Renovalia refinances Piedra Larga wind farm in Mexico
Spain's Renovalia Energy, through its Mexican subsidiary, Desarrollos Eólicos Mexicanos de Oaxaca 1, S.A.P.I. de C.V. (Demex Oaxaca 1), has announced the refinancing of a Mexican wind farm.
Renovalia issued $126 million in bonds on the Mexican stock exchange and obtained a $12 million loan from to refinance debt incurred in the construction and operation of a 90-megawatt wind farm in Oaxaca.
Jones Day advised Renovalia in connection with its issuance of $126 million of stock market certificates guaranteed by a trust agreement and a pledge agreement governed.
Jones Day also assisted Demex in the drafting and negotiation of a MXN$220 million (US$13.1 million) loan provided by Banco Santander (México), S.A. to be used to create a reserve for the service debt of the stock market certificates and a reserve for operation and maintenance of the project developed by Demex.
The Piedra Larga wid farm was completed in July 2012. The project, which includes 45 Gamesa turbines, had a total investment of around US$200 million.
Grupo Bimbo, the world's largest baking company, will purchase power from Piedra Larga under an 18-year PPA, which can be extended by ten years. The farm's lifespan is between 25 and 30 years.
On top of powering Bimbo's facilities, the farm will provide small amounts of power to local groups Calidra, Frialsa, and Museo Papalote.
The project will include a second phase of137.5 MW.
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