IEnova agrees buyout of Mexican wind power complex

Mexican utility IEnova (BMV:IENOVA), a subsidiary of US Sempra Energy (NYSE:SRE), has agreed to acquire the stake it does not already own in the Energia Sierra Juarez wind power complex from joint venture partner, UK growth markets investor Actis.

The remaining interest will be purchased from Cometa Energia and Saavi Energia (UK) Ltd for USD 83 million (EUR 68.7m), a press release says. The agreed consideration does not include the corresponding amount of the target’s debt.

Energia Sierra Juarez is located in Baja California, Mexico and claims to be the first cross-border renewable energy generation project between Mexico and the US. The complex includes an operational wind park with an installed capacity of 155 MW through 47 turbines of 3.3 MW each, and a 108-MW expansion project that is currently under construction.

The agreed buyout hinges on regulatory clearances. The parties anticipate completion during the first half of 2021.

(USD 1.0 = EUR 0.828)

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