Iberdrola sells a majority stake in its Mexican gas-fired business to MIP

Iberdrola has agreed to sell a 55% stake in its Mexican gas-fired business to a trust led and managed by Mexico Infrastructure Partners (MIP) for a total consideration of US$6bn. The agreement comprises combined cycle gas plants, operating under the Independent Power Producer regime contracted with the Federal Electricity Commission (CFE): Monterrey I and II (449 MW), Altamira III and IV (1,096 MW), Altamira V (1,155 MW), Escobedo (878 MW), La Laguna (537 MW), Tamazunchale I (1. 179 MW), Baja California (324MW), Topolobampo II (917 MW), and Topolobampo III (766 MW).

Also included is the La Venta III (103 MW) wind plant. The private gas combined cycle plants Monterrey III and IV (477 MW), Tamazunchale II (514 MW) and Enertek (144 MW) are additionally included in the agreement. The transaction has the financial support of Mexico's National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government. The Spanish energy group will keep 13 plants in Mexico, all its activity with private customers and its portfolio of renewable projects totalling 6,000 MW in the country.