CFE - Hydropower Rehabilitation Program (MIGA-15033)

  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Specific Location
Humaya, Infiernillo, Mazatepec, Malpaso, Peñitas, La Villita, and Zimapán
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 27, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
JPMorgan Chase Bank N.A., The Hong Kong and Shanghai Banking Corporation Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Finance
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 536.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 333.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 15, 2023

Disclosed by Bank Apr 27, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosure page, on June 30, 2023, the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, issued a US$536 million guarantee covering principal and interest on a loan from JPMorgan Chase Bank, N.A. of the United States and The Hong Kong and Shanghai Banking Corporation Limited of Hong Kong SAR, China, to the Fideicomiso de Energias Limpias Numero 10670. The Fideicomiso de Energias Limpias was created by the Comision Federal de Electricidad (CFE) in August 2021 as a financing vehicle for capital expenditures related to its renewable energy investment program.

MIGA's guarantee provides cover over the 15-year period of the Loan, including a 5-year grace period, against the risk of Non-Honoring of Financial Obligations by a State-Owned Enterprise (NHFO-SOE) in connection to the guarantee that CFE in Mexico is providing under the Loan. MIGA's NH-SOE guarantee provides CFE with access to long-term dollar financing at favorable terms, and it constitutes the first guarantee issued by MIGA to cover the obligations of a State-Owned Enterprise acting as guarantor.

In this context, the Loan and MIGA's NHFO-SOE instrument support the rehabilitation and modernization of seven existing hydropower plants owned and operated by CFE. The upgrades (all within the powerhouses), depending on the plant, include replacement of turbines, generators, transformers, electromechanical equipment, and ancillary systems which are expected to increase the hydroelectric energy generation capacity of the plants by 113 MW in total, producing approximately 1,426 GWh of additional electricity per year, as well as extend each asset's useful life by several decades while improving reliability and reducing maintenance costs.

The Project contributes towards the achievement of the objectives and goals established in CFE's Business Plan 2023-2027 to strengthen the operational and financial capacity of the company, get a market share of 54% in the generation of electricity in Mexico, as well as to accelerate the energy transition of the country and to contribute to achieving the commitments established by the Mexican State to reduce greenhouse gas emissions. The Project also addresses CFE's social responsibility ambitions of being able to supply electricity on a timely, safe, reliable, efficient, and sustainable basis.

Although solar PV and wind play an increasingly important role in Mexico's energy matrix and Nationally Determined Contribution commitments, hydropower remains Mexico's largest source of renewable energy. The country's 12.6 GW of installed hydropower capacity, which is primarily owned and operated by the CFE, generated approximately 8.6% of the country's electricity in the second quarter of 2023. The Government of Mexico has pledged to increase investment in hydroelectricity generation as part of efforts to reduce Mexico's carbon footprint, reduce the amount of natural gas imports, and maintain and increase renewable energy production in the country's energy matrix.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the MIGA, CFE, Mexico's state-owned electric utility, plays a central role in the country's energy sector providing transmission, distribution and commercialization services to 99.2% of Mexico's population and generating approximately 74% of the country's electricity as of the first quarter of 2023.

As stated by Bloomberg, JPMorgan Chase Bank, National Association operates as a bank. The Company offers planning, advice, investing, lending, and banking services. JPMorgan Chase Bank serves customers worldwide.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) provides commercial banking services. The Bank offers consumer and commercial loans, mortgage, deposit products, internet banking, credit cards, insurance, wealth management, and trust services. HSBC serves customers worldwide.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Comision Federal de Electricidad (CFE) de Mexico Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Guaranteed Institutions -

The Hong Kong and Shanghai Banking Corporation Limited:

Address: 8 Canada Square, London E14 5HQ, United Kingdom

JPMorgan Chase Bank N.A:

Address: 383 Madison Avenue, New York, NY 10179-0001, USA
Phone: +1-212-270-6000

Client - Comision Federal de Electricidad:

Address: Av. Paseo de la Reforma 164, Col. Juárez, C.P. 06600, Ciudad de México, México
Contacto: +52 55 5229 4400


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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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