Carlos' practice focuses on infrastructure and energy investments. Market-leading sponsors, including developers, owner-operators and fund investors, look to Carlos for advice on the acquisition, development, financing and sale of major infrastructure, natural resource, industrial and energy projects and portfolios across Latin America. Carlos also guides many of the world's leading financial institutions in all matters relating to project finance, corporate and acquisition finance and structured trade and export finance.
Most notably, Carlos' practice team was awarded "Project Finance Law Firm of the Year" by Chambers Latin America in 2022 and "Latin America Law Firm of the Year" by Proximo in 2022. Carlos is recognized as Preeminent Practitioner for Project Finance in Chambers Latin America, is a "Leading Lawyer" for Projects & Energy and Banking & Finance in The Legal 500 Latin America, and is ranked a "Highly Regarded" lawyer in the IFLR1000.
Carlos has market-leading experience in ground-breaking and complex projects, financings and M&A involving the Andes, Brazil, Chile, Mexico, Argentina, Paraguay, Uruguay and Central America. He has recently led major transactions in those markets for Sumitomo Mitsui Banking Corporation, Celeo Redes, Invenergy, Inkia Energy, Sacyr, Atlas Renewable Energy, Neoen, Arroyo Energy Partners, Cubico Sustainable Investments, MUFG, Natixis, DnB Nor, HSBC, Credit Agricole, BNP Paribas, BBVA, Societe Generale, Pan-American Energy, Grupo Romero, Central Puerto, Genneia, Telefonica, Isagen, Corporacion Andina de Fomento (CAF), Central American Bank for Economic Intergration (CABEI), Akuo Energy, Braskem Idesa, Standard Chartered Bank and Wells Fargo Bank.
As part of his focus on energy and infrastructure, Carlos has represented:
Several IDB B-bond deals including:
- Salaverry Terminal Internacional (STI) on the refinancing of existing project financing for the development, construction, maintenance and operation of the Salaverry Multipurpose Port, located in the department of La Libertad in the Republic of Peru.
- Invenergy on the development, construction and financing of the Cardal transmission line project in Uruguay, which was financed by the Inter-American Development Bank (IADB) and private placement investors through an IDB B-bond structure.
- Atlas Renewable Energy on its US$114.4 million long-term financing for two solar power projects in Uruguay. The financing on took the form of a fairly unique structure involving senior and subordinated long-term loans provided by the Inter-American Investment Corporation, as well as by the Inter-American Development Bank (IADB) and private placement investors through an IDB B-bond structure.
- Invenergy LLC in the purchase of the 64 MW La Jacinta Solar Farm in Uruguay from Fotowatio Renewable Ventures, and an innovative US$68 million hybrid A Loan and B Bond refinancing with the participation of IDB Invest. The A/B structure combines traditional A Loan bank financing with a US$64.75 million B Bond private placement under Section 4(a)(2) and Regulation D of the Securities Act of 1933.
- Invenergy LLC and Nicefield S.A. as the borrower in the refinancing of the existing bank financing provided by IIC/IDB and DNB of the 70 MW wind farm project located in Campo Palomas, Uruguay. The refinancing consisted of an A loan of approximately US$4.4 million, to be provided by the IIC to the borrower for IIC's own account, and a B loan of approximately US$136 million to be provided by IIC to the borrower on behalf of an orphan SPV issuer through a participation agreement funded through the issuance of notes offered and sold in the US through a private placement. The notes were rated Baa3 by Moody's. This complex transaction structure (akin to "loan participation notes") was the first of its kind in Uruguay and the second of its kind ever with IIC. The deal was recognized as "Project Finance Deal of the Year" by Bonds & Loans.
BNP Paribas as revolving facility senior lender and the note purchasers in connection with the US$290 million private placement of notes issued by Matrix Renewables Chile SpA, the proceeds of which will be used to finance a 328 MW portfolio of PMGD projects in Chile. The deal was recognized as "Latin America Renewables Deal of the Year" by IJGlobal.
Invenergy and Energía del Pacifico, Ltda. de C.V., as sponsor and borrower respectively, in the development and financing of a 378 MW power plant in El Salvador and its related infrastructure, including a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas (LNG) delivery, storage, and regasification, as well as a natural gas pipeline running from the FSRU to the power plant. The deal was recognized as "Energy Project Finance Deal of the Year" by Latin Lawyer and "Central America Infrastructure Financing of the Year" by LatinFinance.
Arroyo Energy Investment Partners on the acquisition by its investment vehicle, Inversiones Arco 4 SpA, of the shares of Gasmar S.A., and the acquisition financing thereof led by SMBC and BNP Paribas. Our team concurrently advised on the transition of Gasmar from an integrated gas business to a liquid fuels terminal company through the establishment of bankable terminal use agreements.
The Bank of Nova Scotia, KfW IPEX-Bank GmbH, ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial E.P.E. as lenders and issuing banks and MUFG Bank Ltd., as administrative agent and intercreditor agent in connection with the non-recourse first/second lien project financings of: (i) the US$217 million financing for a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II S.A. located in Atacama, Chile and (ii) the US$103.2 million financing for a 101 MWp solar PV power plant, owned and operated by GPG Solar Chile 2017 SpA located in Antofagasta, Chile.
A group of independent power generators in Chile, including Aela Generación, Cerro Dominador, Chungungo, Empresa Eléctrica Carén, GM Holdings and Santiago Solar, in connection with receivables purchase and sale facilities from the Inter-American Development Bank, Banco Santander and BNP Paribas to monetize receivables with a face value of approximately US$700 million.
Akuo Energy, a French renewable energy company, and its subsidiary as borrower in the US$80 million financing of the construction and operation of the 50 MW Pecasa wind farm in the Dominican Republic.
A group of Chilean and international lenders and the fixed rate note purchaser in the long-term project financing for Transmisora Eléctrica del Norte S.A.'s development of a 600 km electricity transmission line and related substations connecting Chile's central SIC and northern SING grids. The approximately US$822 million financing consisted of Dollar and Chilean Peso senior loan facilities and a private placement under New York law, and a value added tax facility under Chilean law.
Braskem Idesa SAPI in securing US$3.2 billion in financing for the Etileno XXI project, a US$4.5 billion integrated petrochemicals project located in Veracruz, Mexico.
Mexican Energy Sector Overhaul: Long-Awaited Energy Reform on the Table President Peña Nieto Unveils Reform Proposal, White & Case Client Alert, August 2014
Leading Lawyer: Project Finance – Latin America-wide, Chambers Latin America, 2009–2022
Leading Lawyer: Banking & Finance – Latin America-wide, Chambers Latin America, 2009–2022
Leading Individual: Projects and Energy – Latin-America: International Firms, The Legal 500 Latin America, 2012–2022
Leading Individual: Banking & Finance – Latin America: International Firms, The Legal 500 Latin America, 2012–2022
Highly Regarded: Project Development and Finance, IFLR1000, 2020
Leading Lawyer: Project Finance, Who's Who Legal, 2012–2019