Abengoa closes bridge facility for Norte III power project in Mexico
Abengoa, acting though its affiliate, Abeinsa Juarez N-III, S.A. de C.V., has raised $200 million bridge loan facility for the Norte III project, a 778 MW ± 15% combined cycle gas turbine power plant to be located in Ciudad Juárez, México.
Abengoa has been advised by Shearman & Sterling through a team included partners Alexandro Padrés (New York-Project Development & Finance), Ethan Harris (Washington, DC-Tax), and Nathan Green (New York-Investment Funds) and associates Ayako Adachi (New York-Project Development & Finance), Derek Kershaw (New York-Tax), Judy Fisher (New York-Tax), Lina Zhou (Hong Kong-Investment Funds), Andre de Paiva Teixeira (New York-Project Development & Finance) and Ali Hassanali (New York-Corporate).
The project is part of the National Investment Plan 2014-2018 recently announced by the Mexican government.
Abengoa will be responsible for the engineering, design and construction of the combined cycle plant, as well as its subsequent operation and maintenance for a 25 year period.
The total contract is worth US$1,550 million, including construction, operation and maintenance of the plant. Abengoa’s project is expected to be completed within 30 months, creating up to 2,000 direct and indirect jobs during the construction phase. The investment during the construction phase will total around US$700 million, which will be financed with a mix of equity and non-recourse debt. Abengoa will take an equity stake in the project.
The Norte III project is the largest combined cycle plant in Mexico and the second that Abengoa will have constructed for the CFE, after the 640 MW Centro Morelos plant currently under construction. Abengoa is also carrying out two power transmission projects for the CFE.
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