Inelec Hydroelectric Power Plants

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In early 2001, a joint venture led by Conduit Capital Partners LLC (USA, 70%) through its subsidiary Inelec and Corporacion Mexicana de Hidroelectricidad (Mexico 30%) began construction of the Inelec power project in Western Mexico. Inelec consisted of three greenfield hydroelectric facilities with combined capacities of 52MW located in the states of Jalisco, Michoacán and Guerrero. The project sponsor signed long-term power sales contract with various municipal and industrial off-takers. Tender information was not available, but Inelec’s investments were the first generation assets in Mexico to be fully private. Initial investment in the project was estimated at approximately US $45 million. In December 2007, Enel Investment Holding, B.V., a wholly-owned Dutch subsidiary of Enel S.p.A, the global utility, purchased the plants for US $156 million equity value ($193 million enterprise value). Inelec was part of a larger portfolio of Conduit Capital Partners know as Latin Power II, which had other thermal and hydro generation assets throughout Latin America before it was liquidated in 2007. None None