InfraRed and Invex call off solar portfolio sale

30 January 2020 - 12:00 am UTC

InfraRed Capital Partners and Mexican partner Invex have called off the sale of their 360 MW solar portfolio sale, said two sources familiar with the situation.

The sponsors of the portfolio, who have held equal stakes since July 2017, had advanced with several bidders to the second round, but decided to shelve the sale process due to political risks arising from the government’s attempts to modify an incentives scheme for renewable generation facilities.

Mexican energy ministry SENER published on 28 October a decision to extend the CELs scheme to old, government-owned projects, which would have diluted the value of CELs available to privately owned projects.

Two renewable associations filed an injunction to this decision, saying that the decision would completely defeat the purpose of the CELs and disincentivize private investment in renewable generation, as developers would have to recalculate the value of their Certificates and factor that into their project’s costs.

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