Japan-based Mitsui & Co. Ltd., through its newly established subsidiary, MIT Renewables Mexico, has reached an agreement with EDF EN Mexico, a subsidiary of EDF Energies Nouvelles, to acquire a 50% stake in the common stock of Eoliatec del Istmo, which owns the 164 MW Bii Stinu Wind Project.
The total cost of the project, located in Oaxaca, Mexico, amounts to approximately 5.1 billion Mexican pesos ($400 million).
EDF EN Mexico completed the development activities for Bii Stinu and closed on the financing arrangements. The project, which is now in an advanced stage of construction, is scheduled to start commercial operation in June. Power generated from the project will be delivered to various entities of five major private-sector corporations, based on 15-year power purchase agreements.
Mitsui is the No. 2 independent power producer in Mexico, participating in 2.922 GW of gross generation capacity, including this project and six other gas-fired power plants in the country.