Denham Capital-backed renewables IPP Jenner Renewables is in talks with Spain’s Grupo Aldesa to acquire the latter’s 68MW wind-farm project in the Yucatan Peninsula, according to two sources familiar with the situation.
The Kabil wind farm is being developed by Discovery Management, a 100%-owned subsidiary of Grupo Aldesa. Discovery presented documentation to Mexico’s SEMARNAT environmental agency to request environmental approval for the project in April 2018, but it is not clear whether the project has received that approval yet.
According to the Discovery documents, the project has a capex of MXN 1.45bn (USD 80m) and will sell its energy to Mexico’s Federal Electricity Commission – although the project has never won a power-purchase agreement contract in the country’s three capacity auctions to date.
Grupo Aldesa and Jenner Renewables failed to respond to requests to comment.
In September 2015, Denham Capital announced a partnership with Jenner Renewables under which Denham would financially support Jenner’s renewable energy developments in Latin America, the Middle East and North Africa.
In November 2018, an executive from Denham Capital told sister publication Mergermarket that the company wanted to acquire individual renewable-energy assets in Mexico.
On its website, Jenner Renewables lists four 11.51MWp projects in its portfolio – all of which are solar PV projects in the Copiapó, Atacama Region of Chile.
In December 2017, Jenner closed USD 135m in financing with Deutsche Bank for a 140MW, 12-wind farm portfolio in Chile worth USD 200m, according to Inframation Deals.
For the year 2018, Mexico represented 46% of Grupo Aldesa’s net turnover contributing EUR 67.2m (USD 76.9m) in EBITDA to the group.
In the renewables sector in Mexico, Grupo Aldesa has developed the Chacabal I and II wind farms, for which it won PPA contracts in the country’s first capacity auction in March 2016. The company developed the projects alongside Mexican fund manager GBM before buying out its partner in August 2018.