IEnova ups stake in Los Ramones II

IEnova ups stake in Los Ramones II

Project & Infrastructure Finance Mexico M&A

IEnova has acquired a further 25% in the Los Ramones II pipeline from Pemex for $231m plus $289m in debt, a statement from the power company showed. Pending regulatory approval, the Mexican unit of US-based Sempra Energy will hold 50% of the local pipeline. Private equity firm BlackRock is the second-largest shareholder with a 45% stake in Los Ramones. Financing for Los Ramones II Sur included an $864m senior facility, a $29m standby portion and a $90m VAT loan from BNP Paribas and Banco Santand

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