Holland & Knight Advises UMB Bank in Connection with the Acquisition Financing of 13 Power Plants in Mexico

MEXICO CITY & NEW YORK (February 27, 2024) – Holland & Knight advised UMB Bank N.A. (Nasdaq: UMBF) in connection with the financing of the acquisition of 13 power plants currently owned by Spanish multinational electric utility Iberdrola S.A. (BME: IBE). The assets were purchased by an acquisition trust managed by Mexico Infrastructure Partners FF S.A.P.I. de C.V. The acquisition was announced on February 26.

The deal, worth approximately $6 billion, has been hailed by Mexican President Andres Manuel Lopez Obrador as a "new nationalization" for the electricity market.

UMB is a subsidiary of UMB Financial Corporation, an American financial services holding company based in Kansas City, Missouri. UMB acted as the administrative agent under each of the bridge facility agreements, development facility agreements and LC facility agreements with a consortium of bank lenders. UMB also acted as intercreditor agent under a collateral agency and intercreditor agreement and common terms agreement.

Holland & Knight's representation of UMB was led by New York-based Partner Peter Baumgaertner and Senior Counsel Michael Fruchter and Washington, D.C.-based Partner Paulo Varnieri. They were assisted by Partner Alejandro Landa Thierry and Senior Counsel Aldo González and Associate Rosa María Cuevas in Mexico City.