The firm advised Fibra Infraestructura y Energía México in (i) structuring the trust so that it complies with the requirements applicable to this type of vehicles so as to maintain their tax treatment as a FIBRA E trust; (ii) preparing the tax section of the financial model that was used by the banks in order to define the financing to be provided for the transaction; (iii) structuring the acquisition of certain target entities contributed by their partner (Coconal); and (iv) structuring the drop-down of the shares owned in a portfolio of companies previously owned by CKD Infraestructura México.

The firm advised Water Operator Agency of Los Cabos Municipality (OOMSAPASLC) to sign a USD$144 million public-private partnership (PPP) agreement with a municipality in the northwestern Mexican state of Baja California to build a desalination plant.

The firm advised Fibra Storage in the establishment and registration of its first programme of long term notes (certificados bursátiles de largo plazo) for a maximum amount of MXN$3,000 million and in the first and second green issuances thereunder for a total amount of MXN$1,171 million and MXN$329 million, respectively, placed on the Mexican Stock Exchange (BMV). The first and second issuances were rated by HR Ratings («HR AA») and Fitch («AA- (mex)»).

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The firm advised Canadian institutional investor Caisse de dépôt et placement (CDPQ) on the tax aspects of the structuring of the acquisition of Concessionaire Mexiquense (Conmex), a subsidiary of construction company OHL Mexico that operates the 110km highway Circuito Exterior Mexiquense, which connects Mexico City’s main access and exit points.

The firm assisted CDPQ and CKD Infraestructura México in performing tax due diligence of the nine companies involved, as well as in structuring the transaction whereby CDPQ and CKD Infraestructura México acquired an 80% stake in a portfolio of renewable energy projects developed by Enel in Mexico for USD$1.35 billion.

The transaction involved three different jurisdictions and three companies with very different profiles: a Canadian institutional investor who manages pension funds (CDPQ), a Mexican investment vehicle for Mexican pension funds (CKD Infraestructura México), and an Italian energy company (Enel). The transaction was particularly complex as it required that the structure consider the different tax regimes applicable to each of the participants, while also considering the possibility of new projects being added to the structure in the future.

The firm advised Mexican construction consortium APP Coatzacoalcos Villahermosa securitise collection rights from a toll road, issuing notes worth MXN$1,950 million in an innovative project financing transaction.Banco Invex and Monex Casa de Bolsa acted as trustee and common representative for the noteholders respectively.

The deal monetises future toll road revenue it will get from drivers using the motorway; it issued the notes through a trust, which is the payment beneficiary under the PPP.

APP Coatzacoalcos Villahermosa is a consortium made up of Portuguese construction company Mota-Engil and Mexican counterparts Calzada Construcciones and Construcciones y Dragados del Sureste.