Northland Power has finalized the sale of its 130-MW La Lucha solar park in Mexico, marking a strategic move in its portfolio management. The photovoltaic (PV) farm, operational since June last year, was acquired by Cometa Energia SA de CV, a subsidiary of Mexican independent power producer Saavi Energia.
Financial terms of the transaction were not disclosed in the company's statement. However, Northland Power had previously estimated proceeds of approximately USD 205 million (EUR 191.3 million) post taxes and fees from the sale, which will primarily be used to reduce debt drawn on its revolving credit facility. A portion of the funds will also support general corporate purposes.
“This divestment aligns with our strategy to concentrate on core markets, streamline our business structure, and deploy capital efficiently,” Northland Power stated earlier in March when announcing the agreement to sell its stake in La Lucha.
The sale underscores Northland Power's commitment to optimizing its asset portfolio and enhancing financial flexibility amid evolving market dynamics. La Lucha PV park's contribution to Mexico's renewable energy landscape underscores its significant operational impact since inception.
