InterGen has entered into an agreement with Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), to purchase a 50 percent interest in its first phase of the Energía Sierra Juarez wind power project. The transaction is subject to regulatory approvals in Mexico and the United States.
Financial terms of the partnership agreement were not disclosed.
Located in the Municipality of Tecate, Baja California, Mexico, the first phase of Energía Sierra Juarez is an approximately USD $300 million, 155 megawatt (MW) wind generation project consisting of 47, 3.3 MW Vestas turbines. Expected to come on-line during the first half of 2015, Energía Sierra Juarez has a 20 year power purchase agreement with San Diego Gas & Electric. Energía Sierra Juarez is the first cross-border wind-generation project between Mexico and the U.S.
“We are very pleased to be working with IEnova on our first renewables’ generation project, an area of expected growth for us in the future” said Neil H. Smith, President and CEO of InterGen. “InterGen is committed to growing its business in Mexico and we view IEnova as an ideal strategic partner as they bring many complementary skills in the development, construction and operation of energy infrastructure in Mexico.”
Carlos Ruiz Sacristán, chairman and CEO of IEnova, stated that “We are pleased to partner with InterGen in this project. InterGen brings a strong and successful experience in the development and operation of electric generation projects in Mexico. This transaction is a key milestone in the development of Energía Sierra Juarez and completes our original plan to include a strategic partner.”
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