October 1 (Solar) – Italian energy major Enel SpA (BIT:ENEl) said on Friday it has closed a deal for the sale of an 80% interest in a 1.8-GW renewable energy portfolio in Mexico.
The enterprise value of 100% of the assets is about USD 2.6 billion (EUR 2.24bn).
Caisse de dépot et placement du Québec (CDPQ) and CKD Infraestructura Mexico SA de CV (CKD IM) acquired stakes of 40.8% and 39.2%, respectively. They paid USD 1.4 billion, including USD 0.2 billion for the majority interest and USD 1.2 billion for related-party loans granted to the eight special purpose vehicles (SPVs) that hold the assets in the portfolio.
Enel Green Power (EGP) will keep a 20% interest in the assets, which include wind and solar plants currently in operation or under construction. More specifically, two projects of 300 MW in total are under construction, while the rest are operational or recently connected. All have long-term power purchase agreements (PPAs) in place.
Details on the assets are available in the table below.
|Villanueva I||Solar||469 MW|
|Villanueva III||359 MW|
|Don Jose||260 MW|
|Palo Alto||129 MW|
|Vientos del Altiplano||100 MW|
For the transactions, EGP established a new company — Kino Holding, and sold a 67.1% stake in it to CDPQ. It also established eight Mini HoldCos and sold 100% of these to CKD IM.
The 80% stake sale was carried out under the Build, Sell and Operate (BSO) model so EGP will remain the operator of the working plants and it will be in charge of works for the ones still under construction.
The closing of the transaction enables the Enel Group to reduce its consolidated net debt by about USD 2.4 billion, it noted.
(USD 1 = EUR 0.86)