Macquarie Capital led consortium acquires Norte III power plant in Mexico
New York, 07 Sep 2017
Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY), together with Techint Engineering and Construction (“Techint”), today announced the completion of the acquisition and financing of Norte III (the “Project”), a 907MW combined-cycle gas plant, under construction near Ciudad Juarez, Mexico. The Project was acquired from Abengoa S.A. and its affiliates, and will remain contracted with the Comisión Federal de Electricidad ("CFE"), under the same scope and power price agreed on the awarded contract.
"Macquarie Capital and its partners are pleased to announce the financial close of Norte III. Macquarie continues to look for opportunities to leverage its global expertise in infrastructure, energy and project financing to address highly complex situations and develop creative solutions that work for all stakeholders,” said Rob Kupchak, Americas Head of Infrastructure for Macquarie Capital. "Now that we have achieved project financing, we look forward to working with our partners to complete construction and deliver reliable baseload power to northern Mexico."
Techint will take over as EPC contractor and leverage its industry-leading construction expertise in Latin America to finalize construction for the Project, which includes GE gas turbines and Toshiba steam turbines. During its peak construction period, the Project will employ approximately 2,000 workers and is expected to provide electricity to more than 500,000 houses in Mexico once completed.
The Project has received broad-based financing support, with the Macquarie Capital-Techint Consortium securing new funds from ten different financial institutions. SMBC and Natixis served as Coordinating Lead Arrangers; Bancomext, Crédit Agricole, GE, EDC, Norinchukin Bank, KDB, KfW, and Intesa Sanpaolo, served as Mandated Lead Arrangers on the transaction.
About Macquarie Group
Macquarie is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 13,597 people and has assets under management of more than $367 billion (as of March 31, 2017).
Macquarie Capital comprises Macquarie’s corporate advisory, capital markets and principal investing capabilities. Macquarie Capital’s expertise spans a variety of industry sectors including telecommunications, media, entertainment, gaming, financial institutions, energy, resources, real estate, infrastructure, utilities and renewables.
About Techint Engineering & Construction
Techint Engineering & Construction provides project management, engineering, procurement and construction services on a global basis for large-scale projects in the Oil & Gas, Power, Mining, Infrastructure & Architecture civil works and Industrial Plants sectors. Our 17,000 professionals worldwide, backed by 70 years of experience, are committed to the development of timely and competitive solutions to complex project requirements, complying with the highest industry quality and safety standards, while protecting the environment and promoting the development of local communities.
For further information, please contact:
Corporate Communications, Macquarie Group
Tel: +1 212 231 0494