BlackRock has closed a $225 million refinancing for its 130 MW La Bufa wind farm in Mexico through a privately-placed bond.

MUFG was placement agent on the 18-year deal, which was priced with a coupon of 5.77%.

The Japanese bank also provided a $20 million letter of credit facility.

BlackRock has been working on the deal since the beginning of the year (PFR, 1/15).

Cleary Gottlieb Steen & Hamilton and Ritch Mueller Heather y Nicolau were the asset manager's legal advisers.

Located in the state of Zacatecas, the project sells its output to Volkswagen de México’s largest car factory in Mexico, a plant located in Puebla, under a power purchase agreement.

La Bufa was originally financed in December 2015 with $256 million in debt and $104 million in equity, in a deal led by Sumitomo Mitsui Banking Corp. with Nafin and KDB. Bancomext provided VAT and letter of credit facilities (PFR, 12/3/15).

In November 2017, the EIB provided $100 million of debt for the Mexican development bank Nafin to on-lend to two operational wind farms—La Bufa and EDP Renewables’ Eólica de Coahuila.

(A version of this article first appeared in IJGlobal).

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