Infraestructura Energetica Nova SAB, the Mexican unit of U.S. utility Sempra Energy, received a $270 million loan for a wind farm in Mexico.
The 155-megawatt Energia Sierra Juarez project in Tecate, Baja California, also received 455 million pesos ($35 million) for taxes, the Mexican company known as Ienova said in a statement today. The financing will be repaid over 18 years.
Energia Sierra Juarez, the first cross-border wind project between Mexico and the U.S., is expected to begin generating power in the first half of next year, the Mexico City-based company said. Sempra’s San Diego Gas & Electric Co. agreed to buy the output in a 20-year contract.
Ienova, Mexico’s only publicly traded energy company, agreed on April 21 to sell half of the $300 million project to closely held InterGen NV, pending regulatory approval.