Macquarie fund acquires 90% stake in 322 MW solar power portfolio in Northern Mexico
Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group, announced that one of the funds it manages has agreed to acquire 90% of a portfolio of solar power generation of 322 megawatts (MW) in the northern Mexico. The remaining 10% of the portfolio will be owned by Eosol Invest Mexico Uno, S.L. (EOSOL), developer and operator of renewable energy with significant experience in the solar sector in Mexico.
The solar portfolio currently consists of two projects in operation (67MW), a project under construction (109MW) and two projects whose construction is scheduled to begin at the end of 2018 (146 MW). The financial terms of the acquisition were not disclosed.
The portfolio will be built in its entirety by the Spanish contractor TSK Electronica y Electricidad S.A. (TSK), Macquarie said in a statement.
The project currently under construction, obtained financing from Nacional Financiera S.A. (NAFINSA); and the company is in advanced negotiations to finance the final two projects with commercial and development banks. It is expected that these projects begin to be built this year.
“We are very excited about the acquisition of this solar portfolio, which expands our experience in renewable energy and in Mexico,” said Ernesto Gonzalez Garfias, director of MIRA in Mexico.
The portfolio has already signed contracts to sell a portion of its output through Power Purchase Agreements (PPAs) for the first 15 to 20 years of operations. However, the portfolio will also sell energy in the Mexican wholesale energy market at current spot rates, and expects to sign additional PPAs in the coming years.
This is the second investment in the solar sector in Mexico by funds managed by MIRA, after the acquisition of Parque Solar Coahuila in 2016.
As of March 31, 2018, MIRA has assets under management for approximately US$119 billion dollars invested in 148 portfolios––330 properties and 4.5 million hectares of farmland.