Iberdrola signed an agreement with MIP for 8.54GW combined cycle gas turbine project in Mexico for US$6 billion

 Iberdrola has signed a binding agreement with Mexican Infrastructure Partners for the sale of 8.54GW of combined cycle gas turbine and wind assets in Mexico to an investment management company in a transaction valued at approximately US$6 billion. Under the terms of the agreement, the trust, led and managed by Mexican Infrastructure Partners, will receive 55% of Iberdrola’s gross operating profit in Mexico. This includes related contracts and more than 410 related jobs.
Iberdrola seeks to maintain 13 plants and all its activities with private customers and its portfolio of renewable energy projects to continue growing its wind and solar assets in Mexico in the coming years. The Spanish power company said that 87% of the total installed capacity to be divested is operated under the independent energy producer regime and is under contract with the Mexican Federal Electricity Commission.
Iberdrola’s assets for sale include 1.2GW Tamazunchale I, 917MW Topolobampo II, 449MW Monterrey I and II, 878MW Escobedo, 537MW La Laguna, 1GW Altamira III and IV, 1.1GW Altamira V, 324MW Baja California and 766MW Topolobampo III CCGT plants. The deal also includes the construction of the 103MW La Venta III wind farm in the Istmo de Tehuantepec area.

In addition, the privately operated 514MW Tamazunchale II, 477MW Monterrey III and IV and 144MW Enertek combined cycle gas plants are also included in the agreement.

Iberdrola also announced that the Mexican Energy Regulatory Commission has granted a generation licence for the 105MW Santiago wind farm in Guanajuato State.

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