On May 8, 2026, the Decree enacting the Regulations (the “Regulations”) to the Law for the Promotion of Investment in Strategic Infrastructure for Development with Well-Being (the “Law”) was published in the Federal Official Gazette.

The Regulations constitute the first secondary regulation implementing the new mixed-investment infrastructure regime contemplated under the Law and establish key elements for the structuring, financing and development of infrastructure projects in Mexico.

Among the most relevant aspects of the Regulations are the following:

1. Classification and Nature of Special Purpose Vehicles (“SPVs”)

The classification of SPVs will be determined based on:

• the economic substance of the project;
• risk allocation; and
• the existence of public-sector support, guarantees or payment obligations

Based on these elements, SPVs are classified as follows:

(a) Public SPVs. The majority of the resources, obligations or guarantees correspond directly or indirectly to the public sector. These vehicles are subject to the applicable budgetary and financial discipline framework.

(b) Mixed SPVs. Public and private resources coexist with a contractual allocation of risks among the parties. These vehicles will require a prior technical opinion from the Ministry of Finance and Public Credit (“SHCP”) when they contemplate multi-year commitments, guarantees, support mechanisms or contingent liabilities with fiscal impact.

(c) Private SPVs. Financed predominantly with private resources or self-funded structures that do not create obligations for the Federal Public Treasury. SHCP participation will only be required when public-sector support, guarantees or assignment of collection rights are involved.

2. Eligibility and Approval Procedure

The Regulations establish the procedure for a project to be considered eligible for development under the new regime. This procedure includes:

• a preliminary review of the project’s technical, legal and financial feasibility;
• the issuance of an opinion by the Strategic Planning Council for Infrastructure Investment (the “Council”), which may be favorable, conditional or unfavorable; and
• the determination of the applicable governmental support mechanism and SPV structure.

Approval by the Council does not constitute budgetary authorization, approval of public financing or obligations for the Federal Government. Accordingly, the project will remain subject to applicable budgetary authorizations.

3. Governmental Support Mechanisms and Guarantees

The Regulations also establish the conditions for obtaining support mechanisms and incentives provided under the Law for eligible projects, including:

• participation in SPVs funded with multi-year resources;
• access to FONADIN resources;
• potential guarantees from the Federal Government, development banks and multilateral agencies aimed at improving the project’s financial conditions;
• cooperation agreements with states and municipalities; and
• potential tax incentives.

The granting of support mechanisms and incentives will require a prior opinion from SHCP regarding their financial and budgetary impact.

In addition, the Regulations develop the federal guarantees framework by providing that (i) guarantees will be exceptional in nature, (ii) they will not imply automatic or unconditional payment obligations by the Federal Government, and (iii) they will require express authorization from SHCP’s Public Credit and International Affairs Unit.

4. Transition of Projects Structured Under Other Frameworks

The Regulations provide for an exceptional mechanism allowing projects originally structured under other contractual frameworks (e.g., PPPs, concessions, etc.) to transition into the new infrastructure regime.

Such transition will require technical, legal, financial and budgetary opinions evidencing that the new structure is more efficient for the public interest than the original structure.

Although the Regulations do not create an automatic or mandatory conversion regime for existing projects, they allow certain strategic projects to be restructured under the new mixed-investment regime contemplated by the Law.

IN SUMMARY

The Regulations introduce elements for the implementation of the new infrastructure regime established under the Law and further develop rules for the structuring, evaluation and financing of mixed-investment projects.

Likewise, the Regulations contemplate the possibility of using different corporate and financial structures to invest in infrastructure, including trusts, corporate entities, FIBRAs, FIBRA-E vehicles, asset- or cash flow-backed issuances and other co-investment mechanisms involving the public sector, sponsors, institutional investors, commercial banks, development banks and multilateral agencies.

At Nader Hayaux & Goebel, we advise sponsors, developers, investment funds, financial institutions, government entities and multilateral agencies on the structuring, procurement, financing, development and co-investment of infrastructure and energy projects in Mexico.

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For additional information regarding the impact of the Regulations or the Law on specific projects or transactions, please contact our Projects & Infrastructure team.

Nader, Hayaux & Goebel has contributed to the Mexico chapter of the Chambers Corporate M&A 2026 Guide, authored by partners Michell Nader and Julián J. Garza.

The chapter provides an overview of the current mergers and acquisitions landscape in Mexico, addressing the principal economic, geopolitical and regulatory factors influencing transactional activity across a broad range of industries. It also examines relevant market trends, investment structures and financing considerations shaping the Mexican M&A environment.

In addition, the publication explores the increasing role of sectors such as financial services, fintech, infrastructure, logistics, renewables and real estate in driving investment opportunities, as well as the continued relevance of private equity and strategic transactions in the market.

NHG’s contribution to this guide reflects the Firm’s strong experience in domestic and cross-border M&A transactions and its ongoing commitment to advising clients on complex corporate, transactional and strategic investment matters in Mexico.

Read the full chapter here.

Nader, Hayaux & Goebel has contributed to the Mexico chapter of the Insurance & Reinsurance Guide published by The Legal 500, authored by partners Yves Hayaux and Luciano Pérez.

The chapter offers a comprehensive overview of Mexico’s insurance and reinsurance legal and regulatory framework, addressing key aspects such as applicable legislation, regulatory authorities, and prevailing market practices. It also examines relevant topics including policy structures, claims handling, dispute resolution, and the role of reinsurers within the Mexican market.

In addition, the chapter explores current developments and emerging trends shaping the sector, including ongoing regulatory changes, evolving risk considerations, and the increasing sophistication of insurance and reinsurance solutions in Mexico.

NHG’s contribution to this guide highlights the Firm’s strong capabilities in insurance and reinsurance matters, as well as its continued commitment to supporting clients in navigating a dynamic and increasingly complex regulatory environment.

Read the full chapter here.

Key Takeaways

• Cogeneration. The National Energy Commission (CNE) has issued new Administrative Provisions of General Application (DACGs) governing electricity generation under the cogeneration modality, applicable to both self-consumption and participation in the Wholesale Electricity Market (MEM).
• Energy Storage. On the same date, the CNE issued DACGs regulating the integration of Electric Energy Storage Systems (EESS) into the National Electric System (SEN). These provisions repeal Resolution A/113/2024, published on March 7, 2025.
• Effective Date. Both instruments will enter into force on the business day following their publication in the Federal Official Gazette (DOF).
• Key Obligations. Permit holders will be required to adjust their technical configurations, interconnection requests, and market participation structures before CENACE. In the case of storage projects, participants must also assess the applicable model (EESS-CE, EESS-CC, EESS Self-Supply, EESS RNT/RGD, or Standalone EESS).

Background

On April 16, 2026, the CNE issued two DACGs, completing key elements of the secondary regulatory framework of the Electric Power Sector Law (LSE) and its Regulations (RLSE).

1. Cogeneration DACGs

Scope and applicability

The Cogeneration DACGs establish the general conditions, requirements and procedures applicable to electricity generation under the cogeneration modality, both under self-consumption) and participation in the MEM. Systems with an installed capacity below 0.7 MW do not require a generation permit and are subject to the exempt generation regime to be issued by the CNE.

Cogeneration typologies

The DACGs recognize three typologies: (i) electricity generation produced jointly with steam or other useful thermal energy (topping cycle); (ii) direct or indirect electricity generation from thermal energy not used in industrial processes (bottoming cycle); and (iii) direct or indirect generation from residual fuels produced within the permit holder’s own industrial processes, in which case Clean Technology must be used.

Installed capacity and mandatory dispatch

The installed capacity approved under the permit must be determined based on Thermal Demand and the direct or indirect thermal energy requirements of the associated industrial processes. The DACGs introduce the concepts of Committed Electric Energy (linked to Thermal Demand and subject to mandatory dispatch) and Dispatchable Energy (subject to economic dispatch), and require permit holders to register with CENACE, through their Market Participant, the maximum and minimum values of both blocks at maximum Thermal Demand, minimum Thermal Demand, and at 80% of annual operating time.

Loss of permit purpose and Clean Energy Certificates (CELs)

The purpose of a cogeneration permit for participation in the MEM is deemed to cease when the Committed Electric Energy offered in the short-term energy market exceeds the energy associated with the Thermal Demand of the industrial process for six consecutive months, without technical justification accepted by the CNE. Cogeneration facilities (both self-consumption and MEM) may obtain Clean Energy Certificates (CELs) when they meet the criteria for efficient cogeneration.

Key transitory provisions

The DACGs will enter into force on the day following their publication in the Official Gazette (DOF). Pending the issuance by the CNE of the Technical Criteria for Cogeneration, the existing applicable regulation will remain in effect. Cogeneration facilities operating under permits granted pursuant to prior legal frameworks that migrate to a generation permit for participation in the MEM under the cogeneration modality will keep their dispatch conditions until the expiration of the migrated permit. Within 30 calendar days following their entry into force, the CNE will publish the authorized application forms.

2. Storage Systems DACGs (SAEE)

Scope and repeal

The Storage DACGs establish the requirements for the integration of SAEE into the SEN, as well as the guidelines governing the services they may provide and their participation modalities, including aggregation mechanisms.

Five participation models

SAEE-CE — associated with Renewable Power Plants and sharing their Interconnection Point; SAEE-CC — associated with Load Centers; SAEE-Autoconsumo — associated with self-consumption; SAEE-RNT/RGD — associated with public transmission and distribution infrastructure; and non-associated SAEE. Only non-associated SAEE with an installed capacity equal to or greater than 0.7 MW require a storage permit; SAEE associated with Power Plants or Load Centers do not.

Technical and market rules

SAEE whose technology relies on power electronics to inject energy into the grid must implement grid-forming capabilities. All SAEE must comply with the Grid Code (Código de Red), NOM-001-SEDE-2012, and applicable international or foreign standards (IEC 62619, IEC 62933-5-1/-5-2, UL 1973, UL 9540) until the corresponding Mexican Official Standard is issued. SAEE with a storage duration equal to or greater than 3 hours may qualify as capacity for the Power Balance Market. Tariff treatment varies by modality: non-associated SAEE are subject to 50% of the transmission tariff for both withdrawal and injection, while SAEE-CE are subject to such tariff only upon injection.

Variability, back-up and aggregation

Power Plants with variable primary energy sources may be required to mitigate variability through their own SAEE, aggregation with other plants, or a back-up agreement with CFE or a third party. The DACGs expressly allow aggregation among participants of the same nature (Generators, Load Centers, Self-consumption Users or interconnection applicants), subject to binding planning criteria and studies conducted by CENACE.

Key transitory provisions

The instrument will enter into force on the business day following its publication in the DOF. Pending updates to the Market Rules and the Interconnection Manual, SAEE will be treated as Load Centers when withdrawing energy from the SEN and as Power Plants when injecting it. CENACE must publish the Variability Analysis methodology within 90 calendar days, and the CNE must issue the authorized permit application forms within 30 calendar days.

What this means for you

• Permit holders and developers should review their current or planned configurations against the new definitions (including installed capacity, Thermal Demand, mandatory dispatch, grid-forming requirements and participation models) to determine whether permit amendments or new interconnection studies may be required. 
• Projects incorporating storage should confirm which of the five EESS participation models applies, as well as the implications for permitting, metering, tariff treatment and capacity accreditation. 
• Generators operating under self-consumption with variable primary energy sources should assess whether they meet the back-up requirement through dedicated EESS, aggregation schemes, or back-up arrangements with CFE or third parties. 
• Cogeneration permit holders under prior legal frameworks should plan their transition to the LSE regime, taking into account the preservation of dispatch conditions and the requirement to demonstrate continuous compliance over a six-month period.

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For more information please contact our Energy and Natural Resources team.

Nader, Hayaux & Goebel advised Total Play Telecomunicaciones, (“Total Play”), a leading provider of triple play services in Mexico, in the issuance and public offering of short-term debt certificates (certificados bursátiles de corto plazo) identified with ticker symbol “TPLAY 00126”, for a total amount of MXN 1 Billion (approximately USD 51 million), under its current debt program.

The issuance was carried out in the Mexican securities market and forms part of Total Play’s ongoing financing strategy to support its operations and growth. The certificates bear a variable interest rate equivalent to 2.25 percentage points above the “TIIE de Fondeo” reference rate.

This transaction reflects continued investor confidence in Total Play’s business model, the strength of its fiber-optic infrastructure, and its position as one of the leading telecommunications providers in Mexico.

The NHG team was led by partner Ana Paula Telleria, with key support from associates Nicolás Pacheco and Emilia Silva, and law clerk Regina Rueda, providing comprehensive legal counsel to the client throughout all stages of the transaction.

NHG is proud to have supported Total Play in this successful issuance, further strengthening its access to the Mexican capital markets.

Nader, Hayaux & Goebel (NHG) is proud to announce that the Firm has received multiple recognitions at The Legal 500 Mexico Awards 2026, held last night in Mexico City:

Firm Award

Insurance Law Firm of the Year

Individual Awards

Projects and Infrastructure Lawyer of the Year

Partner Alejandro Rojas

Rising Star Associate of the Year

Ana María Alpízar

Banking & Finance Deal of the Year 

Engie / Mayakan

These distinctions underscore the Firm’s strong track record across core practice areas and reflect the quality, consistency, and collaborative approach that define NHG’s work. They also recognize the individual contributions of our lawyers, whose expertise continues to drive results on complex and high-impact matters.

We are sincerely thankful to our clients for their ongoing trust and partnership. Their support is essential to our work and encourages us to keep raising the bar in the services we provide.

We also extend our congratulations to everyone involved in these achievements and remain committed to continuing this momentum in the future.

Nader, Hayaux & Goebel has contributed to the Mexico chapter of the Chambers Cybersecurity 2026 Guide, authored by partners Alejandro Mendiola and Gunter Schwandt.

The chapter provides a comprehensive overview of Mexico’s cybersecurity legal and regulatory framework, addressing key aspects such as applicable laws and authorities, incident response obligations, data breach notification requirements, sector-specific regulations, and risk management practices. It also explores relevant considerations around cybercrime, enforcement trends, and the increasing importance of cybersecurity governance within organizations operating in Mexico.

NHG’s contribution to this guide underscores the Firm’s established capabilities in cybersecurity, data protection and regulatory matters, as well as its continued focus on assisting clients in addressing increasingly complex digital risk challenges.

Read the full chapter here.

Nader, Hayaux & Goebel (NHG) is pleased to announce that the Firm has been recognized with the Mexico Client Service Award at the Chambers Latin America Awards 2026.

This recognition highlights the Firm’s continued commitment to excellence and most importantly, to delivering outstanding service to our clients. Client service has always been one of our core values and a fundamental pillar of our culture and professional practice. This award reflects the collective effort, dedication and professionalism of every member of the Firm.

We are deeply grateful to our clients for their continued trust and collaboration, which make achievements like this possible. Their confidence in our work inspires us to continue striving for the highest standards in everything we do.

We thank everyone who has contributed to this achievement and look forward to continuing to raise the standard of client service in the years ahead.

Nader, Hayaux & Goebel has contributed to the Mexico chapter of the Chambers Data Protection & Privacy 2026 Guide, authored by partner Luciano Pérez and associate Allan Pastor.

The chapter provides a comprehensive analysis of Mexico’s evolving data protection landscape, covering the dual regulatory regime applicable to public and private entities, key compliance obligations, cross-border data transfers, cybersecurity and data governance, and the main regulatory challenges shaping the sector. It also addresses emerging trends, including the growing role of robust privacy programmes and the impact of digital transformation on data regulation in Mexico.

NHG’s participation in this guide reflects the Firm’s recognized expertise in data protection, privacy and cybersecurity, and its continued commitment to advising clients on complex regulatory matters in Mexico.

Read the full chapter here.

Nader, Hayaux & Goebel has contributed to the Mexico chapter of The Legal 500 Fintech Guide, a leading global publication providing an overview of the regulatory frameworks governing fintech across key jurisdictions.

The chapter was authored by partners Gunter Schwandt, Luciano Pérez, Adrián López and associate Mariagabriela Botello, and offers a comprehensive analysis of Mexico’s evolving fintech landscape.

NHG’s contribution examines the regulatory framework applicable to fintech in Mexico, including licensing requirements under the Fintech Law, as well as the roles of the Comisión Nacional Bancaria y de Valores and Banco de México. It also addresses recent developments in digital assets, artificial intelligence and open finance, alongside the key regulatory challenges and opportunities shaping the sector.

Additionally, the chapter highlights the main trends driving the fintech ecosystem in Mexico, including the growing adoption of innovative financial technologies and the continued evolution of the regulatory environment.

NHG’s participation in this guide reflects the firm’s strong capabilities in financial regulation and its active role in supporting clients operating at the forefront of fintech innovation in Mexico.

Read the full guide here.