AWS Truepower 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 126MW wind projects, creating a total capacity of 252 MW and making it the largest wind project in Mexico. AWS Truepower has assisted the project by providing lender support with a total value of $650 million, secured by co-developers CEMEX and Fisterra Energy.
The company has acted as the energy consultant and engineer in the debt financing for the project and is currently 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 projects incorporate 84 Acciona AW 3000 wind turbines and will play a vital part in achieving Mexico’s goal of 35 percent total energy generation from renewable sources and reducing CO2 emissions.
“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” said Joan Aymamí, Vice President, Latin America at AWS Truepower.
Craig Moller, Director of Due Diligence Services at AWS, added that the company is committed to supporting renewable energy growth in Latin America and therefore will continue to invest in Mexico and other countries in the region that are equally as committed to reducing carbon emissions and providing a sustainable source of energy for their country.
The energy generated by 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. Of the $650 million invested, 75 percent corresponds to debt and 25 percent to equity and the total joint commitment from Lenders is in excess of US$480 million. Fisterra (a subsidiary of Blackstone Energy Partners), CEMEX, and private investors contributed $162 million to the project via equity contributions and shareholder loans. Construction began in the second quarter of 2014 and commercial operation is expected by the second quarter of 2016.