IEnova Expands Renewable Footprint with Plans to Purchase Mexico’s Largest Wind Farm
Mexico’s 2014 energy reforms have transformed the market, allowing IEnova, a unit of Sempra Energy, to build upon its 20-year history of serving that country’s energy needs. Just this year, IEnova announced its plans to expand its renewable energy portfolio with the acquisition of the largest wind farm in Latin America: Ventika I and Ventika II.
“This transaction is consistent with IEnova’s strategic plan to focus on short- and medium-term growth,” says Carlos Ruiz Sacristán, chairman and chief executive officer of IEnova. “It reflects our commitment to invest in assets that have long-term, U.S. dollar-denominated contracts with creditworthy counterparties.”
Located in the state of Nuevo León, the Ventika facilities consist of 84 operating wind turbines and have an electric generation capacity of 252 megawatts, providing clean energy to 630,000 homes.
Recently, IEnova entered into a purchase agreement with the facility’s owners, Blackstone Energy Partners, Fisterra Energy and other minority shareholders, for $375 million, marking the second large-scale acquisition this year by the country’s only publicly traded energy company.
As of Dec. 31, 2015, IEnova had invested more than $4 billion in operating assets and projects under construction in Mexico and is one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.