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InterGen sells power assets in Mexico, including a 155-MW wind project

By Michelle Froese | December 29, 2017

InterGen announced that it has entered into an agreement with Actis to sell its business interests in Mexico for an enterprise value of US$1.256 billion. The sale is expected to close in the second quarter of 2018 and is subject to regulatory approvals.

SOLD signInterGen’s Mexico portfolio includes 2,200 megawatts in operation with a 155-MW wind project with partner IEnova and six combined-cycle gas turbine projects. InterGen also owns and operates three gas compression stations and one 65-km gas pipeline in Mexico.

For more than 20 years, InterGen has been a leading investor and operator in Mexico helping to meet the growing energy needs in the country through the cleanest and most advanced technology and processes.

“While we are committed to growing our portfolio over the long term, this transaction represents a significant opportunity to realize value from our investment in the region,” said Tim Menzie, InterGen chief executive officer.

BofA Merrill Lynch and Barclays Capital acted as exclusive financial advisors to InterGen and Scotia Capital acted as exclusive financial advisor to Actis in the transaction.

“This is a landmark transaction that further cements our commitment to the compelling opportunity we see in Latin America and Mexico in particular,” said Michael Harrington, partner in the energy business at growth markets investor Actis. “We are delighted to invest behind the successful business that InterGen has created and continuing to build it into a leading platform in the region. This is an important building block that underpins Actis’ focused strategy of creating scalable energy businesses in key growth markets.”

 


Filed Under: News, Projects

 

About The Author

Michelle Froese

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