Enel Green Power S.p.A. inked a deal with the Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ), along with the investment vehicle of the Mexican pension fund CKD Infraestructura México, regarding the sale of a 80% stake in the share capital of a newly formed Mexican holding company (Holdco).
The amount of the transaction is worth US$1.35bn; the agreement encompasses eight power plants with a combined capacity of 1,700 MW, of which three facilities in operation (429 MW) and five under construction (1,283 MW). All of them hold long-term power purchase agreements (PPAs). More specifically, the portfolio entails solar plants with a joint capacity of 1,000 MW: Villanueva I (427 MW), Villanueva III (327 MW), Don José (238 MW). Besides, it includes as well as about 700 MW from the following wind parks: Amistad (198 MW), Dominica (200 MW), Palo Alto (129 MW), Salitrillos (93 MW) and Vientos del Altiplano (100 MW).
The agreement is being conducted using the Build, Sell and Operate (BSO) model. Upon completion, the divestment will enable Enel to reduce its consolidated net debt by about US$1.9bn. Enel will continue to operate the power plants under the framework of engineering, procurement and construction (EPC) contracts and long-term asset management agreements.
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