El Retiro Wind Power Plant

active

Mexico Generadora de Energia (MGE), a subsidiary of Grupo Mexico S.A. de C.V., announced the development the El Retiro wind power plant in La Ventosa, Oaxaca, Mexico (74 MW in capacity). The sponsors signed power purchase agreements with private companies and the Federal Electricity Commission (CFE) issued the licence to implement the project in September 2013. The project will operate under a Small Producer Scheme permit granted by the Energy Regulatory Commission (CRE). The sponsor created the special purpose company Eolica El Retiro SAPI de CV to manage the project. Investment was estimated at US$ 148 million. Financial closure was achieved in November 2013, when the sponsor was granted a US$ 96.5 million loan from HSBC and BBVA Bancomer. Gamesa signed an agreement to supply equipment for the project. Commercial operations were expected to commence in May 2014.