Pérez-Llorca advises Afore Coppel in US$4.5 billion FIBRA-E IPO assets
Pérez-Llorca Mexico has counseled Afore Coppel in its role as investor in the initial public offering (IPO) of a newly established FIBRA-E vehicle, marking one of the largest transactions of its kind in Mexico’s capital markets to date. The listing took place on the Mexican Stock Exchange (BMV) under the tickers “FIEMEX 25D” and “FIEMEX 25-2D”, with a total value exceeding US$4.5 billion.
FIBRA-E energy infrastructure trust is managed by Mexico Infrastructure Partners (MIP) and is backed by a portfolio of 13 energy generation plants. These assets were previously owned by Spanish energy company Iberdrola and acquired by the Mexican Federal Government as part of a strategic shift to nationalize energy production and infrastructure.
A key element of the transaction involved the rollover and exchange of existing CKD certificates, held by Afore Coppel and other major institutional investors—including other Afores and FONADIN (National Infrastructure Fund)—into the new FIBRA-E structure. These certificates were originally part of the vehicle known as “Fieck 23”.
The deal reflects the growing relevance of FIBRA-E structures in channeling long-term institutional investment into Mexican infrastructure, while also facilitating the government’s energy transition strategy.
Under Capital and Debt Markets, Pérez-Llorca’s legal team was led by partner Bernardo Reyes Retana (pictured left), associate Francisco Álvarez Campos, and law clerk Andrea Villa Escalante.
And under Projects, Energy and Infrastructure, partnerRodrigo Rojas Robleda (pictured right)led the negotiations. Nader, Hayaux & Goebel was also involved in the transaction, as Mexican counsel to AMAFORE, investor side, and Ritch Mueller, as Mexican counsel to MIP, manager of the FIBRA.
