According to the news, Spain-based Gas Natural has inked a deal with Mitsui and Tokyo Gas to sell some of its power generation assets in the Mexican market.

It is expected that the transaction will allow Gas Natural to continue its restructuring plan and rebalance its global exposure to different nations around the world.

The contract for the divestment in Mexico comprises the generation plants Anahuac, Lomas del Real, Vallehermoso, Electricidad Aguila Altamira and Saltillo with a maximum generation capacity of 2,233MW, and also the gas pipeline, Gasoducto del Rio and the company Compania Mexicana de Gerencia y Operacion

In this process, pending the sanction of Mexican officials, number of companies controlled by Mitsui and Tokyo Gas are expected to acquire around 76 percent participation in the assets through a capital injection, which will occur in the starting of next month and will dilute the participation of Gas Natural.

In next year, Mitsui and Tokyo Gas will acquire the rights to execute a purchase option, & Gas Natural will have the right to exercise a sale option for the remaining 24 percent of the companies’ capital.

The operation will cost around $1.22 billion and Gas Natural will also gain a total of $240 million in cash via the re-payment of the company’s debts and shareholder’s share.