Demex Oaxaca 1, a Mexican subsidiary of Spain’s Renovalia Energy, issued $126 million in bonds on the Mexican stock exchange and obtained a $12 million loan to refinance debt incurred in the construction and operation of a 90-megawatt wind farm in Oaxaca, Mexico.
The first phase of the Piedra Larga wind farm was completed in 2012 and has a lifespan of about 20 years, said Jose Estandia, a Jones Day partner in Mexico City who along with associate Mariana Gonzalez handled the deal for Demex Oaxaca 1 for about 18 months. Piedra Larga supplies power to the multinational bakery Grupo Bimbo and a few smaller subsidiaries, he said.
