Cemex Defines Timing for Clean Energy CCD

A renewable energy-focused Certificado de Capital de Desarrollo (CCD) transaction backed by Cemex is expected to be up to MXP4bn ($310m), according to a person familiar with the deal. The Capital en Proyectos de Energia vehicle will create a 10-year fund investing in clean energy generation in Mexico. Pricing is scheduled for August or September. 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.