Macquarie Capital sells 45.5% stake in power plant under construction in Ciudad Juarez

20 March, 2018

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Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, announced it has sold a 45.5% equity interest in Norte III, a 907 MW combined cycle power generation facility currently in Ciudad Juarez, Chihuahua, to an entity controlled by affiliates of InfraRed Infrastructure Fund V and Invex Infraestructura.

As a result of the transaction, InfraRed and Invex acquired a 35.5% and 10.0% equity interest, respectively, in Norte III. No financial terms of the transaction were disclosed.

Norte III will benefit from availability-based revenues paid by government-owned Comisión Federal de Electricidad (CFE) under a 25-year, USD-denominated PPA. The construction of the Norte III project is being carried out by Techint Engineering & Construction, an Argentinian engineering, procurement and construction (EPC) services company. Macquarie and Techint will remain co-shareholders of Norte III.

The development of Norte III will help meet the growing need for electricity in the region. Upon completion, Norte III will be one of the largest combined-cycle power plants in Mexico and provide electricity to more than 500,000 homes.

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