IEnova Announces Agreement with InterGen for the Sale of 50 Percent of the First Phase of the Energia Sierra Juarez Wind Project
México, D.F., April 21, 2014 – Infraestructura Energética Nova, S.A.B. de C.V. “IEnova”, today announced that it has entered into an agreement with InterGen to sell a 50 percent interest in its first phase of the Energía Sierra Juárez wind project. The transaction is subject to regulatory approvals in Mexico and the United States.
Financial terms of the partnership agreement were not disclosed.
Located in the Municipality of Tecate, Baja California, Mexico, the first phase of Energía Sierra Juarez is an approximately USD $300 million, 155 megawatt (“MW”) wind-generation project consisting of 47, 3.3-MW Vestas turbines. Expected to come on-line during the first half of 2015, Energía Sierra Juárez has a 20 year power purchase agreement with San Diego Gas & Electric. Energía Sierra Juarez is the first cross-border wind-generation project between Mexico and the U.S.
“We are pleased to partner with InterGen in this project”, said Carlos Ruiz Sacristán, chairman and CEO of IEnova. “InterGen brings a strong and successful experience in the development and operation of electric generation projects in Mexico. This transaction is a key milestone in the development of Energía Sierra Juarez and completes our original plan to include a strategic partner.”
Neil H. Smith, President and CEO of InterGen said: “We are very pleased to be working with IEnova on this important renewables generation project. 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, a Sempra Energy company, develops, builds and operates energy infrastructure in Mexico. By the end of 2013, the company had invested approximately $2.4 billion dollars in natural gas distribution, transportation and storage and electricity generation infrastructure and is investing approximately $1.8 billion in new energy infrastructure projects. IEnova is the first energy infrastructure company to be listed in the Mexican Stock Exchange.
Mike Adams, IEnova, (55) 9138-0101, email@example.com