© 2016 The Texas Lawbook.
By Natalie Posgate
(Sept. 6) – Mexico City-based IEnova said Monday that it is purchasing two wind facilities from Blackstone-backed Fisterra Energy for $852 million. The purchase includes the assumption of about $477 million in debt.
The deal involves the Ventika I and Ventika II facilities (“collectively Ventika”). Ventika is the largest wind farm in Mexico and one of the largest in Latin America. The facility is comprised of two adjacent wind farms located in the General Bravo municipality in the state of Nuevo Leon. Completed in December 2015, it was jointly developed by Fisterra and Cemex, a global building materials company. Cemex will remain as the asset manager of the project.
Kirkland & Ellis advised Fisterra, a Blackstone portfolio formed in 2013 with offices in Spain and Mexico. Houston corporate partners Andrew Calder and Rhett Van Syoc led the deal and received assistance from Houston associates Kfir Abutbul and Allan Kirk.
Credit Suisse and Goldman Sachs served as financial advisors to Fisterra, and Jones Day served as Fisterra’s local counsel.
Latham & Watkins’ San Diego office represented IEnova.
The transaction is expected to close in the fourth quarter. Closing is subject to approval from IEnova’s shareholders and Mexico’s Federal Antitrust Commission.
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