Oak Creek Energy Systems, Inc., a pioneering developer of utility scale wind energy projects, has completed the sale of the first two construction-ready stages of the Tres Mesas Wind Project, a 148.5 megawatt wind energy project in Tamaulipas, Mexico, to an affiliate of GS Infrastructure Partners (GSIP) and GBM Infraestructura (GBMI). The equity investment by GSIP and GBMI is expected to support and complete construction of Phases 1 and 2 of the Tres Mesas Wind complex, representing one of the largest sustainable energy projects in Mexico to date. Sigma Alimentos, which is a subsidiary of ALFA, and Walmart de México have committed to power purchase agreements with the project companies. In partnership with GSIP and GBMI, Oak Creek Energy will continue to support the projects through its Mexican operating company, Oak Creek de México, pursuant to construction and long term project management contracts.
As part of the transaction, which closed on March 31, 2015, Overseas Private Investment Corporation (OPIC) and North American Development Bank (NADB) have agreed to provide senior debt financing. OPIC will fund a USD 81 million loan for the 62.7 megawatt Phase 1 through U.S. capital markets issuance of “green guaranties” (assets adhering to the Green Bond Principles), and will fund up to USD 105 million equivalent for the 85.8 megawatt Phase 2 in its first Mexican peso denominated loan through the issuance of Certificates of Participation purchased by Banco Mercantil del Norte (Banorte). NADB will provide a peso loan to Phase 2 for approximately USD 55 million.
Niels Rydder, CEO of Oak Creek Energy, said, “We are proud of the results we’ve achieved by working closely with the United States and Mexican governments to create these custom-tailored, renewable energy projects that will provide eco-friendly and inexhaustible energy for a sustainable, bright energy future.”
Oak Creek Energy is committed to being a good corporate citizen through local job creation and service to the communities in which it works. It has engaged with community leaders, landowners and other stakeholders from the outset of the project plans, which began in 2007.
About the participants
Goldman Sachs is a leading global investment banking, securities and investment management firm. Founded in 1869, the firm is headquartered in New York and maintains offices in other major financial centers around the world. Goldman Sachs is one of the largest infrastructure fund managers globally, having raised over $10 billion of capital since the inception of the business in 2006. The GS Infrastructure Partners funds are the firm’s primary vehicle to make direct investments in infrastructure assets and companies. The primary focus of the funds is on investment opportunities in the energy, transportation and utilities sectors. For more information, please visit www.gs.com.
GBMI, a subsidiary of Corporativo GBM, arises from an initiative of Corporativo GBM, a financial group which currently stands as the largest independent asset management firm in Mexico. Founded in 1978, Corporativo GBM went public in 1992 and trades in the Mexican Stock Exchange. GBMI manages resources for MXN$4,954.5 million, making it one of the largest CKD-issuing infrastructure funds in Mexico.
Oak Creek Energy Systems, Inc., is a developer of utility scale wind energy projects, established in 1982 and based in Escondido, San Diego County, California. Oak Creek Energy’s team is comprised of professionals in all areas of expertise for the successful development, construction, operation and management of renewable energy projects. This team is led by wind power veterans with more than 130 years of combined wind industry experience and expertise in the development, management and operation of wind farms in the US, Canada, Europe, and Mexico.Older postNewer post