Fisterra Energy subsidiary of Blackstone Energy Partners acquires and finances "Ventika," Mexico's largest wind farm

Client(s) Fisterra Energy

Jones Day advised Fisterra Energy, a subsidiary of The Blackstone Group (NYSE: BX) on the acquisition, financing, and construction of a 252 MW twin wind farm. The project ranks among wind farms with the highest power capacity in Mexico. The majority interest of the project was acquired from a subsidiary of Cemex S.A.B. de C.V. (NYSE: CX). The investment for the project is approximately US$650 million, of which 75% corresponds to debt and 25% to equity. The financing was obtained through the negotiation of a syndicated loan with Santander (Mexico) as administrative agent, North American Development Bank, Banco Nacional de Obras y Servicios Públicos (Banobras), Nacional Financiera (Nafin), and Banco Nacional de Comercio Exterior (Bancomext) for a total joint commitment in excess of US$480 million. Fisterra, Cemex, and private investors contributed US$162 million to the project via equity contributions and shareholder loans. The transaction also required the negotiation of management and development agreements with Cemex as manager and developer of the project.