Caisse de Depot et Placement du Quebec, Montreal, and a group of Mexican institutional investors created a co-investment platform that will invest up to C$2.8 billion ($2.12 billion) in Mexican infrastructure projects.
The investment by the platform set up by Caisse, which manages C$240.8 billion in Quebec pension and other assets, and CKD Infraestructura Mexico, the Mexican investment group that includes pension funds Afore XXI Banorte, Afore Sura and Afore Banamex, will be spread out over five years. Sectors targeted by the group in Mexico include energy generation, renewable energy, transmission and distribution, transportation and public transit.
Caisse will have a 51% interest in the co-investment.
As part of the deal, CKD will acquire Caisse's 49% equity investment in toll-road concessions platform ICA OVT, pending approval from the Mexican government. Caisse on June 19 announced it had acquired the ICA OVT platform of toll-road concessions that include the Mayab Tollroad, which connects Cancun and Merida; Rio Verde-Ciudad Valles Highway in San Luis Potosi state; and La Piedad Bypass in Michoacan state.
The value of the CKD-Caisse deal was similar to the 3.01 billion pesos ($181 million) Caisse originally paid for the ICA OVT platform, said Maxime Chagnon, Caisse spokesman.
Mexican infrastructure manager Empresas ICA still holds the remaining 51% stake of ICA OVT.
