Macquarie Buys 49 Percent Stake in Mexico Hydro-Power ProjectAndrew Herndon
Macquarie Group Ltd., Australia’s largest investment bank, acquired a 49 percent stake in a hydroelectric project that Acciona SA will build in Mexico.
The bank invested 465 million Mexican pesos ($37 million) to fund construction of the 28.8-megawatt project in Nayarit, and project partner Troy Energia has a 51 percent interest, Sydney-based Macquarie said today in a statement.
Nacional Financiera Banca de Desarrollo Snc, a Mexican development bank, is providing 522 million pesos of debt financing. Acciona is expected to begin construction this month and complete the project in late 2015, according to the statement. An unidentified Mexican company will buy the generated electricity for 15 years.