$600 Million Financing for Fisterra Energy


Paul Hastings, Ritch, Mueller, Heather y Nicolau, Thompson & Knight, Milbank and Galicia Abogados advised on the deal

Fisterra Energy, a company majority owned by Blackstone’s (NYSE: BX) energy-focused private equity fund, Blackstone Energy Partners, and global private equity fund, Blackstone Capital Partners, today announced it has achieved a financial closing for the Tierra Mojada combined-cycle gas turbine (CCGT) power plant in Guadalajara, Mexico. Tierra Mojada is a greenfield CCGT power plant that will sell exclusively into the new wholesale electricity market created by Mexico’s energy reform.

Tierra Mojada is a state-of-the-art, 875-megawatt (MW) combined-cycle natural gas-fired power plant utilizing GE’s highly efficient H-Class turbines. The majority of Tierra Mojada’s capacity will be sold under a long-term, 20-year Power Purchase Agreement (PPA) with Comisión Federal de Electricidad Calificados, the qualified supplier of Mexico’s national utility.

Tierra Mojada was financed with approximately $600 million of construction facilities and letters of credit provided by six banks: Société Générale, Calyon, Natixis, Sumitomo Mitsui, Mizuho, and Intesa São Paolo. The project is expected to finalize construction by December 31, 2019.

Tierra Mojada marks Blackstone and Fisterra Energy’s third energy infrastructure project in Mexico. In 2014, Blackstone and Fisterra reached a financial close for Ventika, Mexico’s largest onshore wind farm upon completion and one of the largest wind farms in Latin America. In 2016, Blackstone and Fisterra began exporting power generation from Texas to Mexico from its Frontera facility, which was the first power plant in history to export power on a dedicated basis from the United States to Mexico.

Paul Hastings LLP advised Fisterra Energy S. de R.L. de C.V. with Bob Kartheiser (Picture) Yana Lantsberg and Maria Leonor Tobia.

Ritch, Mueller, Heather y Nicolau advised Fisterra Energy S. de R.L. de C.V. with Thomas Mueller-Gastell and Pablo González Kúsulas.

Thompson & Knight, LLP advised Ciclo Combinado Tierra Mojada, S. de R.L. de C.V. with Claudio Rodríguez-Galán and Regina Legorreta Palomino.

Milbank advised Société Générale, Crédit Agricole Corporate & Investment Bank, Natixis, New York Branch; Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd. and Intesa Sanpaolo, S.p.A, New York Branch with Dan Bartfeld, Jeff Leider, Carolyn Matos-Montes, Jaime Ramírez, Michael Evry, Brian Lee and Daniel Rios.

Galicia Abogados advised Société Générale, Crédit Agricole Corporate & Investment Bank, Natixis, New York Branch; Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd. and Intesa Sanpaolo, S.p.A, New York Branch with Carlos de Maria y Campos S., Francisco Fernández Cueto, Ernesto Partida F., Costanza García L., Germán Fernández and Pablo Preciado P.

Involved fees earner: Carlos De Maria y Campos – Galicia Abogados, S.C; Francisco Fernández Cueto – Galicia Abogados, S.C; Ernesto Partida F. – Galicia Abogados, S.C; Costanza García Laposse – Galicia Abogados, S.C; Germán Fernández – Galicia Abogados, S.C; Pablo Preciado P. – Galicia Abogados, S.C; Thomas Mueller-Gastell – Ritch, Mueller, Heather y Nicolau, SC; Pablo González Kúsulas – Ritch, Mueller, Heather y Nicolau, SC; Claudio Rodríguez Galán – Thompson Knight LLP; Regina Legorreta Palomino – Thompson Knight LLP; Daniel Bartfeld – Milbank; Jeffrey Leider – Milbank; Carolyn Matos-Montes – Milbank; Jaime Ramirez – Milbank; Michael Evry – Milbank; Brian Lee – Milbank; Bob Kartheiser – Paul Hastings; Yana Lantsberg – Paul Hastings; Maria Leonor Tobia – Paul Hastings;

Law Firms: Galicia Abogados, S.C; Ritch, Mueller, Heather y Nicolau, SC; Thompson Knight LLP; Milbank; Paul Hastings;

Clients: Crédit Agricole Corporate and Investment Bank; Intesa Sanpaolo S.p.A.; Mizuho; Natixis; Société Générale; Sumitomo Mitsui Banking Corporation; Fisterra Energy; Central de Ciclo Combinado Tierra Mojada, S. de R.L. de C.V.;

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Author: Ambrogio Visconti