MEXICO CITY, MX.- Mario Gabriel Budebo, who was Undersecretary of Hydrocarbons in the Ministry of Energy during the government of former President Felipe Calderón Hinojosa, today is the CEO of the Mexico Infrastructure Partners (MIP) fund, which will buy 13 power plants from Iberdrola in Mexico through a financial vehicle with the participation of a government trust, published bloomberglinea.com .
AMLO and Iberdrola had multiple clashes since the Government tried to give control of the electricity sector to the state company CFE as of 2020, while accusing Iberdrola of participating in an illegal market for the sale of energy, which escalated to reforms to secondary laws , denial of energy permits and various legal actions against the Mexican authorities.
The president also criticized Iberdrola for including Calderón Hinojosa, López Obrador's opponent in the 2006 presidential election, as a member of the Board of Directors of its US subsidiary Avangrid, years after the end of his term. Since then, the mention of the company and the relationship with Calderón has been a constant.
Who is Gabriel Budebo?
Gabriel Budebo has a degree in Economics from the Autonomous Technological Institute of Mexico (ITAM), with a Master's degree in Economics from UCLA. He began his career in the public sector at the Ministry of Finance and Public Credit in 1986.
His first high-ranking position was as president of the National Commission of the Retirement Savings System (Consar) from 2003 to 2006, during the six-year term of former President Vicente Fox Quesada. He later held the position of undersecretary of hydrocarbons at Sener from 2006 to 2012. That same year he began working as an independent director of Pemex for the extinct subsidiary Pemex Gas and Basic Petrochemicals, today Pemex Transformación Industrial.
Other key MIP executives are Guillermo Fonseca Torres, Director of Finance. His professional experience includes being Scotiabank's managing director for Mexico and Latin America in its infrastructure and real estate wholesale banking for eight years until 2013. He was vice president of Alterra Partners and Bechtel Enterprises, in addition to working for three years at Banobras.
Luis Alberto Villalobos Anaya is the Director of Business Development at MIP. He was CEO of Macquarie Capital and also CEO of the Citigroup brokerage house in Mexico. He was also a member of the AMIB board of directors.
Brandon Allen Blaylock, Chief Investment Officer, is a Managing Partner at Faros Infrastructure Partners. He has been an employee of General Electric and CEO of its GE Transportation Finance division in Asia, in addition to five years at the Exxon oil company in projects and business development. He holds a BS in Civil Engineering and an MS in Petroleum Engineering from the University of Southern California and an MBA from UCLA.
The investments of the funds managed by Mexico Infrastructure Partners have Citibanamex as trustee, a bank that is currently in the sale process.
Iberdrola's announcement
On Monday, April 4, 2023, Iberdrola entered into an agreement of intent with Mexico Infrastructure Partners FF, Sociedad Anónima Promotora de Inversión de Capital Variable or SAPI de CV (MIP) to purchase a private trust managed by MIP for the entire capital of “ certain owner companies” of 16 power generation plants of the Spanish giant for a total of 8,539 MegaWatts.
The sale is equivalent to 80% of Iberdrola's electricity generation capacity in Mexico.
Minutes after the written announcement by Iberdrola, the Secretary of the Treasury Rogelio Ramírez de la O, in the company of President López Obrador and the President of Iberdrola, Ignacio Sánchez Galán, detailed in a video the purchase of 13 power plants for him to take over. Fonadin, which will "certainly" have the majority of the capital of the transaction valued at US$6,000 million, in addition to being the special vehicle to refinance it.
The Treasury added later in a statement that the national investment vehicle with Fonadin's majority stake is managed by Mexico Infrastructure Partners, and will have bank financing.
Information from the National Infrastructure Fund (Fonadin) seen by Bloomberg Línea details that MIP manages Fomento a la Energía e Infraestructura de México and Fomento a la Energía e Infraestructura de México 2 (Fondo EXI and Fondo EXI 2), two venture capital funds specialized in energy, communications, transport and hydraulic infrastructure. Fonadin has an investment disbursed in both instruments for MXN$800 million.
The funds' investments include works such as the Mayakán gas pipeline, a solar park in Chihuahua, two solar parks in Zacatecas, among other projects.
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