Iberdrola disposes of 80% of its generation business in Mexico. The Spanish energy company has signed a sales agreement con Mexico Infrastructure Partners (MIP) worth of 6 billion dollars (5,500 million euros), as reported to the National Securities Market Commission (CNMV). The pact supposes the sale of 8,539 megawatts (MW) of installed power, so that the company only maintains 2,427 MW of own capacity in the country.
Most of the sale (8,436 MW) corresponds to gas stations (combined cycles), while some 103 MW are active wind. Specifically, Iberdrola disposes of its combined cycle plants, which operate under the regime of Independent Energy Producers contracted with the Federal Electricity Commission (CFE), in Monterrey I and II, Altamira III and IV, Altamira V, Escobedo, La Laguna, Tamazunchale I, Baja California, Topolobampo II and Topolobampo IIIwith him wind asset La Venta IIIas well as the private gas plants of Monterrey III and IV, Tamazunchale II and Enertek.
The agreement comes after the president of Mexico, Andres Manuel Lopez Obradorcharged in the month of February against various companies Spanish companies located in the country, among them, Iberdrola, Repsol and OHL. “We have intimate relations with the people of Spain, but in recent times during the neoliberal period, Spanish companies supported by political power, both from Spain and Mexico, abused our country and our people, they saw us as a land of conquest“, said López Obrador, according to Europa Press.
The president accused the Spanish company of “to lobbyagainst his electrical reform proposal and called it a “favorite” of the governments of the presidents Felipe Calderon and Enrique Peña Nieto for benefit from contracts for electricity supply that have had a negative impact on Mexico. “But not only what Mexico has lost, but also the offense that a company that benefits from contracts for the supply of electricity takes the Secretary of Energy of Mexico (Georgina Kessel) to work and takes the former president of Mexico as an employee. Mexico, Felipe Calderón. That is a offense to our people“, he declared.
Purchase of energy from MIP
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The company that runs Ignacio Sanchez-Galan It will barely maintain 1,166 MW of combined cycle plants, 202 MW of cogeneration and 1,059 MW of renewable facilities in Mexico. To continue serving your “Current customers” in the country (as well as, temporarily, to the companies included in the perimeter of the operation), Iberdrola México will sign power purchase contracts (ppa) with the buyer fund (Mexico Infrastructure Partners). In a statement sent to the media, the company adds that it will carry out “new investments” in Mexico to “reaffirm its leadership in the development of renewable energies in the country”.
The agreed value for sale amounts to about 6 billion dollarswhich could be modified depending on the date of closing of the transaction, as the company has pointed out. The transaction is also subject to the agreement and signature of the final contracts by the partiesas well as obtaining the regulatory approvals necessary and compliance with “certain usual conditions in this type of operation”. The operation has financial support from the National Infrastructure Fund of Mexico (Fonadin) and other public financial entities linked to the Government of Mexico.