London-based InfraRed Capital Partners, a global investment firm focused on infrastructure and real estate, announced its Infrastructure Fund has completed an investment in two greenfield solar PV projects in Northern Mexico.
Projects Torreoncitos and Rancho el Trece are construction ready solar parks, each with capacity of 36MW. The works are scheduled for 6 months, with construction completion expected at the end of 2017.
The Fund has committed to invest US$ 17.25 million into each solar project to acquire a 50% equity interest from Bester Energy, an experienced Spanish contractor who will perform construction under a fixed price and fixed term basis.
The remaining 50% of the equity is held by InfraRed business partner in Mexico, Invex Infraestructura. The funding structure does not include senior debt at this stage. Bester Energy will also provide operation and maintenance services to the projects during the first years of commercial operations.
Following the completion of the construction, the power will be contracted to commercial and industrial customers through Ammper, a power distribution and trading business. Ammper is also jointly controlled between Invex and InfraRed, each committing US$ 1 million to set up operational capabilities.
Furthermore, InfraRed has acquired a 25% interest in eight additional projects from Bester Energy; a cluster of three called Ocampo and a cluster of five called Ahumada, each project with a capacity of 36MW.