The company has announced the sale of more than 8,400 MW of combined cycle gas plants for 6 billion dollars.
Iberdrola has slipped into the Spanish stock market’s revaluation pack on Wednesday, up 2.45% to 11.705 euros, after last night’s announcement of an agreement to sell more than 8,400 MW of combined cycle gas plants in Mexico for 6 billion dollars.
Specifically, Iberdrola Mexico and Mexico Infrastructure Partners (MIP) have signed a memorandum of understanding whereby the trust led and managed by MIP will acquire 8,539 MW of installed capacity: 8,436 MW correspond to combined gas cycles and 103 MW to wind power.
These will be gas combined cycles, which operate under the Independent Power Producer regime contracted with the Federal Electricity Commission (CFE) in Monterrey I and II, Altamira III and IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California, Topolobampo II and Topolobampo III, together with the wind power asset La Venta III, which represent 87% of the total installed capacity to be divested, and the Monterrey III and IV, Tamazunchale II and Enertek private gas combined cycle plants.
The agreed value for the sale amounts to approximately US$6 billion, which could change depending on the closing date of the transaction and other adjustments.
The transaction is subject to the agreement and signing of definitive agreements by the parties, as well as to obtaining the necessary regulatory approvals and the fulfillment of certain conditions customary in this type of transaction.
The transaction has the financial support of the Mexican National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government. The Iberdrola Group, through the new investments it will make in Mexico, will reaffirm its leadership in the development of renewable energies in the country.