NET Mexico Gas Pipeline

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NET Mexico Gas Pipeline, also called the Agua Dulce Pipeline, is an operational natural gas pipeline.

Location

The pipeline runs from Nueces County, Texas, to Rio Grande City, Texas.

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Project Details

• Owners: NET Midstream (90%), MGI Enterprises (10%)
• Parent Company: NextEra Energy Partners (90%), Pertroleos Mexicanos (PEMEX) (10%)
• Current capacity: 2100 Million cubic feet per day
• Length: 124 miles / 200 km
• Diameter: 42 inches
• Status: Operating
• Start Year: 2014
• Cost: $760 million
• Financing: US$664 million in debt financing from MUFG, BBVA, Crédit Agricole, ING, Natixis, NordLB, Royal Bank of Canada and Santander

Background

NET Mexico transports gas from the Agua Dulce Natural Gas Hub in Nieces County, Texas, to a point near Rio Grande City, Texas. The system supplies gas to Mexico from the Eagle Ford Shale Oil Field. On the Mexican side of the border, the project includes 1,247ft of 48in-diameter pipeline, allowing NET Mexico to connect with Mexico's Gasoducto Los Ramones.

Construction of the pipeline began in February 2014 which was completed in October 2014, and the pipeline began operations the next month.

In 2015, NextEra Energy Partners acquired NET Midstream giving it 90% ownership of the pipeline alongside PEMEX subsidiary MGI Enterprises with 10% ownership. IN may 2023, it was reported that NextEra planned to sell its gas pipeline assets to transform into pure-play renewables investment.

Financing

Prior to its commissioning, in 2013 the project received US$664 million in debt financing from MUFG, BBVA, Crédit Agricole, ING, Natixis, NordLB, Royal Bank of Canada and Santander. In July 2016, the new owners NextEra Energy Partners and MGI Enterprises secured US$640 million in refinancing for the project from Bank of Tokyo-Mitsubishi UFJ, Canadian Imperial Bank of Commerce, ING, Caixabank, NordLB, Société Générale, Santander, Helaba and Banco Sabadell.