Enel Green Power has closed the sale of 80% stakes to Caisse de depot et placement du Quebec and CKD Infraestructura Mexico in eight special purposes vehicles that own Mexican clean power facilities totalling 1800MW.
Caisse de depot et placement du Quebec will hold 40.8% interests, CKD Infraestructura 39.2% and Enel Green Power the remaining 20% in the eight projects. The price of the deal was $1.4bn.
Enel Green Power will continue to operate the plants and build the ones that require construction. Three, totalling 429MW, are fully operational, a further three with a combined capacity of 1089MW have been recently grid connected and the other two projects (300MW) are under construction.
The projects are the 469M Villanueva 1, 359MW Villanueva 3 and 260MW Don Jose solar farms and the 198MW Amistad, 200MW Dominica, 129MW Palo Alto, 103MW Salitrillos and 100MW Vientos del Altiplano wind farms.
Enel Green Power said it may also transfer additional projects and/or increase its stakes in the SPVs starting on 1 January 2020.
The enterprise value of the SPVs is about $2.6bn, Enel Green Power said.
Caisse de depot et placement du Quebec is a Canadian pension fund manager, while CKD Infraestructura performs a similar role in Mexico.