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Combined cycle power plant acquisition due diligence

Bates White was retained by Macquarie Capital USA to conduct market and commercial due diligence in the acquisition of the partially built Norte III combined cycle power plant, one of the largest of its kind in Mexico, from its bankrupt developer. In addition, the firm was asked to advise investors on the risks in the existing long-term energy and capacity power purchase agreement with the Mexican power company. The long-term analysis of the plant’s commercial viability required the development of a 30-year generation and transmission expansion plan for the regional transmission system in which the plant would operate and analysis of the long-term availability of natural gas to fuel the generating facility. Bates White’s work was essential in helping Macquarie bring the proposed acquisition of the facility to financial close. Construction of the facility is now in full swing, with more than 800 workers on site. Recently, Project Finance International magazine elected Macquarie for its PFI LatAm Power Deal of the Year Award for the successful acquisition and ongoing completion of Norte III.

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