The Macquarie Mexican Infrastructure Fund (MMIF) has secured project financing worth MXN8,885.6m ($686m) for the construction of the 396MW Merena Renovables wind farm in Oaxaca, south-west Mexico.
The funding comes from a syndicate of commercial banks including Banorte, BBVA Bancomer, Credit Agricole, HSBC and Santander, as well as development banks such as the Inter-American Development Bank, Banco National de Obras y Servicios Publicos and Nacional Financiera.
In addition, Formento Economico Mexicanio, S.A.B. de C.V. and Macquarie Capital have sold their interests in the project, representing a 67.5 per cent stake, to Mitsubishi and Holland's PGGM for an undisclosed price. MMIF retains the remaining 32.5 per cent.
Construction on the facility is scheduled to commence in March, with the Mexican subsidiary of Vestas responsible for supplying turbines, procuring other component, building the plant and providing maintenance for ten years.
Jonathan Davis Arzac, executive chairman of MMIF, said, 'We are pleased to have completed the financing for this project and look forward to starting construction. This project, which marks the first renewable energy investment in MMIF's portfolio, is expected to be the largest single-stage wind farm in Latin America when completed.'
Nick O'Neil, CEO of MMIF, added, 'MMIF is pleased to welcome our new consortium partners. We look forward to working closely with our co-investors to move the project through the next stage of its development.'