Macquarie Mexican Infrastructure Fund (MMIF) announced the completion of MXN $8.9 billion ($692.1 million) project financing for Marena Renovables, a 396 MW wind energy project in Oaxaca, Mexico. Mitsubishi Corp. took a 34 percent stake in the project while PGGM, a Dutch pension fund service provider, bought a 33.5 percent stake in the wind farm.
The financing is being provided by a syndicate of commercial banks, including Banorte, BBVA Bancomer, Credit Agricole Corporate and Investment Bank, HSBC and Santander, and development banks, including the Inter-American Development Bank, Banco Nacional de Obras y Servicios Publicos (Banobras), and NacionalFinanciera (Nafinsa).
Construction is expected to begin in March 2012 and Vestas WTG Mexico S.A. de C.V., a subsidiary of Vestas Wind Systems A/S, has been contracted for the engineering, procurement, construction and commissioning of the project. Vestas will also supply 132 of the company’s V90-3 MW turbines and a 10-year service and maintenance agreement.
MMIF acquired a 32.5 percent stake in the project in March 2011.
Subsidiaries of FEMSA and Cuauhtemoc Moctezuma, an operating company of Heineken N.V., will purchase the generation of the project under 20-year power purchase agreements.
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