AWS Truepower, an international leader in renewable energy consulting and engineering services, has been hired to act as Independent Engineer to support the financing and construction of the Ventika I & Ventika II wind projects in Nuevo León, Mexico.
The Ventika Wind Project consists of two 126 MW wind projects, for a total capacity of 252 MW, making it the largest wind project in Mexico at the time of financing.
AWS Truepower provided lender support to Banco Santander (Administrative Agent), North American Development Bank, Banco Nacional de Obras y Servicios Públicos (Banobras), Nacional Financiera (Nafin), and Banco Nacional de Comercio Exterior (Bancomext). The total investment for the projects is $650M, secured by co-developers CEMEX and Fisterra Energy.
AWS Truepower acted as the energy consultant and engineer in the debt financing for the project, and is providing construction monitoring on behalf of the lenders and project sponsors through to substantial completion of the projects, expected in the second quarter of 2016. The Ventika I and Ventika II projects will utilize 84 Acciona AW 3000 wind turbines, and is a significant advancement in achieving Mexico’s goal of 35% total energy generation from renewable sources and reducing CO2 emissions world-wide.
“The Ventika I and II projects are a major advancement in the development of wind energy in Mexico and Latin America, and also are a great example of the growing momentum of wind projects globally,” stated Joan Aymamí, Vice President, Latin America at AWS Truepower.
“AWS Truepower is committed to supporting renewable energy growth in Latin America, and will continue to invest in Mexico and other LATAM regions that are equally as committed to reducing carbon emissions and providing a sustainable source of energy for their country,” added Craig Moller, Director of Due Diligence Services at the company.
The energy produced from the Ventika projects will go to facilities belonging to FEMSA, DEACERO, Tecnológico de Monterrey and CEMEX under an approved self-supply scheme. The majority interest of the project was acquired from a subsidiary of CEMEX (NYSE: CX). The investment for the project is approximately US$650 million, of which 75% corresponds to debt and 25% to equity. The total joint commitment from Lenders is in excess of US$480 million, and Fisterra (subsidiary of Blackstone Energy Partners), CEMEX, and private investors contributed US$162 million to the project via equity contributions and shareholder loans.
Construction has begun in the second quarter of 2014 and commercial operation is expected by the second quarter of 2016. “We are very pleased to close this important project as we have leveraged the use of our knowledge to continue our industry-leading expertise in the use of clean energy and alternative fuels”, said Luis Farías, CEMEX Vice President of Energy and Sustainability. “We will continue to look for other potential opportunities in the sector.”
AWS Truepower provides the most accurate, reliable, and innovative renewable energy project development, engineering and operations solutions available today. Energy developers, investors, utilities, system operators, and governments rely on the company’s 30 years of experience, proven expertise and technology to reduce uncertainty, mitigate risk, and maximize return on their investments. AWS Truepower’s suite of consulting and engineering services, innovative software, maps, and data products support the complete wind and solar project development lifecycle. Headquartered in New York, AWS Truepower has offices in North America, Europe, Latin America and Asia. Learn more about the company online at awstruepower.com.
CEMEX is a global building materials company that provides high-quality products and reliable services to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more about CEMEX visit: www.cemex.com