Northland Power has completed the sale of its La Lucha solar facility to Cometa Energía, a subsidiary of Saavi Energía, for $205 million, finalizing a transaction first announced in March 2024.
Northland Sells La Lucha Solar Facility for $205M
In March, Northland announced the sale of its entire stake in the La Lucha solar plant for net proceeds of around USD 205 million (EUR 191.3 million) after taxes and fees.
The move aligns with Northland’s strategy to recycle capital, with proceeds directed toward debt reduction and general corporate activities. This divestment also streamlines operations, allowing the company to focus on its core markets and free up 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
Generating electricity since June of last year, La Lucha is Saavi’s first operational solar facility, and its acquisition marks a significant milestone for the company in Mexico.
Saavi’s portfolio includes six combined-cycle gas turbine power plants, as well as associated compression stations and natural gas pipelines. The company has been owned by private equity firm Global Infrastructure Partners since 2021.
This transaction allows Cometa Energía to expand its renewable energy portfolio while underscoring Northland Power’s strategy of improving liquidity and focusing on core initiatives. As both companies adapt to changes in the energy sector, this sale sets a benchmark for future developments in Mexico’s renewable energy industry.
About the Companies Involved
Northland Power is a prominent independent power producer specializing in the development, financing, construction, and operation of energy infrastructure assets. The company’s portfolio draws on sources including 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 its power generation facilities. The company has a global presence with operational bases in Latin America, Asia, North America, and Europe.
The buyer, Cometa Energía, is Mexico’s largest privately owned standalone generator and the fourth-largest independent power producer in the country. It is a subsidiary of Saavi Energía.
As a wholly owned subsidiary of Global Infrastructure Partners, Saavi Energía is the second-largest independent power producer in Mexico, with approximately 2.6 GW of capacity and a 10% market share across six plants and three mobile units. Additionally, Cometa Energía oversees three compression plants across Mexico.
