The 11th Annual Mexican Energy and Infrastructure Finance Forum

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The 11th Annual
Mexican Energy and
Infrastructure Finance Forum
June 3rd & 4th, 2015 • The St. Regis, Mexico City
Platinum Sponsor:
Silver Sponsors:
#MEIFF15
Lanyard Sponsor:
Delegate Folder Sponsor:
Bronze Sponsors:
www.euromoneyplc.com
The 11th Annual Mexican Energy and Infrastructure Finance Forum
Attendee breakdown in 2014:
Dear colleague,
It is my pleasure to announce this year’s 11th Annual Mexican Energy and Infrastructure Finance Forum,
to be held on June 3rd and 4th at the St. Regis Hotel in Mexico City.
Exciting times lie ahead with energy market deregulation and growing infrastructure requirements.
During my research I have discovered a variety of different views on how these projects should be ﬁnanced.
Developers
35%
At the conference we’ll analyse various financing strategies, drawing on international experiences such as the
Nordic high yield bond model, to identify the best options for the Mexican market. Additionally, we will be
exploring the strengthening integration of the Mexican and US markets and implications for cross-border deals.
In addition to discussions on the central role of project ﬁnance, the conference will investigate the potential of
project bonds and CKD’s. A case study on the latter by Mexican developer Marhnos will highlight the
implications for an individual sponsor looking to utilize Afore money.
Should you have any questions regarding the agenda or have an interest in speaking at the event, please get in
touch with me.
I look forward to welcoming you to the St. Regis Hotel in June for what promises to be an exciting and
informative conference!
Best regards,
Clara Kries
Seminar Manager
Tel +44 (0)20 7779 8886 | Email: [email protected]
IJGlobal offers a single source of in-depth news, insight and
analysis on all aspects of global infrastructure ﬁnance from
conception to completion.
As a delegate to this event you qualify for complimentary access
to our news and data service for a month.
Your access will include:
• IJGlobal’s comprehensive news and analysis in all regions on
www.ijonline.com
• The industry’s largest database with 13,000 transactions and
10,000 projects
• Our regularly published research – Including our new report:
Project Finance Infrastructure Review H1 2014
• Archive back to 1999 – in-depth, deal level analysis, news and
feature articles
• News analysis pieces looking in more depth at the stories and
trends behind the headlines.
Euromoney Seminars hosts over 80 content led
events worldwide. Renowned for the seniority of the
audience and quality of the debate, our events offer
the perfect mix of market insight and networking for
industries including;
• Energy & Infrastructure Finance
• Midstream Infrastructure Finance
Banks
25%
Government Representatives
& Development Finance
Institutions
Advisors
23%
13%
4%
Institutional Investors, Private
Equity and Infrastructure Funds
• Oil and Gas Finance
• Insurance and Reinsurance
• Debt Capital Markets
• Bond Markets
• Structured Finance and Export Finance
For more information on any of our events,
email [email protected]
To start your access today simply contact Robert Jay on
[email protected] or call +44 (0) 20 7779 8870
quoting 'MEIFF15'
MEIFF15
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PHOTOS AND
COMMENTS FROM
OUR 10TH
ANNIVERSARY
EVENT
Great event that unites the most important
players in the sector
Gonzalo Parra, Grupo Tradeco
It is a must-attend event with the right people and right set of
topics. I have attended for 5 years and I will keep coming
Juan Toro, Astris Finance
I liked the seniority of speakers and moderators.
The content of the conference was dynamic
Mara Perez, Santander
An interesting and high-level focused
event with very specialized speakers
#?????????
Rogelio Calderon, Marubeni Mexico
www.euromoneyseminars.com/MEIFF15
The 11th Annual Mexican Energy and Infrastructure Finance Forum
Day One: Wednesday June 3rd, 2015
8:15 Registration and refreshments
9:00 Chairperson’s opening remarks
9:15 Keynote Address: Government insights on post reform energy market
developments
• How is the government ensuring sufﬁcient support institutions to enable a smooth market transition?
• Market restructuring: Striking the right balance between cheap vs. clean vs. sustainable vs. reliable
energy supplies
• Realizing Mexico's energy market potential through procedural changes
Guillermo Ignacio García Alcocer, Head of Policies for Exploration and Extraction of Hydrocarbons,
Mexican Ministry of Energy (tentative)
9:45 Interpreting reforms: Initial expectations, realities and future projections
• Where are we now? Have recent developments met expectations?
• How is the energy spot market developing? What challenges have been faced?
• What impact are reforms having in the short term and long term for energy ﬁnancing?
Hector Olea, President and CEO, Gauss Energia
Jaime de la Rosa Montes, President, Asociación Mexicana de Energía, A.C.
Raquel Bierzwinksy, Partner, Chadbourne, moderating
10:30 Morning refreshments and networking break
11:15 What impact does a shift towards Mexican-based governing law for credit
documentation have on financing prospects?
• Analysing implications of structuring a US$ ﬁnancing under Mexican law
• Analysing the Los Ramones Norte Syndication and implications of structuring a US$ ﬁnancing under
Mexican law
• How has international investment appetite been affected by Mexican-based governing law for credit
documentation?
• How are project sponsors assessing prospects?
Guillermo Ortiz Ayala, Director, Project Finance, MUFG
Michell Nader S., Partner, Nader, Hayaux y Goebel
12:00 How will the new Mexico City International Airport be financed?
• Analyzing ﬁnancing packages and strategies
• How will the airport be built and what ﬁnancing do the different stages require?
• Combining public and private sources of ﬁnancing for a successful close
• Follow-on infrastructure investments: Discussing needs for road and rail transport connections
12:30 Lunch
14:00 Afore participation in energy and infrastructure financing: Analyzing different
CKD models and requirements
• Easing the mismatch between Afore ticket size demand and project availability
• How can fund managers help to promote medium sized investment tickets in order to broaden the number of
projects able to utilize Afore money?
• Developers’ concerns: Are equity requirements too high?
Juan Manuel Verón, Chief Investment Ofﬁcer, Afore Principal
Santiago Ortiz, Chief Financial Ofﬁcer, GBM Infrastructura
Arturo Hanono Castaneda, Chief Investment Ofﬁcer, MetLife
14:45 Case study - Marhnos: Overcoming difficulties of setting up a CKD for a specific
developer
• Establishing a true partnership: Developer and Afore working under the same terms and sharing risks
• Timing issues with identifying target projects and ﬁnancing needs, approving projects and ensuring ﬁnancing
through CKDs
• What are the advantages of working so closely with an Afore? How easily can this be replicated?
Juan Luis Flores, Chief Financial Ofﬁcer, Marhnos
15:15 Afternoon refreshments and networking break
MEIFF15
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The 11th Annual Mexican Energy and Infrastructure Finance Forum
15:45 Navigating uncertainty and planning ahead for electricity projects
10:30 Morning refreshments and networking break
• How will lower electricity prices affect the bankability of projects?
• Are developers comfortable with taking on more risk and making higher equity investments? How does the
market view increased risk concentration?
• What conditions are required to develop ﬁnancially sound electricity projects?
11:00 The Public-Private-Partnership law: What has led to its underperformance and
how can APP projects succeed in the future?
Fernando Artaza Bilbao, International Finance Director, Abengoa
Alvaro Portellano Alvarez, Head of Local Regulatory Affairs, Renewables Business, Iberdrola
Moderator: Astra Castillo, Director and Head of the Mexican Infrastructure and Project Finance Analytical Team,
Fitch Ratings
16:30 How will the changing electricity market sphere affect appetite for renewables
investments?
• How can renewables projects be made more competitive in a spot market? What role could the CFE play in
facilitating this?
• What could renewables certiﬁcates do for the market?
• Will the market see more M&A activity to make most use of old laws? Who will invest in new projects with the
current law?
Alejandro Peraza García, General Director of Electricity and Renewable Energy, Comisión Reguladora de
Energía (CRE)
Adrian Escofet, CEO, Zapoteca de Energia, Chairman, AMDEE
Gustavo Eiben, Managing Director, The Rohatyn Group
Miguel Angel Alonso Rubio, Managing Director, ACCIONA Energy Mexico
Marian Aguirre Nienau, Leader of the Renewable Energy Department, Bancomext
Dr. Stefan Blum, Director, DEG
17:15 Chairperson’s closing remarks followed by drinks reception
Day Two: Thursday June 4th, 2015
8:30 Registration and refreshments
9:00 Chairperson’s opening remarks
• Regulation and bureaucracy: Discussing the impact of requirements and procedures
• What has been the reason for low numbers of unsolicited proposals?
• How can we work with what we have and push for new project developments?
Úrsula Carreño Colorado, Head of the Investment Unit, Ministry of Finance and Public Credit
Arturo Olvera, Socio Director, MTH Capital
José Enrique Silos Basurto, Director, INVEX
Jorge Moguel, Chief Infrastructure Ofﬁcer, GIA
11:45 How can the Nordic high yield bond financing model for oil and gas assets be
applied in Mexico?
• What are the main issues with utilizing the Nordic model? Can these be overcome in the Mexican market?
• Discussing the lack of past experience in assessing construction and development risks of oil and gas assets
in Mexico and the effect on investor conﬁdence
• Highlighting challenges of assessing risk levels in a nascent market
Bjørn Aune, Senior Partner, Pareto Securities Ltd
12:15 Advantages of bonds in infrastructure projects: Longer tenors and more flexibility
in the long run?
• Discussing construction risk, multilateral guarantees and resulting potential of project bonds
• Differentiating between bond attractiveness of PPPs versus concession projects
• Analysing sovereign guarantees for bonds as seen in Peru: How could this be replicated in Mexico?
Paulo Fernandes, Head of Corporate and Project Finance, Mota-Engil
Jose Coballasi, Senior Director, Analytical Manager, Utilities & Infrastructure Ratings, Standard & Poor’s
Ratings Services
Janne Sevanto, Senior Financial Ofﬁcer, Treasury Client Solutions, IFC
Pablo Garcia Aguilar, Chief Financial Ofﬁcer, ICA
Enrique Lara di Lauro, Deputy Director of Hydro, Social and Environmental Infrastructure, Banobras
13:00 Closing remarks followed by lunch and close of the conference
9:15 Infrastructure requirements following energy market developments: Thriving
pipeline projects
• Highlighting the expansion of US-Mexico pipeline developments and implications of cross-border projects
• Easy access to the market – good for low risk investors?
• Discussing aggressive pricing and the importance of development banks to enable long tenor ﬁnancings
Adi J. Blum, Director, First Reserve
Liliana Rendon, VP Sales Trust & Agency Services, Deutsche Bank
10:00 LNG: Analysing the shift to liquefaction terminals and financing requirements
• How is the market overcoming the lack of experience with LNG liquefaction projects?
• Are American project ﬁnance models being adapted to suit local needs or are alternative structures
being developed?
• Discussing offtaker involvement as project sponsors and the effect on project risk
• Case study: Learning from Pemex’s Salina Cruz Project
© Euromoney Seminars 2015
Euromoney Seminars reserves the right to alter the venue and/or speakers. Euromoney Seminars is a division of Euromoney Trading Ltd.
The 11th Annual Mexican Energy and Infrastructure Finance Forum
Estimado compañero,
Me complace anunciar el 11o Foro Anual Mexicano para la Energía e Infraestructura Financiera de
este año, que se llevará a cabo el 3 y 4 de junio en el Hotel St. Regis, en la Ciudad de México.
Gracias a la de-regulación del mercado de la energía y a los crecientes requerimientos de la infraestructura en
el mercado mexicano, nos espera un momento lleno de emocionantes oportunidades. Durante mi trabajo de
investigación he descubierto una variedad de puntos de vista diferentes con respecto a la forma en que se
pueden ﬁnanciar estos proyectos. Éstas incluyen el interés en enfoques ﬁnanciaros que han ayudado a
capitalizar los mercados energéticos en otros lugares.
Durante la conferencia analizaremos varias estrategias ﬁnancieras, inspirándonos en experiencias
internacionales, como el modelo de Bonos de Alto Rendimiento Nórdico, para identiﬁcar las mejores opciones
para el mercado mexicano. Además, también exploraremos el fortalecimiento de la integración de los mercados
mexicano y estadounidense y las implicaciones de los tratados entre fronteras.
Además de las discusiones sobre el papel principal del proyecto ﬁnanciero, la conferencia investigará el
potencial de los bonos y los CKDs. Un caso de estudio de estos últimos, realizado por el desarrollador mexicano
Marhnos, enfatizará las implicaciones para un patrocinador individual que busque utilizar recursos de Afore.
14:00 Participación de las Afores en el financiamiento energético y de infraestructuras:
Análisis de diferentes modelos y requerimientos de Certificados de Capital de
Desarrollo (CKDs)
14:45 Estudio de caso Marhnos: Superando las dificultades al establecer un Certificado
de Capital de Desarrollo (CKD) para un desarrollador en específico
15:15 Refrigerio y espacio para establecer redes de contactos
15:45 Navegar la incertidumbre y planeamiento para proyectos de electricidad
16:30 ¿Cómo afectará el cambio en la esfera del mercado de electricidad al apetito por
inversiones en energía renovable?
17:15 Palabras de cierre del presidente, seguidas de una recepción con bebidas
Si tiene alguna pregunta con respecto a la agenda, o si está interesado en participar como ponente, por favor
póngase en contacto conmigo.
Espero ansiosamente conocerlo en México este mes de junio, en la que promete ser una conferencia
emocionante e informativa.
Afectuosamente,
Clara Kries
Gerente del seminario
Tel +44 (0)20 7779 8886 | Email: [email protected]
DÍA UNO: Miércoles 3 de junio
DÍA DOS: Miércoles 4 de junio
8:30 Registro y refrigerio
9:00 Palabras de apertura del director
9:15 Requerimientos en la infraestructura después del desarrollo del mercado
energético: discusión sobre los florecientes proyectos de oleoductos
8:15 Registro y desayuno
10:00 Gas Natural Licuado (LNG): Análisis sobre el cambio a terminales de licuación y
los requerimientos financieros
9:00 Palabras de apertura del director
10:30 Refrigerio matutino y espacio para establecer redes de contactos
9:15 Discurso inaugural: Perspectivas del gobierno respecto al desarrollo de mercado
post-reforma energética
11:00 La ley pública-privada-colaborativa: ¿Qué es lo que ha llevado a su bajo
rendimiento y cómo pueden tener éxito los proyectos del Programa de Protección de
Productos (APP) en el futuro?
9:45 Interpretando las reformas: Expectativas iniciales, realidades y proyecciones
futuras
10:30 Refrigerio matutino y espacio para establecer redes de contactos
11:15 ¿Qué impacto tiene en los prospectos financieros el cambio hacia una ley vigente
de documentación de crédito ubicada en México?
12:00 ¿Cómo será financiado el nuevo aeropuerto de la Ciudad de México?
11:45 ¿Cómo puede aplicarse en México el modelo financiero de Bonos de Alto
Rendimiento Nórdico para recursos de petróleo y gas?
12:15 Las ventajas de los bonos en proyectos de infraestructuras: ¿tenores más largos y
más flexibilidad a largo plazo?
13:00 Palabras de cierre del presidente, seguidas del almuerzo y la clausura de la
conferencia
12:30 Almuerzo y espacio para establecer redes de contactos
MEIFF15
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11th Annual
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