Tierra Mojada is a greenfield CCGT power plant that will feature GE’s H-Class turbines.
A significant part of the power generated by Tierra Mojada plant will be sold to Comisión Federal de Electricidad Calificados under a 20-year power purchase agreement (PPA).
The project is expected to finalize construction by 31 December 2019.
Fisterra’s chairman and CEO Pedro Barriuso said: “This is an important milestone in the development of the Mexican power market and we are delighted to be a part of this growth.
“Tierra Mojada will deliver lower priced and more reliable power to the residents and businesses in the region.”
Tierra Mojada was financed with about $600m of construction facilities and letters of credit offered by six banks.
The banks include Société Générale, Calyon, Natixis, Sumitomo Mitsui, Mizuho, and Intesa São Paolo.
Tierra Mojada CCGT power plant is the third infrastructure project for Blackstone and Fisterra Energy in Mexico. The plant will sell exclusively into the new wholesale electricity market, which has been created as a result of energy reforms in Mexico.
Fisterra Energy is a company majority owned by Blackstone’s (BX) energy-focused private equity fund, Blackstone Energy Partners, and global private equity fund Blackstone Capital Partners.
In 2014, Blackstone and Fisterra reached a financial close for Mexico’s 252MW onshore wind farm Ventika.
In September 2016, Infraestructura Energética Nova (IEnova), through one of its subsidiaries, signed an agreement to acquire the Ventika wind energy complex in northern Mexico from subsidiaries of Blackstone Group and partners for $852m.
Image: Tierra Mojada CCGT power plant is the third infrastructure project for Blackstone and Fisterra Energy in Mexico. Photo courtesy of Maxim Weise/FreeDigitalPhotos.net.
