Five bidders advanced to the second round in the auction for Mexican renewables platform Zuma Energía, said sources familiar with the process.
Binding offers are due by the end of 1Q19, said one of those sources.
Inframation reported that British emerging market investor Actis (70%) and Central American PE firm Mesoamerica (30%) mandated BAML as the sellside financial advisor while Mijares, Angoitia, Cortes y Fuentes (MACF) are the seller’s legal advisor.
Bidders believed to have advanced to the second round include Chilean electricity company Colbún, Colombian municipal utility company Grupo Energía Bogotá (GEB) and Canadian investor Brookfield, said a third source familiar with the process. A European bidder might also be in the mix, said one of the sources.
Zuma’s 800MW portfolio contains two in construction solar PV plants: the 162MW Orejana plant in Sonora and the 182MW Santa María plant in Chihuahua, the in construction 424MW Reynosa wind farm in Tamaulipas and the operational 50MW Ingenio wind farm in Oaxaca.
Reynosa is expected to begin commercial production before year-end, while Orejana and Santa Maria are scheduled to start producing energy in 2019, as reported.
Actis and BAML declined comment on the situation. Brookfield, Colbún, GEB and Brookfield did not return calls seeking comment.