Baker McKenzie has advised Iberdrola on the sale of 55% of its business in Mexico for around $6.2 billion dollars. The transaction includes the sale of 12 gas-fired combined cycle power generation plants and a wind park, with an installed capacity of 8,539 MW, 87% of which operate under the Independent Power Producer regime, contracted with the CFE. 

This divestment is equivalent to 55% of Iberdrola’s gross operating profit (EBITDA) in the country, including the associated contracts and the 460 jobs linked to the operation, and had the financial support of the National Infrastructure Fund of Mexico (Fonadin), other public financial entities linked to the Government of Mexico and private finance groups. Iberdrola will continue its operations in Mexico focusing on the renewable energy market, where it has 15 plants focused on serving the private sector, with wind and solar assets.

The Baker McKenzie team was led by Energy and Transactional Partners Antonio Morales (Madrid), José Moran (Chicago), Reynaldo Vizcarra (Mexico City), Lewis Popoff (Chicago), and Lorenzo Ruiz de Velasco (Mexico City).

Baker McKenzie, a transactional powerhouse, excels in complex, cross-border transactions, more than 65% of which are multi-jurisdictional. The Firm is at the forefront of market-leading deals within this context in the renewable energy and clean technology sector. The global multidisciplinary team helps energy producers, investors and users forge their energy transition journey in an increasingly complex regulatory environment, enabling them to transform, powerfully.
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