BlackRock funds negotiating asset sales to new Fibra E trust

04 November 2019 - 12:00 am UTC

Two of BlackRock’s Mexican infrastructure funds are negotiating the sale of a highway and a solar plant to yet-to-be-listed investment trust Fibra Orion, according to four sources briefed on the matter.

Fibra Orion is seeking to acquire the Tapachula-Ciudad Hidalgo-Talisman highway, which is co-owned by BlackRock México Infraestructura I and II (ex-I Cuadrada funds), and the 67.7 MWp Aguascalientes solar PV plant, which is 100% owned by the second fund, according to three of the sources briefed on the matter.  

The Aguascalientes solar project has a 15-year PPA from the Mexican Federal Electricity Commission (CFE) to sell power at an average price of USD 21 per MWh, according to Inframation Deals.

Ahead of a planned IPO on the Institutional Stock Exchange (BIVA), Fibra Orion filed on 2 September a roadshow presentation with Mexican financial regulator the National Banking and Stock Commission (CNBV) that presents “Proyecto Rigel” as an asset that fits the investment criteria of the Fibra E.

Fibra Orion, which will be led by ex-PEMEX treasurer Rodolfo Campos Villegas, is planning to acquire assets from CKD investment funds that are reaching the end of their lifespan, assets held by the private sector or state-owned assets, according to the September 2019 roadshow presentation.

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