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Sempra to acquire 250MW wind project in Baja - Mexico

 Friday, June 29, 2007 Sempra Generation, a subsidiary of Sempra Energy (NYSE: SRE), has agreed to acquire the development assets of the 250MW La Rumorosa wind project in Mexico's Baja California state, Sempra Energy said in a statement. Sempra would acquire the assets under a co-development deal with San Diego-based Cannon Power, which also would provide technical assistance for Rumorosa. Estimated project capex is US$400mn. The project, which could be operational by mid-to-late 2010, would boast 125 wind turbines along the easterly edge of the Sierra Juarez mountains. "We consider the region ideal for wind generation," Cannon Power managing director Gary Hardke said. RENEWABLE BUSINESS The project would mark Sempra Generation's first major step in the renewable generation business. "Environmental public-policy initiatives and escalating demand for clean renewable energy are creating new opportunities for power developers," said Michael Allman, Sempra Generation president and CEO. Sempra Generation is mulling solar investments and other renewable projects in the Pacific southwest. The company will seek supply contracts with major utilities in Mexico and the southwestern US. "The successful acquisition of long-term power contracts is necessary to ensure the development, construction and operation of such large-scale projects," according to the statement. Business News Americas
Published Tuesday, July 3, 2007 10:44 AM by Kanoa Biondolillo

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