During the first quarter of 2026, the Federal Government of Mexico, through the Federal Electricity Commission ("CFE"), has driven various relevant milestones for the development of the electricity sector in Mexico. In particular, notable progress has been made on strategic transmission and transformation projects aimed at strengthening the National Transmission Grid ("RNT"), as well as the continuity of the process of the call for private participation in schemes of mixed development with the CFE.
I. Transmission and Transformation Projects On March 20, the packages of transmission and transformation projects aimed at strengthening the RNT were announced (the "Transmission Projects"). The purpose of the Transmission Projects is to address the growth of electricity generation and demand, as well as to reinforce the reliability of the National Electric System through the strengthening of the RNT, with the participation of the private sector. Likewise, they seek to support the new generation capacity, within the framework of the Electricity Sector Development Plan, the Expansion Plan, and the Plan for the Strengthening and Expansion of the National Electric System 2025-2030. The organization of the Blocks, Packages, and Projects is distributed as follows: Initial block: comprises 19 packages with 19 projects. At this stage, to date, 5 packages are under tender and 14 additional ones are pending tender. Block 1: comprises 9 packages with 15 projects → second half of 2026. Block 2: comprises 7 packages with 10 projects → first half of 2027. Block 3: comprises 14 packages with 14 projects → to be published during the second half of 2026 and the first half of 2027. The Initial Block, as well as Blocks 1 and 2, will be financed through the FIBRA E. Block 3, for its part, will be financed under the Financed Public Works scheme. For greater clarity, the following summary is provided on the following page: Financing Blocks Packages Projects Fibra E Initial 19 19 1 9 15 2 7 10 OPF 3 14 14 Total 3 49 58 Now, the 5 projects that are currently under tender and that correspond to the Initial Block are as follows: Project CFE Procedure Relevant dates Status of the bid submission period Capacitive Compensation in the Southeast of Puebla / Izúcar de Matamoros CFE-0004-CACON-0009-2026 Technical bids: March 04 to 12, 2026 Economic bids: March 04 to 26, 2026 Award: April 09, 2026 Concluded Alvarado II and San Andrés II CFE-0004-CACON-0011-2026 Bid submission: March 11 to 24, 2026 Award: April 20, 2026 Concluded Increase in transformation capacity in the southeast of the Metropolitan Zone of Guadalajara CFE-0004-CACON-0015-2026 Bid submission: March 24 to April 14, 2026 Award: May 06, 2026 Open Reactive Compensation for the Santiago Zone CFE-0004-CACON-0017-2026 Bid submission: March 26 to April 20, 2026 Award: May 14, 2026 Open Increase in the reliability of transformation in the Mazatlán Zone CFE-0004-CACOA-0003-2026 Bid submission: March 27 to April 13, 2026 Award: April 30, 2026 Open Interested parties should consult each of the projects on the CFE microsite (https://msc.cfe.mx/Aplicaciones/NCFE/Concursos/), in order to follow the development of the calls, deadlines, and dates. Please note that, should you wish to participate in any of the Transmission Projects, registration on the CFE microsite must be completed beforehand, so that you can participate correctly. In this context, where deadlines are decisive, it is advisable that participants assess in a timely manner the available calls, regulatory requirements, and conditions applicable to each process, in order to define an appropriate participation strategy. II. Progress on the Mixed Investment Projects In relation to the call for schemes of mixed development with the CFE (the "Call"), presented on February 6, through which clean generation projects are sought to be promoted and framed within the binding planning model provided for in Article 38 of the Electricity Sector Law, which prioritizes, under the stewardship of the State, the development of strategic generation infrastructure aligned with the planning instruments, we would like to highlight the following relevant points. The Call contemplates a replicable, bankable, and scalable scheme for the development of renewable projects, in which the CFE participates as majority partner with 54% of the capital, together with private investors with 46%, through a special-purpose vehicle. The model provides for long-term PPAs, of up to 25 years, to give the project financial viability. Under this structure, 70% of the energy will be placed with the Basic Services Supplier and/or Qualified Supplier (CFE), and the remaining 30% may be commercialized in the Wholesale Electricity Market or with third parties. The private party will assume the comprehensive development of the project, while the CFE would accompany the companies with permits, studies, interconnection, and technical support, in addition to acting as an anchor to strengthen their bankability. In the month of March, the CFE presented the progress in the evaluation of the projects of the Call. The update reveals a high level of interest from private investment, in accordance with the following data: 80 companies participated in the call. A total of 394 projects were registered, of which 255 were completed and 139 were not finalized. Under the modality of requirements by CENACE Regional Control Management, 222 projects were registered, equivalent to 37,749 MW. Additionally, 22 specific projects were registered jointly with the CFE, equivalent to 1,073 MW. Of those 22 projects, 11 correspond to the Concepción Mendizábal photovoltaic park and 11 to Cerro Prieto. It is noted that the registered portfolio is in advanced stages of development: √ 51% of the projects already have Interconnection Studies; √ 48% have the MISSE procedure resolved or in process; and, √ 43% already have their MIA. Please note the following dates of the Call: Source: Energy Window (SENER) Once the CFE concludes the technical review of the projects, it will share the "Request for Proposals" (Stage 3) exclusively with the selected participants, to subsequently move on to the "Submission and Evaluation" stage (Stage 4). Since the official schedule is subject to modifications, registered participants must remain alert and actively monitor the development of the procedure. As of 06:00 pm on April 8, the projects are in Stage 2 (Technical Review and Selection), given that the CFE has not updated the schedule and there has been no update related to the start of Stage 3 (Request for Proposals). At VWyS we are accompanying various companies in their participation in the projects of the Mixed Investment Call. Likewise, we have the capacity and the team necessary to strategically assist those companies interested in participating in the Transmission Projects, contributing our experience in infrastructure schemes and knowledge of the applicable regulatory framework. We are ready to support and accompany you during these processes. Should you require assistance, do not hesitate to contact our experts: Edmond Grieger, Partner: +52 (55) 5258-1048 | egrieger@vwys.com.mx Ariel Garfio, Partner: +52 (55) 5258-1007 | agarfio@vwys.com.mx Edmundo Berumen, Associate: +52 (55) 5258-1007 | eberumen@vwys.com.mx Roberto Flores, Associate: +52 (55) 5258-1048 | rflores@vwys.com.mx Héctor Sánchez, Associate: +52 (55) 5258-1048 | hsanchez@vwys.com.mx Mauricio Puebla, Associate: +52 (55) 5258-1007 | mpuebla@vwys.com.mx Regina González, Associate: +52 (55) 5258-1007 | rgonzalez@vwys.com.mx
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