MEXICO LEAGUE TABLES \ FIRM BRIEFINGS Mexico PROJECT FINANCE
Highly recommended Galicia Abogados Nader Hayaux & Goebel Ritch Mueller Santamarina y Steta
Recommended Basha Ringe y Correa Mijares Angoitia Cortés y Fuentes Woodhouse Lorente Ludlow
Notable Capin Ibañez y Asociados
CORPORATE
Highly recommended Galicia Abogados Nader Hayaux & Goebel Ritch Mueller
Recommended Basha Ringe y Correa Mijares Angoitia Cortés y Fuentes
Notable Von Wobeser y Sierra
Introduction
Both Mexico’s energy and infrastructure sectors have seen a great deal of activity this last year. The market has reacted positively to the elec- tion of Enrique Peña Nieto, who took office on December 1 2012. In November 2012, two new federal public-private partnership (PPP) regulations came into effect clarifying national PPP rules. These changes are expected to raise the amount of federal PPP. Its use is already widespread at state and local levels. The federal gov- ernment is expected to take on a wide range of projects, including toll roads, prisons, hospitals and schools. There has been a surge in lending in Mexican pesos and an increased presence of Mexican lenders, tied to the country’s strong economy and growth throughout the global financial crisis. According to the World Bank, Mexico’s economy grew 3.9% in 2012. In the energy sector, renewables have remained a focus for foreign investors, particularly wind and solar. Many Spanish investors have focused on Mexican solar power, moving away from the problems in Europe. Wind farms in the state of Oaxaca benefit from powerful winds all year round. The Mexican government does not offer tax incentives for renewable energy production except on the deprecia- tion of the original investment, though sources say the low price of transmission from the country’s sole utility company has helped to offset costs. Oil and gas investors inside and outside of Mexico are waiting for energy reforms that were derailed in April 2013 by cross- party fighting in the congress. Many are hoping to see state-owned Pemex opened up to more private investment and joint ventures in order to extract a greater amount of Mexico’s hydrocarbons. The gov- ernment has proposed more openness for the state-owned oil and gas company, but needs a two-thirds majority in the congress to make the constitutional change required for such measures.
Basham Ringe & Correa
2012 Firm Overview Most active disciplines
Disputes: Financial and corporate, Public, Tax Financial and corporate: Equipment/asset finance, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Transfer pricing
Key energy sectors Oil and gas, Renewables
Key infrastructure sectors Manufacturing, Mining, Ports and shipping
Key partners Juan Carlos Serra
Basham Ringe & Correa is a full-service firm with offices in Mexico City, Monterrey and Queretaro, an unusual feature in a fairly cen- tralised legal market. The firm handled a diverse caseload over the past year and continues to counsel on a range of issues. Juan Carlos Serra continues to advise Access Capital Advisers on joint-venture aspects of their 40.1% stake, purchased at the end of 2011, in Integrated Gas
64 ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013
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