InterGen agreed to sell its power and natural gas assets, including a 2,355-MW generation portfolio, in Mexico to U.K.-based private equity firm Actis for $1.26 billion.
The assets consist of 2,200 MW of six operational combined-cycle gas turbine projects, a 155-MW wind project with Infraestructura Energetica Nova SAB de CV, as well as three gas compression stations and a 65-kilometer gas pipeline. The deal is expected to close in the second quarter of 2018, subject to regulatory approvals.
Bank of America Merrill Lynch and Barclays Capital served as exclusive financial advisers to InterGen. Scotia Capital acted as exclusive financial adviser to Actis, according to a Dec. 22 release.
InterGen is jointly owned by the Ontario Teachers' Pension Plan Board and China Huaneng Group/Guangdong Yudean Group.