Zuma Energía has acquired the Potrero solar park in Jalisco state from Fotowatio Renewable Ventures for an undisclosed sum. The project, which has a 300MW capacity, came online in late 2020 with a spot market business model.
The operation is part of a broader move by Zuma’s owner, China’s State Power Investment Corporation (SPIC), to grow in Mexico and Latin America, where it is looking to buy other electric power assets, Zuma said in a release.
The acquisition means that Zuma has over 1GW of renewable energy generation in Mexico, the company said.
Potrero is one of the largest projects in the world with bifacial panels. The acquisition,
which was completed on 16 December entails the increase of Zuma Energía’s
renewable installed capacity in Mexico to more than 1.1 GW and forms part of SPIC’s
consolidation plans in the region.
The Clifford Chance multijurisdictional team advising on the deal was led by Global
Financial Markets partner José Guardo, together with senior associates Pablo
Cancelo and Eduardo Sánchez in Madrid, who worked in collaboration with Corporate
Finance partner Nicholas Hughes and Corporate / M&A senior associate James
McMillan in London.
Linklaters advised Fotowatio with a team including partner Lara Hemzaoui and associate Celso Méndez.
