New York, New York [RenewableEnergyAccess.com] Conduit Capital Partners LLC, has announced the sale of Latin Power II’s 70 percent stake in Inelec, a portfolio of three hydroelectric power plants in Western Mexico that together generate 52 megawatts of energy.
Enel Investment Holding, B.V., a wholly-owned Dutch subsidiary of Enel S.p.A, purchased the plants for $156 million equity value. Conduit and its partner in Inelec, Corporación Mexicana de Hidroelectrícidad, began developing the three Inelec plants as greenfield projects in 2001. The first project to begin producing electricity was Trojes in 2003, the Chilatan plant began producing in 2005, and the El Gallo plant began producing in 2007. The plants are located in the Mexican states of Jalisco, Michoacán and Guerrero, respectively.“We are proud that Inelec represents the first privately-owned hydroelectric plants to be developed in Mexico,” said Marc Frishman, a partner at Conduit Capital. “The portfolio of these projects took six years in development, from land purchase to sale, and during this period we implemented many aspects of the proven Conduit strategy, including leveraging deep market knowledge to identify new solutions addressing infrastructure needs, and ensuring the Conduit operating model would be a part of the plants’ ongoing success.”