Second-Party Opinion Download

Since 2022, Comisión Federal de Electricidad (“CFE” or the “Company”) issued twenty labelled bonds, (collectively, the “Sustainable Financing Instruments”) and raised MXN 64,740.30 million to finance and refinance projects and assets related to renewable energy, energy efficiency, climate change adaptation and resilience and access to free or subsidized essential services such as fixed wireless broadband projects. In July 2025, CFE engaged Sustainalytics to review the projects financed with proceeds from the Sustainable Financing Instruments (the “Nominated Expenditures”) and provide an assessment as to whether they met the use of proceeds criteria and whether CFE complied with the reporting commitments in the 2022 CFE Sustainable Financing Framework which was updated in November 2024. Sustainalytics provided a Second-Party Opinion on the original Framework in January 2022 and on the updated Framework (the “Framework”) in November 2024. This is Sustainalytics’ second annual review of CFE’s allocation and reporting on the Sustainable Financing Instruments.