Published on August 28th, 2018 | by Joshua S Hill0
Macquarie Acquires 90% Stake In 322 Megawatt Mexican Solar Portfolio
August 28th, 2018 by Joshua S Hill
A division of Australian banking giant Macquarie Group announced last week that it had acquired a 90% stake in a 322 megawatt (MW) solar power portfolio located in northern Mexico comprising of projects in various stages of completion and development.
Announced on August 21, Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group, revealed that they had acquired a 90% stake in a 322 MW solar power generation portfolio in northern Mexico. The remaining 10% of the portfolio will be held by Eosol Invest Mexico, a renewable energy developer and operator with “significant experience” in the Mexican solar sector.
The 322 MW solar portfolio consists of two operational projects worth 67 MW, a 109 MW project currently under construction and backed by financing from the Mexican Government’s development bank, Nacional Financiera, and two projects worth 146 MW which are expected to begin construction later this year and which are currently looking for financing from various development and commercial banks.
“We are pleased with the acquisition of this solar portfolio, which builds on MIRA’s significant expertise in renewables and in Mexico,” said Ernesto González Garfias, Managing Director for MIRA in Mexico.
A portion of the 322 MW portfolio’s power has already been allocated under Power Purchase Agreements (PPAs) for the first 15 to 20 years of operations. That being said, the portfolio will also seek to sell energy in the Mexican wholesale energy market at prevailing spot rates, and also expects to sign further PPAs over the coming years.
This is MIRA’s second investment in Mexico’s solar sector following the 2016 acquisition of the 22.5 MW Parque Solar Coahuila project which was formally inaugurated earlier this year.