Mexican Power Plant Closes Loan

Mexico’s Norte II, a combined-cycle power plant, has raised $325m in a club deal that closed Friday involving SMBC, Credit Agricole and Kexim. The financing was originally expected to be for $350m, but the project costs lower than original projections, says one of the bankers involved in the transaction. Mexico’s CFE awarded the contract for the construction and operation of the Norte II combined-cycle power plant in August to a consortium formed by South Korean companies Korea Electric Power Corporation and Samsung Corporation, with Mexico’s Techint.