By Greentech Lead Team: Macquarie Mexican Infrastructure
Fund (MMIF) has completed the project financing for Marena Renovables, a 396 MW
wind energy project in Oaxaca, Mexico.
MXN $8,885.6 million is being provided by a syndicate of
commercial banks and the Danish export credit agency and will guarantee a
portion of the construction term loan.
The project marks the first renewable energy investment
in MMIF’s portfolio. When completed, it will be the largest single-stage wind
farm in Latin America.
The project is located in the Isthmus of Tehuantepec in
the south-eastern region of the State of Oaxaca. The construction of the
project expects to begin in March 2012.
Vestas WTG Mexico, a subsidiary of Vestas Wind Systems
A/S of Denmark, is the EPC contractor of the project. Vestas will supply 132
units of the Vestas v90-3.0 MW turbines and provide 10-year service and
maintenance for the project.
Mitsubishi Corporation, and PGGM, a Dutch pension fund
service provider enter the project as new equity investors.
Mitsubishi and PGGM have acquired 67.5 percent stakes
from Fomento Economico Mexicano (FEMSA) and Macquarie Capital.
MMIF has maintained its 32.5 percent interest in the
project and has committed to contribute additional capital to the project in
proportion to its equity participation.
“MMIF is pleased to welcome our new consortium partners.
We look forward to working closely with our co-investors to move the Project
through the next stage of its development,” said Nick O’Neil, CEO of MMIF.
Subsidiaries of FEMSA and Cuauhtemoc Moctezuma, an
operating company of Heineken, will purchase the generation of the project
under 20-year power purchase agreements.