InterGen, a Massachusetts-based power generation firm, has entered into an agreement with Infraestructura Energetica Nova SAB de CV (IEnova) to purchase a 50% interest in the first phase of the Energia Sierra Juarez wind project.
Located in Baja California, Mexico, the first phase is an approximately $300 million, 155 MW wind project consisting of 47 3.3-MW Vestas turbines. The wind farm will sell its power to U.S.-based utility San Diego Gas & Electric under a 20-year contract and is expected to come online during the first half of 2015.
"We are very pleased to be working with IEnova on our first renewables' generation project, an area of expected growth for us in the future," says Neil H. Smith, president and CEO of InterGen.
Carlos Ruiz Sacristan, chairman and CEO of IEnova, adds, "This transaction is a key milestone in the development of Energia Sierra Juarez and completes our original plan to include a strategic partner."
The partnership agreement is subject to regulatory approvals in Mexico and the U.S. Financial terms were not disclosed.