InterGen completed its acquisition of two Mexican independent power projects from TransAlta on 8 October 2008, for a purchase price of $303.5 million in cash. The assets are the Campeche and Chihuahua power plants, and constitute TransAlta's whole Mexican portfolio. The acquisition was financed with $261 million in bank debt provided by Calyon, Export Development Canada, WestLB, Sumitomo Mitsui Banking Corporation, and DekaBank, with the remainder in equity.
The financing comes during a period of acute market distress, and at a pivotal time for InterGen. Not only was it the last infrastructure operator to close a high-yield bond financing before the crunch hit, but one of its parents – AIG Highstar – recently sold its 50% stake in InterGen to India's GMR. The financing and the change in ownership promise a renewed focus on emerging markets for InterGen. But it still has a Eu405.6 million ($595.8 million) financing for its Rijnmond 2 project out to market, a deal with a much more aggressive structure than the TransAlta assets.
Campeche is a 252MW combined cycle gas-fired plant located in the state of Campeche on the Yucatan peninsular. Chihuahua is a 259MW combined-cycle gas plant located near to the Mexican border with the US at Ciudad de...
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