold its majority stake in 1.7GW of renewable projects, including more than 700MW of wind farms.

The 100MW first phase of Enel Green Power's Dominica project in San Luis Potosí
The 100MW first phase of Enel Green Power's Dominica project in San Luis Potosí

The Italian utility’s renewables subsidiary sold its 80% share in three solar plants and five wind projects to Canadian institutional investor Caisse depot et placement du Québec (CDPQ) and the investment arm of Mexican pension fund CKD Infraestructura México (CKD IM) for a total $1.35 billion, the company said.

Approximately $340 million of this figure is for the sale of the majority interest in the projects, Enel said, while approximately $1.01 billion is for loans granted to the projects.

Enel Green Power will continue to operate the plants already online and will complete those still under construction through two newly formed subsidiaries.

Three of the wind farms – the two-phase 200MW Dominica project, the 129MW Palo Alto site and the 100MW Vientos del Altiplano wind farm – are already online. The remaining two – the 201MW Amistad project and the 93MW Salitrillos site – are both expected to be commissioned in 2019.

The transaction is part of the company’s "build, sell and operate" strategy, said EGP head  Antonio Cammisecra, which enables the company "to capitalise the pipeline of renewables projects more quickly, reducing overall risk and accelerating value creation".

He added: "By attracting solid long-term partners in this transaction, EGP confirms the strategic role that Mexico plays in its global presence.

"We are enthusiastic about the opportunities offered by the Mexican renewables market, and it is our intention to continue to invest in the country where EGP will play an active role by managing operating assets and developing new initiatives".

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