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...
Thank you for printing this article from IJGlobal.
As the leading online publication serving the infrastructure investment market, IJGlobal is read daily by decision-makers within investment banks, international law firms, advisory firms, institutional investors and governments.
If you have been given this article by a subscriber, you can contact us through www.ijglobal.com/signup, or call our London office on +44 (0)20 7779 8870 to discuss our subscription options.
Thank you for your interest in using My IJGlobal.
As your firm uses IP recognition, you will need to sign in with your own unique login and password. If you do not have your own login details, please click here to register.
Alternatively, contact the IJGlobal Helpdesk on +44 (0)20 7779 8870 or email Helpdesk on firstname.lastname@example.org.