Fisterra Energy and Blackstone’s energy-focused private equity business Blackstone Energy Partners has reached financial closing on Ventika, a 252-megawatt (MW) wind farm project that will be the largest in Mexico once it is completed in 2016, Blackstone said in a press release.
Ventika, which comprises two 126MW wind farms, is being jointly developed by building materials company Cemex and Fisterra Energy, which is majority-owned by funds managed by Blackstone.
The wind farm will help Mexico reduce pollution and CO2 emissions as well as help the country meet its target of achieving 35 percent renewable generation by 2025, according to the statement.
“This project exemplifies the progress and positive impact that can be achieved when private capital works in partnership with government, entrepreneurs and industry,” Blackstone’s senior managing director Sean Klimczak said.
“We look forward to being active in the Mexican power generation sector as the country continues to incentivise private investment through its ongoing energy reform,” he added.
The transaction marks the first investment made by Fisterra, which was created earlier this year by Blackstone along with a management team led by Pedro Barriuso, former executive chairman of Element Power and former head of Iberdrola Renewables. Barriuso now serves as Fisterra’s chairman and chief executive.
The newly-formed company’s mission is to identify, develop, finance, build and operate large-scale independent power projects with a focus in Latin America, Europe and the Middle East.
Founded in 2012, Blackstone Energy Partners has invested more than $6.6 billion of equity in the oil and gas, renewables, natural resources and power generation sectors globally.