Mexico’s investment climate is shifting under President Claudia Sheinbaum, and Galicia Abogados is positioning itself at the center of the coming wave.
“There have been diverse regulatory changes, some directly affecting infrastructure and project financing,” says Bernardo Martínez, a Galicia partner focused on infrastructure. He counts five major reforms since Sheinbaum took office in October 2024, covering acquisitions, competition, highways, judicial structure and railroads. The most important change, however, may be attitudinal.
“The issue of mixed investment is very relevant. There was animosity in the past toward private inversion in infrastructure projects, but this government has realized that there is not enough in the treasury for all the projects required and mixed investment is an option. This is an important change,” Martínez says.
That shift was codified in April, when the government unveiled a nearly $37 billion transportation infrastructure plan, anchored in build, maintain, repair and operate concessions. Energy is also in focus, with transmission lines prioritized to clear bottlenecks and support the growth of power-hungry industries like data centers and aerospace—both of which demand clean, reliable energy.
Galicia’s record in energy, transport, and water and sanitation again wins it Infrastructure Law Firm of the Year – Mexico. Over the past year, the firm advised on multi-billion-dollar financings across sectors. Its work on energy projects alone involved more than $5 billion, while its transport portfolio topped $1 billion.
Rail is expected to generate the next wave. The creation of the Integrated Trains and Public Transportation Agency marks a decisive policy shift. “There has been substantial reform in the area of trains, with the new agency having the power to grant concessions. The Mexican government wants to foster investment in new passenger train service,” Martínez says.
Hospitality and pharmaceuticals are also poised for expansion, as are projects in social infrastructure such as education and health care. Investors, however, are taking a measured approach. “There is interest in investing in Mexico, in projects in different sectors, but investors and banks are cautious. They are waiting for deals,” says Antonio Borja, a partner focused on energy infrastructure.
That caution has not kept Galicia from executing landmark transactions. Among the most significant was Project Thor, the $1.49 billion senior secured bond financing that backed Mexico’s $6.2 billion acquisition of Iberdrola’s plants. The deal stands as the largest single-tranche project finance bond in Mexico’s energy sector and one of the biggest in Latin America. Galicia also advised on the Saavi Energía issuance, the largest holding company bond ever issued in Latin America, cementing its capital markets expertise.
In transport, Galicia played a pivotal role in the Guadalajara Light Train Line 4 financing, which blended federal, state and private capital in an innovative co-investment PPP structure. The deal broke new ground in Mexico’s rail financing landscape.
Galicia’s breadth is clear in other recent mandates. The firm advised on the acquisition of Atlantica Sustainable Infrastructure by ECP with a dual-tranche green bond issuance totaling more than $1.2 billion, a milestone for global sustainable finance. It counseled COPEXA in restructuring and refinancing the Perote-Xalapa toll road, advised on the CAMS Monterrey-Saltillo securitization—an inflation-linked bond issue extending to 2054—and supported the Acueducto Cuchillo II financing, a $6.6 billion peso transaction to expand potable water supply for Monterrey and neighboring municipalities.
Each deal underscores Galicia’s ability to combine transactional depth with regulatory fluency and ESG expertise. With more than 200 lawyers, including one of the largest projects teams in Mexico, the firm’s reach spans energy, transport, water, telecoms and social infrastructure. Its collaborative model and multidisciplinary approach allow it to represent sponsors, banks, multilaterals, government agencies and investors with equal credibility.