InterGen has completed an $89.2 million purchase in northern Mexico of the Libramiento natural gas compression facility, located adjacent to InterGen’s Compresion Bajio Project, and an associated 40-mile long gas pipeline from Conduit Capital Partners LLC and minority partners including Green Energy and Infraestructura Para Energia.

The Libramiento facility is fully contracted for 20 years with Mexico’s state-owned petroleum company, Petroleos Mexicanos (Pemex). The transaction was funded by a combination of InterGen equity and limited-recourse debt. When InterGen and Conduit announced the deal in June, the sale price was estimated at $88.1 million (see Daily GPI, June 23).

“This is a particularly attractive investment because it offers several synergies with our existing power generation facilities and it is a strong complement to our neighboring Compresion Bajio Project,” said InterGen CEO Neil H. Smith.

InterGen, which is jointly owned by the Ontario Teachers’ Pension Plan and GMR Infrastructure Ltd., a Karnataka, India-based private-sector infrastructure developer, is a global power generation firm with nine plants representing an equity share of 5,235 MW. InterGen’s plants are in the United Kingdom, the Netherlands, Mexico, the Philippines and Australia.

Earlier this year AIG Highstar Capital II LP, which had owned a 50% ownership interest in InterGen, agreed to divest that interest to GMR Infrastructure for an undisclosed amount. That deal was completed in October.

Also closing in October was InterGen’s $303.5 million acquisition of TransAlta Corp. assets in Mexico, including a 252 MW gas/diesel combined-cycle power plant in Campeche, a 259 MW combined-cycle gas-fired plant in Chihuahua and all associated commercial arrangements. That deal was first announced in February.

New York City-based Conduit Capital Partners LLC is a private equity investment firm focused on the independent power and energy industry in Latin America and the Caribbean.

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