Perspectives from an operator's seat: how we read the structural shifts reshaping infrastructure across Latin America and Europe, and where disciplined capital builds enduring value. Written for investors, partners and operators.
Oversupply already caused 54% of 2025's curtailment and ONS projects it will reach 96% by 2029, yet the new compensation decree covers only transmission and reliability causes.
Reservoirs came within two points of a rationing threshold in 2024. Eighteen months later the reliability charge handed 99% of new firm capacity to solar at $18.2/MWh, a statistical promise priced like a physical guarantee.
COES holds roughly 20,000 MW of concession-ready generation queued behind a grid that can absorb barely 1,000 MW more, and a line due in 2026 will not clear before 2030.
CFE keeps operational control of the plants it buys from and counts their output toward its own legal generation quota. What that means for how lenders should size debt against Mexico's 6,400 MW private target.
Curtailment grew by more than the entire increase in solar output. The exposure sits in PPAs priced against irradiance rather than dispatch, and in debt sized on energy the grid declines to take.
The compute build-out everyone is pricing depends on something scarcer than chips: firm, affordable, low-carbon power, and the industrial capability to deliver it. That is where the real-asset opportunity sits.
What an in-house services and EPC capability does to risk, cost and execution speed across a development pipeline.
The case for long-horizon ownership of real assets where institutional coverage is thin and fundamentals are strong.
If you are an institutional investor, co-investment partner or developer active in energy and real assets across LATAM or Europe, we'd value a conversation.
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