The Macquarie Mexican Infrastructure Fund, or MMIF, said Thursday it planned to invest 465 million pesos (about $37 million) in a power project being developed by Spain's Acciona in the western Mexican state of Nayarit.

The fund will provide 49 percent of the capital for the project, with Troy Energia investing the other 51 percent, the Bank of New York Mellon, which is the depository bank for Macquarie, said in a filing with the Mexican Stock Exchange.

Mexican state-owned development bank Nacional Financiera, or Nafin, will provide 522 million pesos (about $41 million) to finance the debt for the project.

Acciona is building a 28.8 MW hydroelectric power plant "within an existing dam on the Santiago River," Macquarie executive Nick O'Neill said.

The project's goal "is to regulate water discharge from the existing hydroelectric infrastructure belonging to (the state-owned) Federal Electricity Commission," O'Neill said.

The electricity "will be sold via a self-supply agreement" with an unidentified Mexican company that will run for 15 years, Macquarie said.

Acciona will handle the engineering, hiring and construction of the power plant.

Construction of the power plant is slated to start this month and be completed in late 2015. EFE