Cemex Defines Clean Energy CCD

A renewable energy-focused certificado de capital de desarrollo (CCD) transaction backed by Cemex is targeting up to MXP4bn ($306m), according to regulatory documents. The Capital en Proyectos de Energia vehicle is to create a 10-year fund investing in clean energy generation in Mexico. The return structure is one typical of CCDs, with investors receiving initial capital plus a preferred return of up to 10%, followed by distributions 80% to investors and 20% to the managers. Santander is managing the transaction, with Evercore as structuring agent. The timing is unclear, with most CCDs pricing several months following the initial filing.