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Mexico clears the acquisition of 13 Iberdrola power plants (8.5 GW) for US$6bn

Mexico’s antitrust regulator, the Federal Economic Competition Commission (Cofece) has approved the acquisition of 13 Mexican power plants owned by the Spanish energy group Iberdrola for US$6bn (MXN102.34bn) by the Mexican Government. The transaction includes 12 CCGT power plants with a total 8,436 MW installed capacity (Monterrey I & II, Altamira III & IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California and Topolobampo II & III, operated under the Independent Energy Generator regime, plus the private CCGT plants Monterrey III & IV, Tamazunchale II and Enertek) and the 103 MW La Venta III wind park.

The initial agreement to buy the power plants from Iberdrola was made in April 2023, in the Government’s attempt to increase its hold on the power sector and increase the state’s control over the nation’s electricity generation to 60%. The approval comes under the conditions that the energy assets are operated independently, an independent administrator is established to supervise activities of the facilities and the prohibition to the government from increasing its ownership of the assets above a threshold of 51%. Details about the operational dynamics after the acquisition are not determined within the Cofece’s ruling, including if the CFE will be the sole operator of the power plants. 

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