The First Reserve Energy Infrastructure Fund (FREIF I) of First Reserve, and Renovalia Energy have announced the expansion of their Renovalia Reserve joint venture with the addition of two wind power plants in Southern Mexico.
The first 90MW farm in Mexico has been operational since June 2012. The second 137.5MW farm is under construction and expected to be fully operational in early 2014. The 90MW operation in Mexico has long-term financing already in place and similar financing is anticipated for the second wind farm. Revenues from the farms are from long-term Power Purchase Agreements (PPAs) and do not rely on government subsidies. Financial details of the transaction were not disclosed.
