Mexico’s state power company, the Comisión Federal de Electricidad (CFE), has launched investor meetings for a grid share sale that market estimates put at up to about US$867 million. That is below the roughly US$1 billion its finance chief floated earlier.
CFECapital, manager of the CFE Fibra E trust, said investor meetings began on Tuesday, 10 November 2026. This is the next step after our earlier report on CFE’s plan to raise US$1 billion, and the size has changed.
What Happened
CFECapital said it started meetings with investors in Mexico and abroad on Tuesday, 10 November 2026. They cover a follow-on public offering of certificates in CFE Fibra E, a listed trust that earns fees from Mexico’s power lines.
The base offer is about 451 million certificates, plus a “hot deal” option of up to 30% and a Greenshoe (over-allotment) option of up to 15% that let banks sell more if demand is strong. Market estimates value the base near US$580 million, rising to about US$867 million if both options are used.
The Mexican part needs approval from the National Banking and Securities Commission (CNBV), the financial regulator, which CFECapital first requested on Tuesday, 11 August 2026. A second part is aimed at institutional investors abroad, and Bank of America, Citi and Santander coordinate the global sale.
Our earlier report said CFE’s finance chief had put the target near US$1 billion. The notice itself gives no dollar price, so the US$580 million base and US$867 million ceiling are market estimates.
Steam rises from a CFE geothermal power plant at Los Azufres, Michoacán, Mexico. File photo. Photo: Juan Carlos Fonseca Mata, CC BY-SA 4.0, via Wikimedia CommonsWhy It Matters
The money buys the trust a bigger slice of the fees CFE earns for running the National Transmission Network, Mexico’s high-voltage grid. The trust held about 9.5% of those fee rights before this sale, and a larger raise lifts that share.
CFE gets cash to expand the lines without selling the grid itself, while buyers get a larger claim on a steady fee stream. In August, the International Finance Corporation (IFC), the World Bank Group’s private-sector lender, said it was weighing up to US$80 million, about 14% of the estimated base offer.
What to Watch Next
Watch for the CNBV approval and the pricing notice that sets the final size. CFECapital says it will keep investors informed as the offering progresses.
What Is Not Known
It is not known what final size investors will support, or whether the IFC will buy. The notice sets no price, so the dollar totals stay estimates until pricing.
Frequently Asked Questions
How Much Could CFE Raise in This Share Sale?
CFECapital said the base offer is about 451 million certificates, with extra options of up to 30% and 15%. Market estimates put the base near US$580 million, rising to about US$867 million, and the final size is not yet public.
What Is CFE Fibra E?
It is a listed Mexican trust, a Fibra E, that earns fees from the country’s power-transmission lines. Its certificates trade on the Mexican stock exchange.
Sources: CFECapital, notice on investor meetings for the follow-on offering (bmv.com.mx), 10 November 2026; CFECapital, relevant-event notice to the Mexican Stock Exchange (bmv.com.mx), 11 August 2026. Background: CFE Fibra E grid raise and CFE bond sale.