FIRM BRIEFINGS MEXICO


Services de Mexico, transporters of natural gas across Mexico. He is also the lead partner in the firms’ representation of Goldcorp’s $1 bil- lion agreement for the exploration, implementation, and operation of the Peñasquito Mining Project in Mazapil, Zacatecas. In an ongoing transaction, Basham represents APM Terminals who


secured their bid in to run a shipping terminal located in Port of Lazaro Cardenas. The process required prequalification, a fight to prevent the neighboring terminal operator from bidding, and the bid itself involv- ing corporate, anti-trust, and environmental regulations. After winning the bid, APM decided to make the terminal automated, the first of its kind in Mexico, which raised further labor and regulatory issues as well as the value of the transaction, leaving it at $900 million.


Capin Ibanez & Asociados


2012 Firm Overview Most active disciplines


Disputes: Financial and corporate, Tax Financial and corporate: Banking, Equipment/asset finance, M&A, Project finance Public: Competition, Construction, Environmental, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing


Key energy sectors Renewables


Key partners Luis Capín L, Pablo Ibañez M, Alex Robinson A, Rafael Torres R


Capin Iban ez & Asociados has been undergoing a restructuring over the last year, though its energy practice has continued to represent clients, particularly those in the alternative energy field. The firm changed its name from Capin Calderon Ramirez & Gutierrez-Azpe. Luis Capin and Alex Robinson acted as counsel to Megawatt, a com-


pany incorporated in Mexico with Spanish shareholders, in two trans- actions this year, both involving the companies’ establishment of wind farms. The first deal, worth $16.6 million, was for the winning bid for a 1667MW wind energy project, in Tamaulipas. The second transac- tion was worth $27.6 million, for the establishment of a wind farm in the Baja California region of Mexico to generate 987MW of electricity.


Galicia Abogados


2012 Firm Overview Cross-border experience


Brazil, Panama


Most active disciplines Disputes: Public, Tax Financial and corporate: Banking, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Land, Projects, Regulatory


Key energy sectors Oil and gas, Power networks and distribution, Renewables


Key infrastructure sectors Water and sewage


Key partners Carlos de Maria y Campos, Francisco Fernández Cueto


Galicia is noted by nearly all top firms in the energy and infrastructure field as being a leader in the two sectors. One peer acknowledged, “We see them across the table a lot.” Another stated that Galicia is part of nearly every large transaction, even if they are not handling every facet of a deal. Galicia uses its extensive background in financial transactions


as a springboard for handling energy and infrastructure deals. Over the past year the firm has grown considerably and it is now looking to im- prove its technical expertise as the energy and infrastructure markets mature in Mexico. The firm’s lawyers acted as lenders counsel for Banco Mercantil del Norte, the Inter-American Development Bank (IADB), HSBC México, and others in a financing, concluded in February 2012, for the largest wind power farm in Mexico. The project finance deal for the construction and operation of a 369MW wind farm, was the first of its kind issued in pesos with international lenders. The most significant transaction of the last year for Galicia was the


Chihuahua pipeline, the first natural gas project in Mexico where the sponsors were responsible for securing the rights of way. The credit agreement closed in May 2012. Galicia acted as Mexican counsel to the lenders, which included The Bank of Tokyo Mitsubishi, Crédit Agricole Corporate & Investment Bank and ING Capital. Along with structuring the project financing worth $378 million, Galicia was also involved in developing the strategy for procuring the land and rights of way for the sponsor.


Mijares Angoitia Cortes & Fuentes


2012 Firm Overview Most active disciplines


Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax


Key energy sectors Oil and gas, Renewables


Key infrastructure sectors Ports and shipping, Roads


Key partners Javier Cortina, Horacio de Uriarte, Martín Sánchez Bretón


Mijares Angoitia Cortes & Fuentes uses its abundant financial knowl- edge as a foundation for advising on energy transactions. One com- petitor noted, “I’ve worked with them in a couple of transactions and they might not have as much experience in energy, but they were able to use their financial experience.” The strategy is paying off for this full service firm. One partner described their outlook and this past year as “bullish.” In an unusual joint-venture, Mijares advised the Singaporean invest-


ment company Temasek, in its participation in a fund to invest in Mex- ican energy projects, particularly those connected to Pemex, which is expected to see a rise in contracts and public private partnerships (PPP) following anticipated changes to government regulations later in 2013. The deal closed in March 2012, valued at $250 million; one partner explained that it presented the particular challenge of clearly allocating responsibility to the participants, given the desire to allow the fund to make judgments about investments throughout its lifetime. In a transaction that closed in February 2012, Mijares represented


Macquarie Mexican Infrastructure Fund, Macquarie Capital, and FEMSA in their acquisition of the Mareña Renovables wind farm and subsequent sale of participation to the Mitsubishi Corporation and the Dutch pension fund PGGM. The firm also advised the participants on a guaranteed loan worth Ps8.8million ($721,700) from a syndicated group of lenders. Finally Mijares organised power purchase agreements for the off-takers; when the wind farm is operational, it is expected to be the largest in Latin America and provide energy for over 8,000 off- takers throughout Mexico.


ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013 65


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