Dubai – Mubasher: Abraaj Group said on Thursday that it will implement a 500-MW natural gas-fired power plant in Chihuahua, Mexico.
A consortium of local banks Banorte and Nafinsa provided the funding of the project, the company said, giving no further details about the loan amount.
The emerging markets-focused private equity firm said that the first phase of the project will generate a 111 MW, while the power plant is scheduled to be operational at the beginning of 2019.
The project will be carried out in collaboration with Emerging America “EMA”, a Mexican firm that is developing natural gas-fired projects, the company added.
The company said that the project, which will be built through Abraaj-managed Fund, is part of Abraaj’s plan to meet the large and growing demand for energy in Mexico, as well as supplying more efficient, sustainable energy at competitive rates.
“This plant represents the first of many investments that Abraaj intends to carry out in the Mexican energy infrastructure sector. We have an advanced pipeline of attractive projects and will leverage our global energy expertise to develop complementary natural gas-fired and renewable energy platforms,” said Saad Zaman, Partner at The Abraaj Group.
The power plant will enjoy a first-mover advantage in Mexico’s new wholesale power market, according to the company’s statement.
The Abraaj Group has comprehensive investment experience in the energy sector, having invested over US$ 1 billion across growth markets.
