CFE Explores New Generation Fibra E Backed by Six Combined-Cycle Plants

Mexico's Comisión Federal de Electricidad (CFE) is weighing the issuance of a new Fibra E backed by combined-cycle power plants, according to statements made on August 5 by its finance director, Eugenio Amador Quijano, in an interview with Bloomberg Línea. The company aims to recycle its investment in newly built generation assets and expects the issuance to proceed from 2027.

A Fibra E is an energy and infrastructure investment trust listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). The new issuance would complement CFE's existing transmission Fibra E, in place since 2018. According to Amador Quijano, the vehicle is structured around the revenue rights of the plants, with CFE itself acting as the offtaker, and is designed to anchor long-term agreements of 20 to 25 years, compared to renewals of 18 to 36 months under other market arrangements. BNamericas reported that the trust's value equals the investment made in the plants and that the company has yet to determine which assets will be included. The state utility has committed $30 billion in generation and grid investments over the current administration, financed through budget allocations, hybrid schemes, and the transmission Fibra E.

Between 2025 and 2026, six CFE combined-cycle plants came online: Salamanca, San Luis Potosí, Josefa Ortiz Téllez Girón, Elvia Carrillo Puerto, Manzanillo, and González Ortega. The Tuxpan Phase 1 combined-cycle plant is also scheduled to be inaugurated this year. Qualifying for the new Fibra E requires assets with at least 12 months of operating history, and the company is building out the legal, financial, and administrative framework. In parallel, the transmission Fibra E managed by subsidiary CFECapital is planning a $1 billion equity issuance between October and December 2026.

CFE is the largest electric utility in Latin America, with 70 gigawatts of installed capacity and 72% of Mexico's electricity consumption. The definition of which plants enter the vehicle and the fourth-quarter equity issuance will set the tone: the structure will test how much long-term private capital the public utility can attract for its generation fleet.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.