Iberdrola to sell gas assets in Mexico for $6 billion
MADRID, April 4 (Reuters) - Iberdrola, Spain's leading power utility, on Tuesday said it had signed a draft deal worth $6 billion to sell more than 8,400 megawatts of combined cycle gas capacity in Mexico to asset manager Mexico Infrastructure Partners (MIP).
The Spanish company has been openly criticized by Mexico President Andres Manuel Lopez Obrador for benefiting from past Mexican governments. The leftist president has accused Iberdrola of trying to mount a media campaign against his government in collaboration with his conservative adversaries.
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Iberdrola was fined by the Energy Regulatory Commission in 2022 for regulatory breaches.
Despite the sale, Iberdrola said in a statement to the Spanish stock market regulator that it will carry out new investments in Mexico to reaffirm its "leadership in the development of renewable energy in the country."
The agreed value may be modified based on the closing date of the transaction and other adjustments, Iberdrola said.
The operation has the financial support of the National Infrastructure Fund of Mexico (Fonadin) and other public financial entities associated with the government of Mexico. (Reporting by Belen Carreno; Writing by Andrei Khalip; Editing by Mark Porter)