$6bn investment boost for Mexico’s’ renewable energy sector
The Executive Chairman of Iberdrola, Ignacio Galán and the President of the Government of Mexico, Andrés Manuel López Obrador, have announced a "new beginning" for the renewable energy sector in the Latin American country.
Their remarks followed the agreement of a memorandum of understanding between Iberdrola Mexico and Mexico Infrastructure Partners, which committed to advancing the development of renewable energy in the country.
The two entities have signed a memorandum of understanding, whereby the trust led and managed by MIP will acquire 8,539 MW of installed capacity.
Of the total, 8,436 MW corresponds to combined cycle gas and 103 MW to wind.
The agreed value for the sale amounts to approximately $6 billion.
The transaction is subject to the agreement and the signing of definitive contracts by the parties, as well as obtaining the necessary regulatory approvals and the fulfilment of certain conditions that are standard in this type of operation.
