White & Case Advises on Major Solar Refinancings in Mexico

Global law firm White & Case LLP has successfully advised on the refinancing of four significant solar power projects in Mexico, marking major strides in the energy sector. The refinancings, valued at approximately US$190 million, involved BBVA Mexico, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation. These projects, located across Aguascalientes, Coahuila, Jalisco, and Yucatán, represent a landmark in international energy project refinancings within Mexico. The transaction included extending term loans and credit facilities, underscoring a restored international investor confidence following a fluctuating market period. Each solar project operates under special purpose vehicles linked to a Mexican development trust managed by Riverstone, in conjunction with CFE contracted long-term auction PPAs. The landmark transaction suggests increasing activity in Mexico's energy sector, attributed to new legislative reforms and investment appetite.