Blackstone Energy Partners & Fisterra Energy Announce the Financial Closing of the Tierra Mojada Power Plant in Guadalajara, ...
June 23 2017 - 1:46PM
Business Wire
Fisterra Energy, a company majority owned by Blackstone’s (NYSE:
BX) energy-focused private equity fund, Blackstone Energy Partners,
and global private equity fund, Blackstone Capital Partners, today
announced it has achieved a financial closing for the Tierra Mojada
combined-cycle gas turbine (CCGT) power plant in Guadalajara,
Mexico. Tierra Mojada is a greenfield CCGT power plant that will
sell exclusively into the new wholesale electricity market created
by Mexico’s energy reform.
Tierra Mojada is a state-of-the-art, 875-megawatt (MW)
combined-cycle natural gas-fired power plant utilizing GE’s highly
efficient H-Class turbines. The majority of Tierra Mojada’s
capacity will be sold under a long-term, 20-year Power Purchase
Agreement (PPA) with Comisión Federal de Electricidad Calificados,
the qualified supplier of Mexico’s national utility.
“This initiative would not be possible without the support of
the Mexican government and CFE’s forward-thinking approach to
Mexico’s power markets. The competitive wholesale power market in
Mexico has incentivized new and efficient power generation, which
ultimately reduces the price of power for consumers,” said Sean
Klimczak, Senior Managing Director at Blackstone.
“This is an important milestone in the development of the
Mexican power market and we are delighted to be a part of this
growth. Tierra Mojada will deliver lower priced and more reliable
power to the residents and businesses in the region,” said Pedro
Barriuso, Fisterra’s Chairman and CEO. Bilal Khan, Managing
Director at Blackstone, added that “Guadalajara was a natural
location for this project given that it is Mexico’s fourth largest
metropolitan area with robust annual demand growth.”
Tierra Mojada was financed with approximately $600 million of
construction facilities and letters of credit provided by six
banks: Société Générale, Calyon, Natixis, Sumitomo Mitsui, Mizuho,
and Intesa São Paolo. The project is expected to finalize
construction by December 31, 2019.
Tierra Mojada marks Blackstone and Fisterra Energy’s third
energy infrastructure project in Mexico. In 2014, Blackstone and
Fisterra reached a financial close for Ventika, Mexico’s largest
onshore wind farm upon completion and one of the largest wind farms
in Latin America. In 2016, Blackstone and Fisterra began exporting
power generation from Texas to Mexico from its Frontera facility,
which was the first power plant in history to export power on a
dedicated basis from the United States to Mexico.
About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone's energy-focused
private equity business, with a successful record built on our
industry expertise and partnerships with exceptional management
teams. Blackstone has invested over $12 billion of private equity
globally across a broad range of sectors within the energy
industry.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies in which we invest, and the communities in
which we work. We do this by using extraordinary people and
flexible capital to help companies solve problems. Our asset
management businesses, with over $360 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, non-investment grade credit,
real assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
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version on businesswire.com: http://www.businesswire.com/news/home/20170623005537/en/
MEDIA:Blackstone:Paula Chirhart,
+1-212-583-5011paula.chirhart@blackstone.com
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