NEW YORK--(BUSINESS WIRE)--Fisterra Energy, a company majority owned by funds managed by Blackstone (NYSE:BX), and Blackstone Energy Partners, Blackstone’s energy-focused private equity business, today announced it has reached a financial closing for Ventika, Mexico’s largest onshore wind farm upon completion and one of the largest wind farms in Latin America. Ventika will be located in the northeastern Mexican state of Nuevo Leon, approximately 35 miles from the United States border, and is comprised of two 126 megawatt (MW) wind farms with total capacity of 252MW. Once completed the project will alleviate significant demands on Mexico’s existing power infrastructure, helping Mexico reduce pollution and CO2 emissions, and meet its target of achieving 35% renewable generation by 2025.
The $650 million project is being jointly developed by CEMEX, a global building materials company with presence in more than 50 countries, and Fisterra Energy. This investment funds the installation of 84 Acciona AW-3000 wind turbine generators, each with a hub height of 120 meters and a nominal output of 3MW per turbine. Construction of the project, which is scheduled to be completed in 2016, is expected to generate approximately 1,000 jobs and more than 2,000 additional jobs in related industries.
“With the development and construction of Ventika, we will be able to support Mexico in meeting its green energy targets. This project exemplifies the progress and positive impact that can be achieved when private capital works in partnership with government, entrepreneurs and industry.” said Sean Klimczak, Senior Managing Director at Blackstone. “We look forward to being active in the Mexican power generation sector as the country continues to incentivize private investment through its ongoing energy reform.”
"We are delighted to reach this important milestone and are excited to begin construction on Ventika,” said Pedro Barriuso, Fisterra's Chairman and CEO. “We thank our partners, who have shown tremendous dedication to getting this project off the ground and look forward to continuing our work with them.”
“We are pleased to have the opportunity to work with Fisterra Energy and Blackstone in this important project,” said Dr. Luis Farías, CEMEX Vice-President for Energy and Sustainability. “Ventika is an important milestone in our energy strategy as industry pioneers in the use of clean energy and alternative fuels. We look forward to find additional business opportunities in the near future.”
This past year, Blackstone, together with a management team led by Pedro Barriuso, the former Executive Chairman of Element Power and former head of Iberdrola Renewables, formed Fisterra to identify, develop, finance, construct and operate large-scale independent power projects, with a focus in Latin America, Europe and the Middle East. Ventika will be the first investment made by Fisterra.
About Blackstone Energy Partners:
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on Blackstone’s industry expertise and partnerships with exceptional management teams. Since its founding in 2012, Blackstone Energy Partners has invested more than $6.6 billion of equity across 18 transactions globally, which range from oil and gas to renewables, natural resources, and power generation.