InfraRed enters Mexican solar pipeline with $34.5m purchase

The investment bolsters its position in Latin America after deals in Colombia and Aruba.

InfraRed Capital Partners said it has committed $34.5 million to two greenfield solar farms in northern Mexico and purchased a stake in a developer’s project pipeline.

The London-based firm has invested $17.5 million in both projects from its InfraRed Infrastructure Fund V to purchase a 50 percent interest from Spanish developer Bester Energy. InfraRed said its business partner in Mexico, Invex Infraestructura, purchased the other 50 percent of the projects. Senior debt for the projects has not been committed, according to a statement.

The Torreoncitos and Rancho el Trece projects each have a 36MW capacity and are ready for construction. InfraRed said they are expected to reach operation by the end of this year. Power will be contracted to commercial and industrial customers through Ammper, a power distribution business jointly controlled between Invex and InfraRed.

InfraRed also announced its fifth fund has purchased a 25 percent interest in eight projects in Bester’s pipeline, each with a 36MW capacity.

The London-based firm invests in infrastructure and real estate, manages more than $9 billion of capital and has invested more than $25 billion. The firm has been building a footprint in Latin America recently – last December it took a 50 percent interest in a $610 million Colombia road project; and in January it acquired two government procured road projects in the Dutch island of Aruba.