InterGen Sells Mexican Assets, Including 155 MW Wind Project

Burlington, Mass.-based InterGen has entered into an agreement with London-based investor Actis to sell its business interests in Mexico for an enterprise value of $1.256 billion. This includes a 155 MW wind project with partner IEnova.

The sale, subject to regulatory approvals, is expected to close in the second quarter of 2018. BofA Merrill Lynch and Barclays Capital acted as exclusive financial advisors to InterGen, and Scotia Capital acted as exclusive financial advisor to Actis in the transaction.

InterGen is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group/Guangdong Yudean Group. The power generation firm’s Mexico portfolio includes 2.2 GW in operation, including the 155 MW wind project and six combined-cycle gas turbine projects. InterGen also owns and operates three gas compression stations and one 65-kilometer gas pipeline in Mexico.

“We are pleased to have reached this agreement with Actis, a recognized investor in the energy and infrastructure space in Latin America, including Mexico,” states Tim Menzie, InterGen’s CEO. “While we are committed to growing our portfolio over the long term, this transaction represents a significant opportunity to realize value from our investment in the region.”

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