A trust managed by Mexico Infrastructure Partners FF, S.A.P.I. de C.V. signed a memorandum of understanding to acquire 8,539 Megawatts of Gas, Wind Assets in Mexico from Iberdrola Generación México, S.A. de C.V. and Iberdrola Renovables Mexico, S.a. De Cv for $6 billion on April 4, 2023. Mexico Infrastructure Partners FF, S.A.P.I. de C.V. signed a binding agreement to acquire 8,539 Megawatts of Gas, Wind Assets in Mexico from Iberdrola Generación México, S.A. de C.V. and Iberdrola Renovables Mexico, S.a. De Cv for June 12, 2023. The consideration comprises of $6 billion,on a cash- and debt-free basis, which may be modified based on the closing date of the transaction and other adjustments. As part of the transaction, more than 400 employees of these facilities will also become part of the trust led and managed by MIP. The transaction has the financial support of Mexico's National Infrastructure Fund (Fonadin) and other public financial entities linked to the Mexican government. Iberdrola will keep 13 plants, all its activity with private customers and its portfolio of renewable projects. The transaction is subject to the agreement and the signing of definitive contracts by the parties, as well as obtaining the necessary regulatory approvals and the fulfilment of certain conditions that are standard in this type of operation. As of February 23, 2024, the Federal Economic Competition Commission has approved the deal.

Antonio Morales, Juanjo Corral, José A. Morán, Lewis Popoff, Reynaldo Vizcarra-Méndez and Lorenzo Ruiz de Velasco of Baker & McKenzie LLP acted as legal advisor for Iberdrola Mexico, S. A. de C. V. Barclays acted as financial advisor to Mexico Infrastructure in the transaction. JPMorgan Chase & Co acted as financial advisor for Iberdrola. White & Case LLP has advised Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (Banobras) and Fondo Nacional de Infraestructura (FONADIN) in connection with the approximately $6 billion acquisition financing. The White & Case team advised Banobras and FONADIN under Mexican and New York law in connection with the $1.2 billion senior secured term loan provided by Banobras and the $2.4 billion equity contribution made by FONADIN to the acquisition trust through a Mexican law- governed CKD Issuer Trust Agreement (Fideicomiso Emisor de Certificados Bursátiles Fiduciarios de Desarrollo). The secured financing consisted of a $1.39 billion syndicated bridge credit facility led by Barclays, BBVA México, Banco Santander, and SMBC, acting as global coordinators; a $2.48 billion syndicated term loan credit facility led by Banobras, Bancomext, and Nafin, acting as development facility lenders; and a $300 million letter of credit facility, with Bancomext acting as issuing bank and Bancomext, BBVA México, and Nafin acting as facility lenders. As part of the development bank facility, the borrower entered into hedging transactions for an aggregate of $600 million. UMB Bank acted as agent for each of the facility lenders and inter-creditor agent for the senior creditors. CIBanco served as collateral agent for the senior creditors. Cleary Gottlieb represented Mexico Infrastructure Partners (MIP) in the secured financing.