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Conduit sells Mexican power plants for $156m10/12/2007. Source: AltAssets. 
 Electric power and energy-focused private equity firm Conduit Capital Partners has sold its 70 per cent stake in Inelec, a portfolio of three hydroelectric power plants in Western Mexico, to European utility company Enel, for $156m.
No official return figures were disclosed, but sources close to the deal said that the transaction generated a 4.9 times multiple and an IRR of over 40 per cent.
Conduit and its partner in Inelec, Corporación Mexicana de Hidroelectrícidad, began developing the three Inelec plants as greenfield projects in 2001. The plants are located in the Mexican states of Jalisco, Michoacán and Guerrero.
Marc Frishman, a partner at Conduit, said, 'We are proud that Inelec represents the first privately-owned hydroelectric plants to be developed in Mexico. The portfolio of these projects took six years in development, from land purchase to sale, and during this period we implemented many aspects of the proven Conduit strategy, including leveraging deep market knowledge to identify new solutions addressing infrastructure needs, and ensuring the Conduit operating model would be a part of the plants' ongoing success.'
New York-based Conduit focuses on the independent electric power and pipeline industries in Latin America and the Caribbean. It manages the Latin Power Funds. The firm is currently investing its $393m Latin Power III fund, which closed in summer 2006.
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