Gas Natural to enter Mexican power market

Oct 26, 2007 02:00 AM

Spanish multinational Gas Natural has agreed to purchase four combined cycle gas turbines and a gas pipeline owned by EdF, and a fifth combined cycle gas turbine owned by both EdF and Mitsubishi.
The transaction, with an asset value of $ 1.4 bn, represents Gas Natural's entry into the Mexican power market as the private operator, making the Spanish energy company the sole operator in the country with a combined presence in gas and electricity.

The agreement includes the purchase of four combined cycle gas turbines (CCGTs) from Electricite de France (EdF) in Mexico, as well as the 54 km gas pipeline that feeds these plants; the purchase of the 51 % and 49 % stakes from EdF and Mitsubishi, respectively, in another CCGT plant in the country and the purchase from EdF of Compania Mexicana de Gerencia y Operacion (Comego), which provides services and support to the CCGTs.
The five power plants represent a total installed capacity of 2,233 MW.

Salvador Gabarro, chairman of Gas Natural, said:"This transaction is the most important asset acquisition in the history of our company and evidences our commitment to invest in Mexico's energy sector.”
“This acquisition puts our company in the NAFTA markets (Canada, USA and Mexico), stating that currently Gas Natural is operating in Puerto Rico and also carrying out LNG sales to the US."

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