Iberdrola will sell power generation assets in Mexico for US$6bn

The Spanish energy group Iberdrola has signed a Memorandum of Understanding (MoU) with Mexico Infrastructure Partners (MIP) on the sale of 8,539 MW of power generation assets in Mexico for approximately US$6bn. The sale would include CCGT power plants with a combined capacity of 8,436 MW and the 103 MW La Venta III wind power plant. Most of the CCGT power plants - and the wind park - currently operate under the regime of Independent Energy Producers, namely Monterrey I and II, Altamira III and IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California, Topolobampo II and Topolobampo III. The transaction would also include the privately operated CCGT power plants of Monterrey III and IV, Tamazunchale II and Enertek. The sale is subject to regulatory approvals.

At the end of 2022, Iberdrola operated 11.2 GW of installed capacity in Mexico, including 7.15 GW for third parties (7,043 MW of CCGT and 103 MW of wind) and 4.05 GW of own capacity (including 2,617 MW of CCGT, 642 MW of solar, 590 MW of onshore wind, and 202 MW of CHP). The group generated nearly 56 TWh in 2022 (+3%), thanks to a 7.4% growth of its net production for third parties (37.5 TWh). The group plans to continue investing in renewables in Mexico.