Energía Sierra Juarez project financing sealed
Infraestructura Energética Nova (IEnova) has announced the execution and funding of a US$270m project financing, including letter of credit facilities, for the construction of the first phase of the Energía Sierra Juárez wind project.
By Ritesh Gupta
The project is located in the Municipality of Tecate, Baja California, Mexico, and San Diego County, California, U.S.The entity shared that this project is the first cross-border wind-generation project to be constructed between Mexico and the U.S., with generating assets located in Mexico and transmission infrastructure located in both countries.
The first phase of Energía Sierra Juárez is an approximately US$300m, 155MW wind-generation project consisting of 47, 3.3-MW Vestas turbines. It is expected to come online during the first half of 2015.
Energía Sierra Juárez has a 20-year power purchase agreement with San Diego Gas & Electric.
The lenders under the facility are providing the project with long-term debt maturing 18 years following commercial operation of the project.
Recently, IEnova announced that it has entered into an agreement with InterGen to sell a 50% interest in the first phase of Energía Sierra Juárez.