Northland to sell Mexican PV plant
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Northland Power Inc. has announced it has entered into an agreement to sell the La Lucha solar facility to Cometa Energía, S.A. de C.V., wholly owned by Saavi Energía. La Lucha is a 130 MW solar facility located in Durango, Mexico that is wholly owned by Northland. The facility achieved commercial operations in June 2023.
“This transaction reflects Northland’s strategy to recycle assets from non-core markets to generate liquidity and simplify our overall business towards operating in core markets,” said Mike Crawley, President and CEO of Northland.
The sale is expected to close in 2024, upon satisfaction of customary closing conditions, including finalising insurance placement, lender approval and approval of the Federal Economic Competition Commission (COFECE), required under applicable anti-trust laws in Mexico. Northland expects to receive approximately US$205 million after taxes, transaction fees, and other customary adjustments. Proceeds will be initially used towards repayment of amounts drawn on the Company’s revolving credit facility and for general corporate purposes.
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The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/solar/05032024/northland-to-sell-mexican-pv-plant/
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