FIEMEX in $300 Million Private Placement

Cleary Gottlieb represented Fideicomiso de Inversión en Energía México (FIEMEX), a special purpose trust (fideicomiso) sponsored by Mexico’s National Infrastructure Fund (FONADIN) and managed by Mexico Infrastructure Partners (MIP), in its $300 million private placement of 7.1% senior secured notes due 2039.

The notes are secured by FIEMEX’s power plants, including the real estate where they are located, ancillary equipment, as well as cash flows generated by them. The collateral documents include a sophisticated waterfall structure to allocate cash flows to service debt, fund reserves, and contribute to operating and capital expenditures for FIEMEX’s plants.

The transaction priced on January 30, 2026, and settled on February 5, 2026. Apollo Global Securities LLC acted as exclusive structuring and placement agent and arranger.

As part of the transaction, Cleary also advised FIEMEX on amendments to its senior finance documents, including the implementation of a consent solicitation and the coordination of the required intercreditor approvals within its complex capital structure.

MIP is the largest infrastructure and energy fund manager in Latin America, with approximately $11 billion in assets under management. FIEMEX operates the second-largest energy generation platform in Mexico after the state utility Comisión Federal de Electricidad (CFE), with a total combined installed capacity of 8.5 GWs accounting for 9.5% of the market share in the Mexican electricity market.

The Cleary corporate team included partner Manuel Silva, associate Jose Andres de Saro, international lawyer Ignacio Matte, and law clerk Jose Eduardo Coronado Castro. Partner Matt Brigham and associate Mingyu Tang advised on U.S. tax matters, with assistance from law clerk Seth Stancroff.