Oak Creek Energy Systems, Inc., a developer of utility-scale wind energy projects, has completed the sale of the first two construction-ready stages of the Tres Mesas Wind Project, a 148.5-megawatt (MW) wind energy project in Tamaulipas, Mexico, to an affiliate of GS Infrastructure Partners (GSIP) and GBM Infraestructura (GBMI).
The equity investment by GSIP and GBMI is expected to support and complete construction of Phases 1 and 2 of the Tres Mesas Wind complex, representing one of the largest sustainable energy projects in Mexico to date. Sigma Alimentos, which is a subsidiary of ALFA, and Walmart de México have committed to power purchase agreements with the project companies. In partnership with GSIP and GBMI, Oak Creek Energy will continue to support the projects through its Mexican operating company, Oak Creek de México, pursuant to construction and long term project management contracts.
As part of the transaction, which closed on March 31, 2015, Overseas Private Investment Corporation (OPIC) and North American Development Bank (NADB) have agreed to provide senior debt financing. OPIC will fund a USD 81 million loan for the 62.7-MW Phase 1 through U.S. capital markets issuance of “green guaranties” (assets adhering to the Green Bond Principles). It will also fund up to USD 105 million equivalent for the 85.8-MW Phase 2 in its first Mexican peso denominated loan through the issuance of Certificates of Participation purchased by Banco Mercantil del Norte (Banorte). NADB will provide a peso loan to Phase 2 for approximately USD 55 million.
Niels Rydder, CEO of Oak Creek Energy, said, “We are proud of the results we’ve achieved by working closely with the United States and Mexican governments to create these custom-tailored, renewable energy projects that will provide ecofriendly and inexhaustible energy for a sustainable, bright energy future.”
Oak Creek Energy is committed to being a good corporate citizen through local job creation and service to the communities in which it works. It has engaged with community leaders, landowners and other stakeholders from the outset of the project plans, which began in 2007.
Oak Creek Energy Systems, Inc.
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