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Engie to Partner with Macquarie in Mexican Pipeline Project

London: French energy company Engie has partnered with Australian infrastructure investor Macquarie Asset Management to expand the Mayakan natural gas pipeline in Mexico, the two companies announced on Thursday.

The project aims to accelerate the region’s energy transition and reduce the carbon footprint by up to 7.4 million tons of CO2 equivalent per year, the companies said.

Macquarie will acquire a 50% stake for $360 million in the construction of a 700-kilometer natural gas pipeline in the Yucatan Peninsula, according to a source familiar with the deal.

The enterprise value of the project will be up to $3 billion at completion, and Engie and Macquarie will share governance of the company operating the asset, known as the Mayakan System.

The new pipeline will double the natural gas transportation capacity for the Yucatan Peninsula, passing through the states of Chiapas, Tabasco, Campeche, and Yucatan.

In November 2022, Mexican state power utility CFE signed an agreement with Engie to expand the Mayakan gas pipeline in the Yucatan Peninsula.

BofA Securities and Sumitomo Mitsui Banking Corporation acted as financial advisers to Engie, while Rothschild advised Macquarie.

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