Cemex S.A.B. de C.V. has successfully completed the financing of Ventika, a project comprising the construction of two 126-MW wind farms in General Bravo, Nuevo Leon, Mexico. These wind farms will supply renewable energy to facilities belonging to FEMSA, DEACERO, Tecnológico de Monterrey and Cemex, under the self-supply scheme approved by the Mexican Energy Regulatory Commission. More off-takers could be brought in the near future.
“We are very pleased to close this important project as we have leveraged the use of our knowledge to continue our industry-leading expertise in the use of clean energy and alternative fuels,” said Luis Farías, Cemex vice-president of energy and sustainability. “We will continue to look for other potential opportunities in the sector.”
Cemex will supervise the construction process and once operational will manage the wind farms without exercising control. The company will own a minority stake of 5 percent of the equity; the project will not be consolidated into Cemex’s balance sheet and the project´s debt will have no recourse to Cemex.
The investment for the project is approximately $650 million, of which 75 percent correspond to debt and 25 percent to equity. The debt financiers are the North American Development Bank, Banobras, Nafin, Bancomext and Santander. The equity partners are Fisterra Energy, a company majority owned by funds managed by Blackstone, Cemex and private investors.
Construction will begin in the second quarter of 2014 and commercial operation is expected by the second quarter of 2016.