According to the IFC, the proposed investment consists of an IFC anchor investment of up to US$150 million in a bond issuance of US$725 million by Fideicomiso Irrevocable Numero 188156 (“CFE Fibra E Trust” or “CFE Fibra E” or “Issuer”), an investment vehicle managed by CFECAPITAL, S. De R.L. De C.V. (“CFE Capital”), an affiliate of state-owned utility company Comisión Federal de Electricidad (“CFE”). This vehicle was established in 2018 to securitize 6.78% of the collection rights from the Fideicomiso Irrevocable de Administración y Fuente de Pago No. 80758 (Promoted Trust). The project is expected to have positive impact in mitigating the issues of the Mexican energy sector, and enabling the commissioning of further grid capacity. Under the project, IFC proceeds can only be used for capital expenditures (CAPEX) subprojects that meet the following eligibility criteria: a) can meet IFC Performance Standards (PS); b) pose limited environmental, social, health and safety (ESHS) risks; c) do not require new footprint; d) avoids impacts on biodiversity sensitive areas (e.g. Legally Protected Areas (LPA), Key Biodiversity Areas (KBA), Alliance for Zero Extinction (AZE) sites, UNESCO Natural and Mixed World Heritage Sites (WHS); UNESCO Man and Biosphere Reserves; and Ramsar sites); e) do not affect Indigenous Peoples; f) do not require land acquisition or displacement of population; and g) do not have associated facilities that fail to meet the above criteria. Ten subprojects have been preliminarily identified as eligible, out of which a subset will be selected for use of IFC proceeds. All subprojects involve the modernization and replacement of electrical infrastructure—such as transformer banks, capacitor banks, protection and control systems, and underground cables—within existing substations or underground transmission corridors. These activities are distributed across various regions of Mexico, including Baja California, Baja California Sur, Sonora, Sinaloa, Jalisco, Nuevo León, Coahuila, Tamaulipas, Puebla, and Chihuahua.

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