Latin America: MIRA acquires majority stake in Mexican solar portfolio

23 August 2018 - 12:00 am UTC

Macquarie Infrastructure and Real Assets (MIRA) announced on 21 August that it has acquired a 322MW portfolio of solar assets in Mexico alongside Spanish renewables developer Eosol.

MIRA will own 90% and Eosol Invest Mexico Uno will own 10% of the portfolio of operational (67MW), under construction (109MW) and development stage solar plants (146MW). 

Construction of the projects that have not reached completion will be handled by Spanish contractor TSK Electronica y Electricidad, which handled the EPC services on the Macquarie Mexican Infrastructure Fund’s (MMIF) acquisition of the pre-construction Coahuila SAPI 22.5MW solar park in mid-2016. 

According to the 21 August release, one of the under-construction projects has obtained financing from Mexican development bank Nacional Financiera (NAFINSA). 

MIRA and Eosol are also in negotiations to finance the other two construction-stage projects with development and commercial banks. Those projects are expected to start construction later this year. 

A portion of the portfolio has power purchase agreements (PPAs) in place for the first 15 to 20 years of operations. However, the portfolio will also sell energy in the Mexican wholesale energy market at spot market rates, and expects to sign additional PPAs over the coming years. 

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