Mexico’s Grupo CICE made history at the Port of Veracruz with the financing of its new Bahía Norte container terminal—a transaction that redefined what private-sector capital can accomplish in the country’s infrastructure sector.
The deal, which wins Port Financing of the Year, was the first bank-financed transaction in Mexico for the construction, equipment, and operation of a greenfield container terminal. Structured as a hybrid project/corporate financing, the $210 million syndicated loan set a precedent for how Mexican institutions can structure complex infrastructure projects without reliance on sovereign guarantees or multilaterals.
“This transaction really put us on the map,” says Leoncio Pérez, CICE’s chief executive. “It’s curious, while we feel that we have been on the map for a long time, we did not have a terminal that faced the water. We are now on a different level.”
The achievement was all the more striking because CICE had not initially been awarded the concession for the new terminal. Authorities originally passed over the Veracruz-based company amid competition concerns. But when the first winner pulled out, CICE was invited back—and ultimately emerged as the clear choice. The concession grants the group 22 hectares in the North Bay of Veracruz, allowing it to consolidate its containerized cargo operations in a single location. For CICE, a fully Mexican and privately owned company with over 30 years of port experience, it represents a transformative step.
The loan was syndicated among six Mexican banks, led by BanBajío, with participation from Banorte, Bancomext, Bx+, Monex and Multiva. FIRA, a Mexican development bank, added a long-term fixed-rate tranche, helping the borrower avoid costly derivatives and smoothing interest-rate risk. Pérez says the company weighed multiple financing options, including equity dilution, before deciding on the syndicated loan. “We decided on syndicated financing because of the size of the investment and the timing. The loan allowed us to meet needs and mitigate risk,” he says.
With its innovative structure, reliance on domestic lenders, and ability to tackle greenfield risk, the Bahía Norte financing sets a blueprint for Mexican infrastructure finance.
The structure blended brownfield revenues from CICE’s established South Bay operations with greenfield cash flows from the new terminal, creating a dual-source revenue stream that gave lenders comfort with construction and ramp-up risk. Future-flow securitization techniques, trust arrangements, and a solidarity corporate guarantee added layers of security to the transaction, giving Mexican lenders confidence to finance what in other jurisdictions would likely have required multilateral or sovereign backing.
The new terminal includes two berths—one of 350 meters, inaugurated in April 2025, and another 200 meters to follow. With a 14-meter draft and modern equipment, including multimodal patios, warehouse and cold storage facilities, and a 2,000-meter rail spur, the facility will be able to handle nearly 800,000 TEUs annually. While not the largest operator in Veracruz—Hutchison’s terminal has capacity for 1.8 million TEUs—CICE’s expansion gives it a major foothold in container logistics. “We are definitely a competitor,” Pérez says.
Veracruz itself is a strategic port. Unlike other congested hubs in Mexico, traffic flows consistently, giving operators reliability and exporters a critical advantage in logistics. The Bahía Norte project, with its modern infrastructure and direct rail connectivity, will enhance Mexico’s competitiveness in international trade, especially as nearshoring trends accelerate.
For Veracruz and Mexico’s port system, the financing marks a turning point. It showed that domestic capital markets can deliver large-scale, long-term financing solutions for strategic infrastructure, without leaning on international support. The project is also expected to drive regional development, creating thousands of jobs and supporting the expansion of supply chains.
“This is an important project, but it will require additional resources,” Pérez acknowledges. Yet the financing ensures that Grupo CICE is now positioned as one of the key private operators in Mexico’s busiest Gulf port, reshaping the country’s maritime logistics.
Port Financing of the Year
Bahía Norte Container Terminal
MXN4.2bn ($210m) syndicated loan
Sponsor: Grupo CICE
Lenders: Banco del Bajío; Bancomext; Banco Ve por Más; Banorte; Monex; Multiva
Lenders’ Counsel: CMS Woodhouse Lorente Ludlow
Sponsor’s Counsel: Santamarina y Steta, S.C.
Financial Advisor: Latam Capital Advisors
All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.com