The total value of the transaction is approximately $611 million including the acquisition of equity and subordinated debt totalling $190 million and the assumption of $421 million in project debt.
The plants, Termoelectrica del Golfo (TEG) and Termoelectrica del Penoles (TEP), are fully contracted facilities that supply power to two major Mexican industrial companies, CEMEX and Penoles, respectively, under 20-year agreements in accordance with Mexican self-supply regulations. Both plants also secure petroleum coke from CEMEX under 20-year contracts.
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