Lazard assumes Abengoa Mexican power plant sale mandate

22 November 2019 - 12:00 am UTC

Lazard is working with Crédit Agricole (CA CIB) on the sale process for Abengoa’s 220MW A3T gas-fired power plant, said two sources close to the situation.

The US-investment bank replaced Santander, who originally was mandated with CA CIB over the summer to sell the plant.

The sources could not provide a timeline for the process, but said teasers have been distributed to prospective investors.

The project has a capex of EUR 232m (USD 235.47m), according to Abengoa’s 2015 annual report. The project was originally funded with a USD 120m bridge loan from HSBC México, Santander and other lenders in 2014, according to the website of local law firm Ritch Mueller.

In mid-April, Carlos Slim’s Inbursa and Santander provided a two-year, USD 381m loan, which was used to refinance the plant and repay a part of the New Money facilities provided under the company’s restructuring program.

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