MMIF Acquires Interest In Late-Stage Wind Energy Project In Mexico

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Macquarie Mexican Infrastructure Fund (MMIF) has announced its participation in an equity consortium that has acquired Energia Alterna Istmena and Energia Eolica Marena from subsidiaries of Preneal, for a transaction value of approximately $89 million.

The project companies are the owners of a 396 MW late-stage wind energy project in the southeastern region of the state of Oaxaca, located along the Isthmus of Tehuantepec, where average regional wind speeds exceed 8.5 meters per second. Â

The consortium comprises MMIF with a 32.5% interest, Fomento Economico Mexicano with a 45.0% interest and Macquarie Capital with the remaining 22.5% interest.Â

Having commenced development in 2003, Preneal has brought the project to an advanced stage. With the support of the local team, the consortium will finalize the development of the project and secure long-term financing in the lead-up to construction.Â

Subsidiaries of FEMSA and Cerveceria Cuauhtemoc Moctezuma, an operating company of Heineken, will purchase the output of the project under 20-year power purchase agreements.Â

The consortium has contracted Vestas WTG Mexico, a subsidiary of Vestas Wind Systems, to complete the engineering, procurement and construction of the project, including the supply of 132 Vestas V90-3 MW wind turbines. Vestas will also assume ongoing service and maintenance obligations.Â

The consortium has notified the transaction to Mexico's Federal Competition Commission and is in the process of obtaining the commission's final approval for the transaction.Â

SOURCE: Macquarie Mexican Infrastructure Fund

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