Macquarie Capital and Techint Engineering and Construction’s Acquisition of Norte III power plant in Mexico


Milbank, González Calvillo, Mijares, Angoitia, Cortés y Fuentes and Paul Hastings

Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY), together with Techint Engineering and Construction (“Techint”), today announced the completion of the acquisition and financing of Norte III (the “Project”), a 907MW combined-cycle gas plant, under construction near Ciudad Juarez, Mexico. The Project was acquired from Abengoa S.A. and its affiliates, and will remain contracted with the Comisión Federal de Electricidad (“CFE”), under the same scope and power price agreed on the awarded contract.

Techint will take over as EPC contractor and leverage its industry-leading construction expertise in Latin America to finalize construction for the Project, which includes GE gas turbines and Toshiba steam turbines. During its peak construction period, the Project will employ approximately 2,000 workers and is expected to provide electricity to more than 500,000 houses in Mexico once completed.

The Project has received broad-based financing support, with the Macquarie Capital-Techint Consortium securing new funds from ten different financial institutions. SMBC and Natixis served as Coordinating Lead Arrangers; Bancomext, Crédit Agricole, GE, EDC, Norinchukin Bank, KDB, KfW, and Intesa Sanpaolo, served as Mandated Lead Arrangers on the transaction.

Milbank, Tweed, Hadley & McCloy advised Macquarie Group with Dan Bartfeld (Picture), John Franchini, Roland Estevez, Desiree Woo, Andrew H. Everett II, Alejandra García García, Nikkisha Smith, Daniel Valenza, Avni Mehta, Katherine Hannah, Andrés Arnaldos Montaner, Emily Suran and Daniel Ríos.

González Calvillo advised Macquarie Capital and Techint S.A. with Jorge Cervantes, Oscar G. Moreno Silva, Cristina Massa, Daniel Guaida Azar, Jerónimo Ramos, Diego Hernández, Pedro Llado, Victor Nakakawa, Paulina Poo Romano and Bruno Triay.

Mijares, Angoitia, Cortés y Fuentes advised Sumitomo Mitsui Banking Corporation, Natixis, Bancomext, Crédit Agricole, GE, EDC, Norinchukin Bank, KDB, KfW, and Intesa Sanpaolo with Horacio de Uriarte, Manuel Echave, Juan Carlos Aguirre, Carlos Jiménez, Francisco Romero, Carlos Gómez, Andrea Esqueda, Rodrigo de Benito, Federico del Río, Ernesto de la Peña and Mauricio Gual.

Involved fees earner: Jorge Cervantes – Gonzalez Calvillo Abogados; Jerónimo Ramos Arozarena – Gonzalez Calvillo Abogados; Victor José Nakakawa Trejo – Gonzalez Calvillo Abogados; Oscar Moreno Silva – Gonzalez Calvillo Abogados; Daniel Guaida – Gonzalez Calvillo Abogados; Diego Hernández Abascal – Gonzalez Calvillo Abogados; Cristina Massa – Gonzalez Calvillo Abogados; Pedro Lladó Camarillo – Gonzalez Calvillo Abogados; Paulina Poo Romano – Gonzalez Calvillo Abogados; Horacio de Uriarte – Mijares, Angoitia, Cortés y Fuentes, S.C.; Manuel Echave Pintado – Mijares, Angoitia, Cortés y Fuentes, S.C.; Carlos Jiménez Cantú – Mijares, Angoitia, Cortés y Fuentes, S.C.; Carlos Eduardo Gómez – Mijares, Angoitia, Cortés y Fuentes, S.C.; Andrea Esqueda Becerril – Mijares, Angoitia, Cortés y Fuentes, S.C.; Juan Carlos Aguirre – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Cayetano Romero – Mijares, Angoitia, Cortés y Fuentes, S.C.; John Franchini – Milbank; Andrew Everett – Milbank; Nikkisha Smith – Milbank; Daniel Valenza – Milbank; Avni Mehta – Milbank; Katherine Hannah – Milbank; Dan Bartfeld – Milbank; Roland Estevez – Milbank; Desiree Woo – Milbank; Alejandra Garcia Garcia – Milbank; Andrés Arnaldos Montaner – Milbank; Emily Suran – Milbank;

Law Firms: Gonzalez Calvillo Abogados; Mijares, Angoitia, Cortés y Fuentes, S.C.; Milbank;

Clients: Natixis; Sumitomo Mitsui Banking Corporation; Techint; Macquarie Group; Macquarie Capital;

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Author: Ambrogio Visconti