Milbank, Tweed, Hadley & McCloy LLP advised the international lenders in the financing of the Tierra Mojada Power Plant, an approximately 875 MW combined cycle gas plant located in Guadalajara, Mexico. The power plant is owned by Fisterra Energy (majority owned by Blackstone Energy Partners and Blackstone Capital Partners).
The financing, valued at approximately $600 million, will create one of the most efficient power plants in Mexico and will sell a majority of its capacity under a long-term, 20 year PPA with CFE Calificados. The power plant will sell exclusively into the new wholesale electricity market created by Mexico’s energy reform.
Milbank advised the international lenders, including Crédit Agricole, Intesa Sanpaolo, Natixis, Mizuho, Société Générale and Sumitomo Mitsui Banking Corporation.
The Milbank team was led by Global Project, Energy and Infrastructure Finance practice group leader Dan Bartfeld, with associates Jeff Leider, Carolyn Matos-Montes, Jaime Ramirez, Michael Evry, Brian Lee and international associate Daniel Rios.
“We are pleased to support the lenders on this landmark financing for Mexico’s new wholesale electricity market,” said Mr. Bartfeld. “This transaction highlights Milbank’s continued role advising on a variety of high-profile power assets in Mexico and throughout Latin America.”
