InterGen to acquire stake in first phase of Energía Sierra Juarez project

InterGen has signed an agreement to acquire 50% stake in Infraestructura Energética’s (IEnova) first phase of the Energía Sierra Juarez wind project.

The transaction is subject to regulatory approvals in Mexico and the US while the financial terms of the agreement were undisclosed.

The $300m first phase of Energía Sierra Juarez will generate 155 MW consisting of 47×3.3 MW Vestas turbines.

Located in the Municipality of Tecate, Baja California, Mexico, Energía Sierra Juarez is the first cross-border wind-generation project between Mexico and the US.

Energía Sierra Juarez is scheduled to come on-line during the first half of 2015 and has a 20 year power purchase agreement with San Diego Gas & Electric.

InterGen president and CEO Neil Smith said, "InterGen is committed to growing its business in Mexico and we view IEnova as an ideal strategic partner as they bring many complementary skills in the development, construction and operation of energy infrastructure in Mexico."

IEnova chairman and CEO Carlos Ruiz Sacristán said, "This transaction is a key milestone in the development of Energía Sierra Juarez and completes our original plan to include a strategic partner."

Global power generation firm, InterGen operates eleven power plants, representing a total generation capacity of 7,686 MW (6,101 net equity MW), in the UK, the Netherlands, Mexico and Australia.

InterGen is owned 50% by the Ontario Teachers’ Pension Plan and 50% by China Huaneng Group/Guangdong Yudean Group.