Mexican trusts battle for Macquarie fund’s renewable assets

25 March 2020 - 12:00 am UTC

Mexican infrastructure and energy trusts Fibra Infraex and Fibra Orion are the final bidders for a Macquarie-owned package of two renewable assets, said two sources briefed on the matter.

The Macquarie Mexican Infrastructure Fund (MMIF) mandated independent investment bank Marathon Capital at the end of 2019 to sell the San Rafael 25.6MW hydroelectric plant and the Coahuila 22.5MW solar park.

Fibra Orion is working with asset manager and investor Exus Management Partners for its bid, the sources said.

The investment trusts, known as Fibra Es, are structured infrastructure and energy investment vehicles that offer significant tax and economic advantages to investors and are similar to the master limited partnership (MLP) structures used in other countries.

Fibra Orion has also been negotiating with BlackRock’s local infrastructure funds to acquire a highway in the country’s south and a solar plant in Aguascalientes.

Fibra Infraex, which belongs to domestic developer PRODEMEX, raised MXN 6.14bn (USD 297.44m) when it listed its Fibra-E trust certificates in June 2018.

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