Riverstone Holdings agreed to acquire an 80% stake in two Mexican solar photovoltaic plants, totaling 144MW, from Spanish developer Opdenergy. This acquisition will form Vera Renovables, an 80/20 joint venture focused on the development of new renewable energy projects. Financial terms of the agreement are undisclosed.

(Press Release) Opdenergy has reached an agreement with Riverstone to divest a majority stake in two solar photovoltaic plants in Mexico totaling 144MWp and to form Vera Renovables, a joint venture focused on the development of new renewable energy projects.

Opdenergy has reached an agreement to divest an 80% stake in the following two solar photovoltaic (“PV”) plants in Mexico to Riverstone Holdings LLC (“Riverstone”), the global asset management firm that invests in the private markets primarily within energy, power and infrastructure:

• Andalucía II, a 106MWp PV plant located in Coahuila P.S.
• Aguascalientes Sur I, a 38MWp PV plant located in Aguascalientes

Both plants are fully operational, having reached COD under their respective PPAs in January 2020. Closing is subject to customary approvals.

In addition, Riverstone and Opdenergy will form Vera Renovables, an 80/20 joint venture to develop, acquire and/or construct new renewable energy projects in Mexico including Opdenergy’s PV pipeline in the country.

About Riverstone
Riverstone is an energy and power-focused private investment firm founded in 2000 with over US$39 billion of equity capital raised to date. Riverstone conducts private equity and credit investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry.
With offices in New York, London, Houston and Mexico City, the firm has committed approximately $40 billion to more than 180 investments in North America, South America, Europe, Africa, Asia, and Australia.

About Opdenergy
Opdenergy was founded in 2005, with the aim of developing, building, operating and financing renewable energy assets. Headquartered in Spain, the company has extensive experience in the development of renewable projects in a number of jurisdictions around the world.:

Offices in Mexico City, Santiago de Chile, Charlotte, London and Turin
€1.35 billion of project finance and equity investment in photovoltaic assets in Spain, Chile, Mexico, Italy and United Kingdom since 2005
8 GW pipeline of PV and wind projects in the short and medium term
271 MW renewable projects under construction, of which 160 MW are in Chile (50 MW in wind assets and 110 MW in solar assets) and 111 MW are in Spain.