Macquarie buys 90% stake In 322MW Mexican solar portfolio

Macquarie Infrastructure and Real Assets, a world-leading asset manager and part of the larger Macquarie Group, announced last week that it had acquired a 90% stake in a 322 MW solar power portfolio in northern Mexico which comprises projects in operation, under construction, and in late-stage development.

Announced originally in Spanish by Macquarie Group – the world’s largest infrastructure manager – announced that its Macquarie Infrastructure and Real Assets (MIRA) division had acquired 90% interest in the 322 MW portfolio – its second investment in the Mexican solar sector.

It had previously bought Parque Solar Coahuila in 2016. The remaining 10% interest in the portfolio will be held by Eosol Invest Mexico, an experienced Mexican renewable energy developer and operator.

The portfolio consists of two operational projects worth 67 MW between them, a single 109 MW project under construction, and two projects worth 146 MW that are due to begin construction later this year. The entire project has been and will be built by Spanish contractor TSK Electronica y Electricidad.

A portion of the portfolio’s power output has been contracted through Power Purchase Agreements (PPAs) for the first 15 to 20 years of operations, however, the portfolio is also ready to sell energy in the Mexican wholesale market at prevailing spot rates, and expects to sign further PPAs over the coming years.

The under-construction project is being financed by Nacional Financiera, a developmental bank owned by the Mexican government, while Macquarie is also seeking financing of the final two projects with various development and commercial banks.

“We are pleased with the acquisition of this solar portfolio, which builds on MIRA’s significant expertise in renewables and in Mexico,” said Ernesto González Garfias, Managing Director for MIRA in Mexico.