Northland Power has completed the sale of its La Lucha solar facility to Cometa Energía, a subsidiary of Saavi Energía for $205 million. This transaction, which was initially announced in March 2024, has now been successfully finalized.
Northland Sells La Lucha Solar Facility for $205M
In March, Northland announced the sale of its entire stake in the La Lucha solar plant, expecting net proceeds of around USD 205 million (EUR 191.3 million) after taxes and fees. This move aligns with Northland's strategy to recycle capital, using the funds to reduce debt and support general corporate activities. The divestment reflects the company’s focus on core markets, streamlining operations and reallocating capital for reinvestment.
“This transaction underscores Northland’s strategy to divest assets from non-core markets, enhancing liquidity and focusing our business on core markets.” said Mike Crawley, President and CEO of Northland Power.
La Lucha Marks Saavi's First Operational Solar Facility
La Lucha, Saavi's first operational solar facility, has been generating electricity since June of last year. This divestment represents a significant milestone for the company in Mexico.
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Saavi's current portfolio comprises six combined cycle gas turbine power plants, along with associated compression stations and natural gas pipelines. Since 2021, Saavi has been owned by the private equity firm, Global Infrastructure Partners.
This transaction represents a significant milestone for Cometa Energía as it expands its renewable energy portfolio, while also highlighting Northland Power's dedication to improving liquidity and focusing on strategic initiatives. As both companies adapt to changes in the energy sector, this sale establishes a benchmark for future developments in Mexico's renewable energy industry.
Northland's Commitments to Renewable Energy
Northland Power is a prominent independent power producer that specializes in the development, financing, construction, ownership and operation of energy infrastructure assets. The company utilizes renewable energy sources such as natural gas, biomass, wind and solar, employing both simple and combined-cycle gas turbines as well as cogeneration technologies.
Northland Power works in partnership with indigenous groups, independent companies and municipalities to develop and operate power generation facilities. The company has a global presence with operational bases in Latin America, Asia, North America and Europe.
Northland recently transferred ownership of its 130 MW La Lucha solar asset to Cometa Energía, a subsidiary of Saavi Energía. Cometa is Mexico’s largest privately owned standalone generator and the fourth-largest independent power producer in the country.
As a wholly owned subsidiary of Global Infrastructure Partners, Cometa is the second-largest independent power producer in Mexico, with approximately 2.6 GW of capacity across six plants and three mobile units holding a 10% market share. Additionally, Cometa oversees three compression plants across Mexico.
