Northland Power has completed the sale of its La Lucha solar facility to Cometa Energía, a subsidiary of Saavi Energía.
The transaction, initially announced in March 2024, has now reached its conclusion with Northland receiving $205m in cash.
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La Lucha, a 130MW solar facility situated in Durango, Mexico, began its commercial operations in June 2023.
Northland Power was the sole owner of the facility before the sale.
The completion of the deal was subject to customary closing conditions, which included finalising insurance placement and lender approval, and the go-ahead from the Federal Economic Competition Commission in compliance with Mexico’s anti-trust laws.
The proceeds will be used for repaying amounts drawn on Northland’s revolving credit facility, and for general corporate purposes.
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By GlobalDataNorthland Power president and CEO Mike Crawley said: “This transaction reflects Northland’s strategy to recycle assets from non-core markets to generate liquidity and simplify our overall business towards operating in core markets.”
In March 2024, Orlen Group’s subsidiary Energa Wytwarzanie and Northland Power established a new company, Baltic Offshore Service Solution, to deliver offshore wind services in Poland.
The new venture provides a comprehensive range of services covering technical, operational, commercial and contractual aspects.
It will also manage Orlen Group’s 24-hour wind farm management centre, overseeing the monitoring, co-ordination and control of the company’s offshore assets.
