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OTHER JURISDICTIONS

LEAGUE TABLES

Other jurisdictions
PROJECT FINANCE
Highly recommended Jurisdiction
Colombia Colombia Peru Uruguay Venezuela Venezuela Brigard & Urrutia Prietocarrizosa Rodgrigo Elias & Medrano Ferrere Mendoza Palacios Acedo Borjas Páez Pumar & Cia Travieso Evans Arria Rengel & Paz

CORPORATE
Highly recommended Jurisdiction
Colombia Colombia Uruguay Venezuela Venezuela Brigard & Urrutia Prietocarrizosa Ferrere Mendoza Palacios Acedo Borjas Páez Pumar & Cia Travieso Evans Arria Rengel & Paz

Recommended Recommended
Alemán Cordero Galindo & Lee Bufete Aguirre Travers Thorp Alberga Carrillo y Asociados Garcia Sayán Abogados Payet Rey Cauvi Abogados Galante & Martins Galindo Arias & Lopez Guyer & Regules Panama Bolivia Cayman Guatemala Peru Peru Uruguay Panama Uruguay ACZALAW Alemán Cordero Galindo & Lee Benjamín Valdez & Asociados Bufete Aguirre Cárdenas & Cárdenas Abogados Carrillo y Asociados Consortium - Centro America Abogados Costa Rica Panama El Salvador Bolivia Colombia Guatemala Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua Galante & Martins Uruguay Galindo Arias & Lopez Panama Garcia Sayan Abogados Peru Headrick Rizik Alvarez & Fernandez Dominican Republic OMG Dominican Republic Payet Rey Cauvi Abogados Peru Paz Horowitz Roablino Garcés Abogados Ecuador Qil Abogados - Quiñones Ibargüen Luján & Mata Guatemala Rodrigo Elias & Medrano Peru Travers Thorp Alberga Cayman WDA Legal Venezuela

Notable
BDA Abogados Muñoz Tamayo & Asociados Gutiérrez Hernández y Pauly Jimenez Cruz Peña Moller Hughes & Hughes Jiménez de Aréchaga Viana & Brause Bolivia Colombia Costa Rica Dominican Republic Guatemala Uruguay Uruguay

DISPUTES
Highly recommended Jurisdiction
Uruguay Venezuela Colombia Venezuela Ferrere Mendoza Palacios Acedo Borjas Páez Pumar & Cia Palacios Leras WDA Legal

Notable
Alemán Cordero Galindo & Lee Alfaro Ferrer & Ramírez BDA Abogados Gutiérrez Hernández y Pauly Hughes & Hughes Jiménez Cruz Peña Jiménez de Aréchaga Viana & Brause Moncada Abogados Muñiz Ramirez Perez-Taiman & Olaya Muñoz Tamayo & Asociados Nassar Abogados Nuñez Rizo Zambrana BVI Panama Bolivia Costa Rica Uruguay Dominican Republic Uruguay Colombia Ecuador, Peru Colombia Costa Rica Nicaragua

Recommended
Cárdenas & Cárdenas Abogados OMG Colombia Dominican Republic

Notable
BDA Abogados Gutiérrez Hernández y Pauly Jiménez Cruz Peña Moncada Abogados Muñoz Tamayo & Asociados Nassar Abogados Romero Arteta Ponce Abogados Bolivia Costa Rica Dominican Republic Colombia Colombia Costa Rica Ecuador

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FIRM BRIEFINGS OTHER JURISDICTIONS

Introduction
Regulatory changes are sweeping Latin America. Bolivia has experienced a series of nationalisations, particularly in the energy sector. President Evo Morales has sought to renationalise many companies that were privatised between 1995 and 2006, before he came to power, particularly in the areas of energy, oil, telecoms and water. In 2012, Law 1508 regulating PPPs (public-private partnerships) in Colombia took effect. The law said that only projects larger than $1.6 million will be eligible for a PPP scheme and that concessions can last no more than 30 years, even with extensions. The new framework is expected to grease the wheels for foreign direct investment in infrastructure projects. Over in Costa Rica, consumers and industrialists are upset by the high prices of energy and Congress is contemplating a new market model for the country. In the Dominican Republic, the government has taken several steps to streamline and overhaul the energy sector, including submitting plans for a new Ministry of Energy and Mining, focusing on greater use of renewable energy and proposing plans to build two new power plants. In July 2011, the country enacted the Development of the Mortgage Market and of Trusts Act, which authorised the use of the trusts in the country and is expected to help lending syndicates. Many have complained that El Salvador is taking too long to make reforms in its legal system to attract investment. The country has a very complicated legal structure for investors, so that transactions can take up to three years to begin. Just like El Salvador, Nicaragua’s legal environment is among the weakest in Latin America, which increases transaction costs. The legal system lacks guarantees that would facilitate investment and the country still depends a lot on asset backed guarantees such as pledge of stock certificates or mortgage liens over real property. Honduras has been subject to great financial pressure because of the political crisis of 2009 and the effects of the global economic crash. The upshot is a series of changes to the tax laws, in order to adjust public finances. Over the last year, Panama has continued to focus on growth in the energy and infrastructure sectors. Within infrastructure, the focus continues to be on expansion of the Panama Canal. There have been other public infrastructure projects, including the building of schools and roads. Infrastructure projects do not use public-private partnerships (PPP) as in other jurisdictions, but are instead run by the government often on a turnkey structure. The exception to this is the canal itself, which is regulated. Over the last year the Peruvian government made obtaining a construction permit easier by eliminating requirements for several preconstruction approvals. The country has also introduced a new law regulating the approval of related-party transactions and making it easier to sue directors when such deals are prejudicial. Peru now taxes capital gains on the sale of assets located in the country, even in the case of indirect sales. Venezuela’s economy is at a very low point and its inflation rate is one of the highest in the world, expected to soar to 40% this year. In April, Vice President Nicolás Maduro succeeded the late Hugo Chavez. Although the elections are over and a new government is in place, tension remains high.

BOLIVIA
Bufete Aguirre
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Employment, Environment, Land, Regulatory Tax: Corporate tax, Indirect tax Key partners Fernando Aguirre B, Ignacio Aguirre U

Bufete Aguirre has spent the last year handling regulatory work and advising its existing energy clients, mainly on tax and labour issues. The firm lost several accounts due to nationalization in the energy sector in 2012, including: Electricidad de La Paz; Empresa Luz & Fuerza de Oruro; Compañía Administradora de Empresas Bolivia and Empresa de Servicios Edeser. The firm expects that the bulk of nationalisation has past, particularly in the energy sector. One partner explained, “I think this trend will not continue, but you can’t really say, we were surprised by the nationalisation of the electric companies.” The firm was able to advise foreign investors on the sale of their stakes in energyrelated assets in a confidential deal which closed at the end of 2012.

Becerra de la Roca Donoso
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public Financial and corporate: Banking, M&A, Project finance Public: Construction, Employment, Land, Regulatory Tax: Corporate tax Key energy sectors Oil and gas, Traditional power Key partners Mauricio Bercerra de la Roca Donoso

Becerra de la Roca Donoso is a young firm with a focus on regulatory work and many state-owned clients. The managing partner spun off from Guevara & Gutierrez two years ago. Since then, the firm has been growing steadily, with offices in Santa Cruz and La Paz and plans to hire several new associates. Apart from regulatory work, the firm handled the financing for Ingenio Azucarero Guabirá in a deal for the expansion of the company. The financing ($5 million) came from a tightly held investment fund, Agroperativo, typical in a jurisdiction, which does not have an abundance of international banks. Less typically, the deal included the option for further equity investment in the company for the financers. Mauricio Bercerra de la Roca Donoso noted, “We do not have a lot of multimillion foreign investors or large international project finance or M&A deals. Nevertheless, there are a lot of small to medium investments and local players that are growing.” The firm has continued to work for clients that have been nationalised, and subsidiaries of government companies including YPFB Refinación. As a result, they have begun handling larger transactions for those clients.

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CAYMAN ISLANDS
Travers Thorp Alberga
2012 Firm Overview Cross-border experience Brazil, Panama Most active disciplines Disputes: Financial and corporate, Public, White-collar crime Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Key partners Nicole Pineda, Anthony Travers

Baker & McKenzie’s Colombian office has been active in the market for over five decades. The firm has traditionally focused on the oil and gas upstream business, the hydrocarbons transportation business, and the power generation sector, and expanded its practice into the mining sector in 2008. The firm advised China United Engineering Corporation in the renegotiation of agreements with project owner Gecelca and with civil works subcontractor Conalvias. The project renegotiation, valued at $20 million, concluded in December 2012. In the same month, Baker & McKenzie assisted Termovalle in the $180 million debt restructuring of its project finance structure, after a reconfiguration of its power purchase agreement with EBSA and a gas supply accord with Ecopetrol. The firm also assisted TOTAL with its $437 million asset disposition. Baker & McKenzie handled the legal and tax structuring of the sale of TOTAL’s Indirect tax participation in the Cusiana and negotiated the share purchase agreement for the acquisition of TEPMA, a Dutch company holding the Colombian branch that owns the assets.

Travers Thorp Alberga has reshaped itself over the past year. It added senior/name partner, Anthony Travers, the current Chairman of the Cayman Islands Stock Exchange, on December 1 2012, after his sixyear non-compete clause with Maples and Calder expired. Travers’s energy and infrastructure practice was established two weeks later, with the hiring of Nicole Pineda, formally of Walkers, who is now the partner in charge of Travers’ energy and infrastructure practice. Pineda’s reputation precedes her; she has established personal connections with firms and banks throughout Latin America. One client noted, “Nicole is outstanding and by far the best of the offshore lawyers in the Latin American market. She has the highest technical skills, profound industry knowledge, is very entrepreneurial and business minded. She is a real business partner and absolutely key to the development of our business.” The firm is currently acting for a consortium of Brazilian lenders issuing a bridge loan for special subsidiaries connected to Brazil’s energy market; the transaction is under a tight nondisclosure agreement. The firm’s approach has endeared them to clients who appreciate the value for money and personal time they receive from partners. One partner described the structure as “stream-lined,” saying it appeals to start-up companies as it allows them to have access and support from many partners without having to pay the fees of a larger firm.

Brigard & Urrutia
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Defence, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Carlos Umaña Trujillo, Manuel Quinche, Luis Gabriel Peréz, José Andrés Romero, Luis Alfredo Barragán, Carlos Fradique-Méndez

COLOMBIA
Baker & McKenzie Colombia
2012 Firm Overview Cross-border experience Argentina, Brazil, Chile, Mexico, Peru, Venezuela Most active disciplines Disputes: Financial and Corporate, Tax Financial and corporate: Banking, Investment funds, M&A, Project finance Public: Construction, Competition, Employment, Environment, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Traditional power Key infrastructure sectors Airports and aviation, Defence, Healthcare, Ports and shipping, Rail Key partners Alejandro Mesa-Neira, Jaime Trujillo, Jaime Vargas

For almost eight decades, Brigard & Urrutia has participated in the development of Colombia’s infrastructure. “We understand they have a fine and serious work in infrastructure and energy,” a partner at a competing firm says. In 1984, the firm participated in the first infrastructure project funded through a project finance system in Colombia and in 1993 helped structure the first private power plant project. This commitment to the development and financing of local industries continues up to today, though not all the firm’s recent deals can be publicly disclosed. In December 2012, the firm participated in the structuring and financing of the construction of an oil refinery in Cartagena, which is estimated to be the largest infrastructure project financing ever undertaken in Colombia.

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Cárdenas & Cárdenas Abogados
2012 Firm Overview Most active disciplines M&A, Projects Key energy sectors Mining and metals, Power networks and distribution Key infrastructure sectors Rail, Water and sewage Key partners Andres Fernández De Soto, Bernardo Cárdenas, James Valdiri

cialised capacity to store hydrocarbons, in Cartagena, Colombia. The terminal is valued at $165.5 million.

Muñoz Tamayo & Asociados Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Equipment/asset finance, M&A, Private equity, Project finance Public: Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Roads, Rail, Roads, Water and sewage Key partners Herman Galán, Diego Muñoz-Tamayo

Cárdenas & Cárdenas has grown into a formidable presence in the Colombian legal market, putting to use a century of experience. The firm has represented clients in the mining of nickel, gold, and coal, and has advised companies in the construction of refineries and pipelines and in the negotiation of oil transportation agreements. “They have a good depth of knowledge of the infrastructure sector,” one client says. “We have always received outstanding and professional service [and they are] available when you need the advice.” Not all of the firm’s recent deals can be publicly disclosed, but Cárdenas & Cárdenas counseled Consorcio Acuavalle in arbitration worth about $15 million against a governmental entity for damages arising out of wrongful termination of a public works contract.

Moncada Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public Financial and corporate: Commodities trading and energy derivatives, M&A, Project finance, Public: Construction, Projects Key energy sectors Mining and metals, Oil and gas Key infrastructure sectors Defence, Healthcare, Ports and shipping, Rail, Roads Key partners Juan Carlos Moncada, Alvaro Barrero Buitrago, Ana Maria Moncada

Muñoz Tamayo & Asociados Abogados prides itself on thinking outside the box when advising its clients. Many of the firm’s recent and current deals are confidential. In November 2012, the firm acted as defendant in lawsuit filed against Pacific Rubiales Energy, formerly Alange Energy Corp S Colombia, and other parties, concerning environmental claims arising out of an oil and gas operation.

Palacios Lleras
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Investment funds, Private equity, Project finance Public: Competition, Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Defence, Education, Healthcare, Ports and shipping, Roads, Rail, Water and sewage Key partners Luis Alejandro Pando, Hugo Palacios Mejía

Moncada’s recent transactions make it stand out as one of the most innovative law firms in Colombia. It finds solutions to problems that might have caused less skilled lawyers to throw up their hands and walk away. On November 2 2012, Moncada attorneys Alvaro Barrero, Juan Carlos Moncada, and Jorge Garcia completed a capitalisation and termination of control deal for Ferrocarril del Pacifico, valued at more than $8 million. The ingenious and highly creative plan, which was essentially Barrero’s brainchild, was to reconfigure the company into a joint stock company, permitting investors to make payment on the capitalisation in two years. Moncada also convinced FDP’s shareholders to slash their participation in a fixed ratio of 75%, so as to cover the company’s losses. An offer for capitalisation was issued for all shareholders. The transaction won the approval of the National Infrastructure Agency and the Superintendence of Ports and Transportation, putting an end to the control situation. In September 2012, Moncada attorneys represented Worldwide Energy Investments in the $18 million acquisition of outstanding shares of Worldwide Energy Investments, a company under the ownership of Tectum Energy. In the same month, Moncada provided counsel to Sociedad Portuaria Puerto Bahía and a consortium of local firms in the construction of a massive liquid management terminal, with a spe-

For nearly four decades, Palacios Lleras has provided legal advice in several practice areas in Colombia. The firm’s client base includes large private entities and public agencies. Currently, Palacios Lleras is defending Terminal de Graneles Líquidos TERLICA in a lawsuit seeking a judicial order to obtain a port concession that was wrongfully rejected, as well as compensation for damages. The claim is worth approximately $17 million. The firm also provided counsel to the National Planning Department on a LNG import project involving the eventual construction of regasification plants, as well as an alternative-energy company focused on a gas distribution and transportation project in the northern part of the country.

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FIRM BRIEFINGS

Prietocarrizosa
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Investment funds, Commodities trading and energy derivatives, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Roads, Rail, Water and sewage Key partners Sandra Manrique, Jorge Di Terlizzi, Juan Fernando Gaviria, Johanna Cajigas

by government-run electrical firm ICE. APR was authorised to run and maintain the power plants, but needed ACZALAW’s expert counsel from the phase before the contract was signed, all the way through the closing of the lease.

BLP Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax Key energy sectors Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports, Ports and shipping, Rail, Roads, Water and sewage Key partners Luis M Castro, David Gutiérrez, Vivian Liberman

Prietocarrizosa has an energy and natural resource practice that is dynamic in the areas of gas, hydrocarbons, and fuels. “The firm has been very active in the energy and infrastructure areas and has been in big bidding processes with a great deal of clients,” a partner at a competing firm notes. Prietocarrizosa advised the National Hydrocarbons Agency as it undertook a study of various alternatives for trading the crude oil royalties and the further structuring of the project, including the sales agreements of the crude oil royalties and the agency’s stakes within the E&P contracts it has with Ecopetrol. The transaction closed in December 2012. The firm has also advised Pacific Infrastructure in both the structuring and financing arrangements for a hydrocarbon port in Colombia. The deal was valued at $600 million and the EPC closed in August 2012. The financing is ongoing. Prietocarrizosa has also advised OPAIN in the project financing of Bogota’s El Dorado International Airport. The deal closed in October 2012 and took seven years to finish. The firm characterises this deal as the first project finance following international standards of a concession granted by the Colombian government to private parties.

BLP Abogados boasts a decade of experience in the Costa Rican legal market and has been involved in some of the largest infrastructure projects in the country. Multilaterals and development banks form a bulk of this firm’s client base. Currently, BLP is advising Inter-American Development Bank (IDB) and the International Finance Corporation (IFC) in an approximately $1.3 million credit facility granted to the Costa Rican Institute of Electricity, ICE, in order to finance the construction of a 305MW hydro power plant on the Reventazon River. The firm’s work includes due diligence along with the negotiation and drafting of project and financing documents between the lenders and ICE. In December 2012, BLP counseled Scotiabank Costa Rica in all the financing processes to grant a direct credit facility and a line of credit to Union Fenosa Generadora La Joya, to refinance current debts incurred by the borrower for the construction of the hydro power plant, “La Joya.” The loan was valued at $43 million.

COSTA RICA
ACZALAW
2012 Firm Overview Cross-border experience El Salvador, Guatemala, Honduras, Nicaragua Most active disciplines Disputes: Financial and corporate, Public Financial and corporate: Equipment/asset finance Public: Construction, Environment, Projects, Regulatory Tax: Corporate tax Key energy sectors Power networks and distribution Key partners Oswald A Bruce, Michael J Bruce

Consortium - Centro América Abogados
2012 Firm Overview Cross-border experience Brazil, Honduras Most active disciplines Disputes: Financial and corporate, Public Financial and corporate: Banking, M&A, Private equity, Project finance Public: Competition, Construction, Projects, Regulatory Key energy sectors Renewables Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Roads Key partners Rolando Lacle Zuñiga, Carlos Arguedas, Juan Manuel Godoy

ACZALAW has a very active energy practice, operating out of offices in Costa Rica, El Salvador, Guatemala, Nicaragua and Honduras. From 2007 and 2012, the firm advised APR Energy on contractual, tax, labour, and litigation issues related to power plants leased to APR

Consortium - Centro América Abogados’ Costa Rican office has been operating in the country for over four decades and has been actively involved in electricity generation projects. The firm has advised APM Terminals in the negotiation of the contract and approval process of

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the $1 billion concession contract of the Moín Port. Centro América Abogados advised the Costa Rican Institute of Pacific Ports on the approval process in the General Comptroller of the Republic of Costa Rica of the Concession of Caldera Port. The $30 million concession closed in February 2012.

Gutiérrez Hernández & Pauly
2012 Firm Overview Cross-border experience Chile, El Salvador, Guatemala, Honduras, Nicaragua, Venezuela Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Renewables Key infrastructure sectors Airports and aviation, Ports and shipping, Rail, Roads Key partners Guillermo E Zuniga, Alberto Pauly

government’s Energy Institute, and solar, wind, and hydroelectric power generation projects. Attorneys Tomás Nassar and Hugo Chavarría are representing a European client, whose identity is confidential as this stage, in an M&A transaction involving a hydroelectric generation facility in Costa Rica. More generally, Nassar Abogados is involved in an exploratory stage of the possible financing of upcoming private wind energy and hydroelectric power projects awarded by the government. Attorneys Alina Nassar, Guillermo Flores, and Daniela Beirute are providing counsel to Jan de Nul Luxembourg with regard to municipal, tax, and public law issues surrounding the client’s dredging works at one of Costa Rica’s primary ports, Puerto Caldera. In October 2012, the firm advised INDRA regarding administrative sanction procedure, obtained a reduction in the fine from $1.2 million to $130,000 and secured an agreement from the Costa Rican Oil Refinery to end the contract stage one year in advance of the initial term.

DOMINICAN REPUBLIC
Headrick Rizik Alvarez & Fernandez
2012 Firm Overview Cross-border experience Colombia Most active disciplines M&A, Project finance Key energy sectors Oil and gas, Renewables, Traditional power Key partners Mary Fernandez, Marisol Vicens, Hipólito García, Kirsys Reynoso

Founded in 1976, Gutiérrez Hernández & Pauly has been an active player in the Costa Rican energy and infrastructure markets. In December 2012, the firm counseled and directed an EPC project to construct a 15.3MW wind farm worth over $45 million. The firm has participated in the last two wind energy projects built in Costa Rica, up to 65.3MW, during the last five years. The firm negotiated the PPA (Power Purchase Agreement) and all the related contracts under such umbrella. One of the firm’s partners was the Chief Counsel of the developer of one of the wind farms. Gutiérrez Hernández & Pauly has participated and advised several clients regarding the supervision of the construction of the airport Daniel Oduber Quirós.

Nassar Abogados
2012 Firm Overview Cross-border experience Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Nicaragua Most active disciplines Disputes: Public, Tax Financial and corporate: Banking, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax Key energy sectors Oil and gas, Power networks and distribution Key infrastructure sectors Airports and aviation, Education, Ports and shipping, Rail, Roads Key partners Carolina Argüello, Hugo Chavarria, Guillermo Flores

Competitors describe Headrick Rizik Alvarez & Fernandez as having “very good and capable lawyers.” Another said, “We do a lot of work with them and they are definitely a top firm.” Particularly recognised is Marisol Vicens, the firm’s leading energy partner. She has been involved in the industry since 1998 and has been working with the government on its 20-year improvement strategy for the country’s energy sector. The firm itself is expecting to see growth in the number of transactions it handles in the coming year, having already had inquiries from potential investors about the government’s plans to add two gas and two carbon plants. In August 2012, Headrick closed a 57MW solar energy project for GESTAMP SOLAR. The transaction involved obtaining all necessary permits, real estate for installing solar panels, a decree from the president to begin construction, and a power purchase agreement, all of which the firm was asked to complete before the new Dominican government came into office. The firm also represented non-energy regulated users, MercaSID and Induveca, in negotiating and obtaining power purchase agreement for their facilities.

Nassar Abogados has cultivated its profile in the Costa Rican legal market for over three decades. The firm has given legal advice on energy for self-consumption, regulations affecting energy in local jurisdictions, procurement procedures for infrastructure projects, contracts with the

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Jimenez Cruz Peña
2012 Firm Overview Most active disciplines Disputes, Project finance Key energy sectors Renewables, Traditional power Key infrastructure sectors Mining, Roads Key partners Marcos Peña R, Luis J Jimenez, José Cruz C, Katherine Rosa

tenants as a service provided by the studio. The deal is still in progress. The firm also represented Citibank and The Bank of Novia Scotia, both lenders to Zona Franca Multimodal Caucedo, a subsidiary of DP World. The banks bought out the initial lenders in a deal worth $150 million that closed in November 2012.

ECUADOR
Paz Horowitz Roablino Garcés Abogados
2012 Firm Overview Cross-border experience Colombia Most active disciplines Disputes: Financial and corporate, Public, Tax, White-collar crime Financial and corporate: Banking, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Roads, Water and sewage

Jimenez Cruz Peña has been operating in the Dominican Republic for a decade. They expect to continue to grow, adding associates and raising them up through their own ranks. The firm’s international client base includes Chinese solar panel manufacturers looking to operate in the free trade zone. Like other Dominican energy practices, Jimenez Cruz Peña represented several clients in obtaining Power Purchase Agreements (PPA), an area of particular importance given the country’s rising energy needs. In infrastructure, the firm took on an international arbitration led by Marcos Peña and Laura Medina against the Dominican government for their client CODACSA. They argued the government had broken its contract with CODACSA, who operate a toll road in the county, by not providing enough tolls, not paying an agreed fee to shadow toll and opening negotiations with another company to construct a new toll road that was part of CODACSA’s original concession. The cases, which the government opted to take to the International Criminal Court, rather than settle, took several years, ending in January with a $43 million ruling for the firm’s client.

OMG
2012 Firm Overview Cross-border experience British Virgin Islands Most active disciplines Banking, Litigation, Project finance Key energy sectors Oil and gas, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Power networks and distribution, Roads Key partners Leonel Melo, Rebeca García, Mónika Melo

Paz Horowitz is consolidating its reputation as a broad-based law firm with a propensity for carrying out major deals for global clients in the oil and gas sectors. It has highly experienced teams of lawyers devoted to energy, hydrocarbons, and mining, respectively. Many of this firm’s significant recent deals are strictly confidential, but it can be disclosed that in December 2012, Paz Horowitz provided counsel to T-Rex Engineering and Consulting in a contract with Petroecuador for the engineering and commissioning of gas exploitation facilities in the Gulf of Guayaquil. The firm characterizes the contract between these two companies as absolutely vital for the expansion of natural gas exploration and production in Ecuador. The monetary value of the contract is undisclosed.

Romero Arteta Ponce Abogados
2012 Firm Overview Most active disciplines Disputes: Tax Disputes Financial and corporate: Project finance Public: Construction, Environmental, Projects, Regulatory Tax: Corporate tax Key energy sectors Mining and metals, Oil and gas Key infrastructure sectors Airports and aviation, Roads Key partners Diego Romero, Gustavo Romero, Cármen Gómez

Ask any of its competitors and all will say that OMG is one the Dominican Republic’s top firms. The firm’s energy and infrastructure practices both had strong years. One partner observed that changes the government is implementing to attract investors have been helpful. Partner Mónika Melo commented, “They created a new law which authorises a different kind of trust; it should help a lot of syndicate lenders.” Another partner said they expect to see the government pair with the private sector more often, opening new opportunities in infrastructure investments. OMG’s energy practice devised a unique energy supply scheme for its client Pinewood Indomina Studios. While the film studio is large enough to have their own energy supply, they preferred to be a nonregulated energy user under Dominican law, requiring compliance with regulations as well as the construction of a transmission line. In order to guarantee that financing for the energy would be accessible, the OMG team led by Melo wrote the cost into the contract for Pinewood

Romero Arteta Ponce has operated in the Ecuadoran legal market for more than 60 years and has worked with several international and domestic clients on the construction of oil refineries, pipelines, hydroelectric power plants, and the exploration and exploitation of hydrocarbons in Ecuador. In January 2012, partner Cármen Gómez obtained a favorable de-

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cision in a $6 million tax dispute for client Overseas Petroleum and Investment Corporation. The same partner obtained another large settlement for Suelopetrol Venezuela in a tax dispute settled in April 2012.

EL SALVADOR
Benjamín Valdez & Asociados
2012 Firm Overview Cross-border experience Costa Rica, Guatemala, Honduras, Nicaragua Most active disciplines Disputes: Public, Tax, Financial and corporate, White-collar crime Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Renewables Key infrastructure sectors Airports and aviation, Ports and shipping Key partners Aquiles Delgado, Diego Martin Menjivar, Oscar Samour

the end of 2013 to accommodate its growth. Consortium has advised URBANISA, a subsidiary company of the Guatemalan developer, GRUPO UBICA, in an upper middle class private residential development project located in Zaragoza, La Libertad. The project closed in August 2012, and is valued at $17 million. In December 2012, the firm counseled Puma Energy on the granting of a syndicated loan to Puma Energy for $300 million, to finance the purchase of ExxonMobil’s assets in El Salvador.

GUATEMALA
Carrillo & Asociados
2012 Firm Overview Cross-border experience Colombia Most active disciplines Disputes: Financial and corporate, Public, Tax, White-collar crime Financial and corporate: Banking, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Rodolfo Alegria, Joaquin Alvarado, Rodrigo Callejas

Benjamín Valdez & Asociados, known as El Salvador’s first boutique law firm, offers a range of services to corporate clients, with a particular aptitude for mergers and acquisitions, issuances, and banking and finance. In February 2012, Benjamín Valdez advised Esso Standard Oil in the sale of its refining, oil distribution, aviation and marine operations to Puma Energy in locations throughout Central America. The sale was valued more than $1 billion. After the transaction between Esso and Puma, Benjamín Valdez started advising Puma on its day-to-day operations. Currently, the firm is advising Ente Operador Regional, a regional electricity market operator, on various issues related to electricity regulations.

Consortium - Centro América Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Tax Financial and corporate: Banking, M&A, Private equity, Project finance Public: Competition, Environmental, Employment, Land, Projects and Regulatory Tax: Corporate tax Key energy sectors Power networks and distribution, Oil and gas Key infrastructure sectors Water and sewage Key partners Benjamin Valdez, Benjamin Miguel Tamayo, Luis Tevez

Carrillo & Asociados has been offering legal services in the country since the 1940s. In late 2008, the firm merged with Beltranena De la Cerda & Chávez to offer services in the energy and natural resources sector, foreign investments including project finance and international commerce transactions. Carrillo advised Constructora Norberto Odebrecht with the negotiation and carrying out of a contract for the partial reconstruction and expansion of the Pan American Road. The process ended in December 2012 and is valued at more than $350 million. In January 2012, the firm assisted a port terminal developer with the drafting and negotiating of an agreement to supply services for a port terminal for the importation of solid fuels into Guatemala’s ports. The agreement would proceed in conjunction with a coal power plant under construction and would be used as collateral in financing arrangements for the port terminal. Carrillo is also advising two international oil companies in their bids to the Ministry of Energy and Mines for oil exploration contracts.

Consortium - Centro América Abogados is part of five law firms that operate in the Central American countries of Guatemala, Honduras, Nicaragua, and Costa Rica. With a lengthening list of clients, the firm is expected to gain an additional 6,000 square feet of office space by

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Consortium - Centro América Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Tax Financial and corporate: Banking, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Employment, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key partners Alfredo Rodríguez M, Alvaro Castellanos H, Mario Archila C, Rafael Alvarado R

Qil Abogados–Quiñones Ibargüen Luján & Mata
2012 Firm Overview Most active disciplines Disputes: Financial and corporate Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Water and sewage Key partners Jose Quiñones, Marcos Ibargüen, Maria Isabel Luján

On an ongoing basis, Consortium - Centro América Abogados is providing Energy Resources Capital Corporation with legal advice on the participation of the public tender launched by the electricity distribution companies EEGSA, DEORSA, and DEOCSA (PEG-1-20100). The PPA (Power Purchase Agreement) started in April 2012 and is worth $10 million. Energy Resources Capital has also secured Consortium’s legal expertise to advise on the construction and financing of a hydro-electrical plant in Raaxha. The value of the project has not yet been determined, and completion of the transaction is pending the execution of the PPA. In September 2012, the firm advised Hidroeléctrica Santa Rita on the sale of a 15MW hydro-electrical project. The value of the project is confidential.

Moller
2012 Firm Overview Cross-border experience Nicaragua Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: M&A Public: Construction, Employment, Environmental, Land, Regulatory Tax: Corporate tax, Transfer pricing Key energy sectors Power networks and distribution, Renewables Key partners Rocio Belteton, Enrique Moller, Alma Mejia, Oscar Pineda, Fernando Rosales

Qil has been operating in the Guatemalan market since 1999. In 2012, the firm represented Pantaleón in a general electricity bidding process. In July 2011, the firm counseled Glencore on the purchase of a minority partner in Guatemala. Complicating the transaction was the possibility of litigation between the parties, because the minority partner threatened to file a lawsuit. The transaction ended in the successful resolution of the matter through purchase of the shares of the contentious local partner, by Glencore and its other local partner. The settlement value is confidential.

HONDURAS
Central Law – Medina Rosenthal & Asociados
2012 Firm Overview Cross-border experience Nicaragua Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: M&A Public: Construction, Employment, Environmental, Land, Regulatory Tax: Corporate tax, Transfer pricing Key energy sectors Power networks and distribution, Renewables Key partners Rocio Belteton, Enrique Moller, Alma Mejia, Oscar Pineda, Fernando Rosales

Moller has nearly 20 years of experience operation in the Guatemalan legal market and has offices in El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Dominic Republic. Not all of the firm’s deals may be publicly disclosed. In March 2012, name partner Enrique Moller advised on the construction of a tunnel for a major hydroelectric project with components in both Guatemala and Nicaragua.

Central Law Medina Rosenthal & Asociados is a full-practice law firm with regional offices in seven countries. Its Honduras office opened in 1989 and advises companies on renewable energy projects and execution of contracts with the National Electric Company. Central Law Honduras-Medina Rosenthal has been advising a local client for the construction of a new hydroelectric project in Honduras worth more than $500,000. The firm counseled the client on all the environmental processes necessary to obtain a license with the Environmental Authority. After obtaining the license, there will be a subscription of the agreement with the Natural Resources Environmental Authority, to begin operations, expected to take place in 2014.

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Medina Rosenthal has been advising West Bay Land Corporation on the construction of a new hotel in Bay Islands, Honduras. On November 20 2012, the firm obtained the environmental license to begin construction. With a value of more than $40 million, the project is expected to be completed by the end of 2013. Medina Rosenthal has also been counseling a client for participating in the more than $400,000 tender process of the General Cargo and Containers Terminal of Puerto Cortes launched by Coalianza in September 2012. The prequalification stage ended on January 21 and the contract will be awarded to the winning bidder, which must be a private operator that complies with all required criteria and offers more benefits to the State of Honduras.

NICARAGUA
Alvarado & Asociados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and Metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Defence, Education, Healthcare, Ports and shipping, Roads, Water and sewage Key partners Gloria Maria de Alvarado

Consortium - Centro América Abogados
2012 Firm Overview Cross-border experience Brazil, Costa Rica, El Salvador, Guatemala, Nicaragua, Peru Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Projects, Regulatory Tax: Corporate tax, Indirect tax Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Roads, Water and sewage Key partners Armando Manzanares

Consortium - Centro América Abogados in Honduras has history dating back to 1982 when it first opened for business, operating under the name JR Paz & Asociados. In December 2008, the firm became a part of a regional group consisting of firms in Guatemala, El Salvador Nicaragua and Costa Rica. Specializing in corporate and commercial law, Consortium is considered a leading law firm in Honduras. The firm is providing ongoing legal assessment to APM Terminals on the prequalification in the International Bid for the operation, design, construction and exploitation of the General Cargo Terminal of Puerto Cortes, Republica de Honduras. The firm is also working with ORMAT on the acquisition of the first geothermal energy project in Honduras, which, it is hoped, will produce a total of 35MW. The firm has been working on the issue of corporate structuring of the participating entities, and has performed the regulatory and land due diligence. Consortium is counseling Energia Eolica De Honduras on expanding the capacity of the Cerro de Hula wind farm to 24 additional MW. With completion anticipated this year, the project will be the largest wind farm in Honduras. On an ongoing basis, the firm is providing ongoing legal advice to BG International in the process of authorization of signature of a contract of exploration and exploitation of hydrocarbons (fuel and/or natural gas) with the Honduran government.

The spike in mining activity in Nicaragua over the last 18 months has spawned opportunities for firms small and large, local and global. One of the local firms to ride the wave and put its knowledge of local law to use is Alvarado & Asociados, managed by partner Gloria Maria de Alvarado. The firm is expanding its work in both mining and energy. Some of the firm’s clients and transaction values are confidential, but what can be disclosed gives a good indication of the capabilities of a small but ambitious firm. Currently, Fabiola Urbina Sotomayor is advising a client, whose identity is confidential, on the process of becoming qualified to obtain a concession for the exploration of hydrocarbons available for mining and processing. Yuri Cerrato Espinoza and Luz Marina Espinoza acted as counsel to a major global corporation, also confidential, on the incorporation of one of its branches as a foreign legal entity authorised to pursue mining exploration-related activities in Nicaragua. Over the last two and a half year, lawyers from the firm have participated in a corporate restructuring and merger involving several local companies with an interest in forestry. The work breaks down into interrelated tax, contract, antitrust, and other regulatory components.

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Consortium - Centro América Abogados
2012 Firm Overview Cross-border experience Brazil, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico Most active disciplines Disputes: Public, Tax, Financial and corporate, White-collar crime Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables Key infrastructure sectors Airports and aviation, Defence, Education, Healthcare, Ports and shipping, Roads, Water and sewage Key partners José Evenor Taboada, Rodrigo Taboada, Samantha Aguilar, Brenda Martinez, Gerardo Hernandez, Carlos Taboada, Bertha X Ortega, Olga Barreto, Darliss Gordon, Martha L Icaza

other mining company to review and swap mutual mining concessions. Nuñez Rizo Zambrana drafted and negotiated with the legal department of the mining company the swap instrument and its conditions; and filed and structured the transaction with the mining authority.

PANAMA
Alemán Cordero Galindo & Lee
2012 Firm Overview Cross-border experience Mexico Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and Corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Bridges, Ports and shipping Key partners Eloy Alfaro, Carlos Cordero, Alejandro Ferrer

Consortium - Centro América Abogados’ energy and infrastructure practices started in 1969 and today focuses on oil and gas, energy, mining, telecommunications, and construction. The firm is counseling Banpro – Banco de la Producción on a $160 million syndicated credit granted to Polaris Energy, which operates a wind power park. This ongoing counsel includes corporate, regulatory, financial, and banking advice. In January 2013, the firm advised FDG Mining Canada on the acquisition of four mining concessions from Exminicsa. The amount of the acquisition is undisclosed. Consortium Taboada provided corporate and regulatory advice to Re-Wind to design and execute a 72MW wind power work valued at approximately $80 million. In May 2012, the firm advised Grupo Terra – UNO on the corporate, regulatory, labor, real estate and commercial aspects of the acquisition of Rubis Nicaragua, formerly Texaco Nicaragua, consisting of a national service station network, said to be worth millions.

Nuñez Rizo Zambrana Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate Financial and corporate: Banking, M&A, Project finance Tax: Corporate tax, Indirect tax Key energy sectors Mining and metals, Oil and gas Key partners Ernesto Rizo, Regina Sandino, Rolando Zambrana

Aleman Cordero Galindo & Lee represents some of the largest national and international companies in Panama. They have a strong reputation for handling transactions involving international financing and the strict and very different regulations that govern the energy and infrastructure fields, some of which remain from when the Panama Canal was under US control. The firm’s infrastructure practice has had a busy few years working on deals connected to Panama’s largest infrastructure project, the expansion of the Panama Canal. The firm continues to represent the consortium Grupo Unidos por el Canal in their ongoing transaction worth $3.2 billion for the design and construction of the third set of locks for the Canal. In the energy practice, the firm has Alejandro Ferrer, who served as Minister of Commerce – which has under its purview mining, oil and electricity – from 2004 to 2008. The firm itself has been involved in energy transactions since the industries’ privatization in 1997. Recently they represented their client Ideal Panama, a subsidiary of Carlos Slim’s Impulsora para el Desarrolllo del Empleo en América Latina, in a winning bid to construct two large-scale hydroelectric plants, valued at $400 million, and continue to advise on regulations connected to that deal.

Nuñez Rizo Zambrana Abogados specializes in mining law and advises investors in obtaining administrative licenses, concessions, and authorisations related to energy, oil, water, and industrial projects. Over the course of 2012, Nuñez Rizo Zambrana, advised Corazón Exploración in the acquisition of mining concessions northern Nicaragua and the termination of an option agreement to acquire a mining concession from a small miners’ cooperative from Central Nicaragua. In July 2012, the firm assisted Calibre Mining Corp with a concession agreement and acquisition. Calibre Mining entered into an agreement with an-

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Alfaro Ferrer & Ramirez
2012 Firm Overview Most active disciplines Financial and corporate: Project finance Public: Regulatory Key energy sector 2012 Oil and gas, Renewables, Traditional power Key infrastructure sectors Ports and shipping, Roads Key partners Annette Bárcenas O, Enna Ferrer, Rodrigo Moreno Jr, Alfredo Ramírez Jr

Galindo Arias & Lopez
2012 Firm Overview Most active disciplines Disputes: Financial and Corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance, Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Diego de la Guardia, Tomás Herrera, Ramon Ricardo Arias, Salomon Behar, Diego Herrera, Cristina Lewis

Alfaro Ferrer & Ramirez’s (AFRA) energy and infrastructure practice specializes in contract procurement and regulatory aspects of contract implementation. Among the firm’s strengths is the ability to navigate the sometimes tricky and always strict public bidding process in Panama. One partner commented, “Bid specifications in Panama tend to be very strict on form, and failure to meet formal requirements, if not cured in time, could cause an offer to be rejected even if the substance is compliant. Many international clients are surprised by this characteristic of the bidding process.” In a recent public bid to install the elevators for Panama City’s new metro, AFRA represented Otis Elevator in its winning proposal. The tender was the second to take place after the first round was thrown out when participants, who included Otis Elevator, all failed to submit all the necessary and proper documentation the bid required. The deal, led by Annett Bárcenas, worth $21 million, closed in October 2012. The firm has advised banks on financing matters including Banco Internacional de Costa Rica’s refinancing for a hydro-power plant involving a $500,000 revolving line of credit and an $18 million loan. Partners at the firm, though, say AFRA typically takes a more passive role in this area.

This firm is prominent in Panama’s energy sector, with particular experience acting as counsel for large-scale hydroelectric projects and thermoelectric energy generation projects. A number of its most important recent and current deals are confidential. Diego Herrera, Tomás Herrera, Ramón Ricardo Arias, and Salomón Behar are providing counsel to the Panama Canal Authority on $5.2 billion construction contracts for the third set of locks of the Panama Canal Expansion Project. The firm characterises this deal as one of the biggest construction projects undertaken in Panama since the building of the Panama Canal. Behar, Diego Herrera, and Edgar Herrera are advising Ocean Reef Islands as developer of the first residential complex situated on madmade islands in Latin America. The legal work involves project financing, procurement, and extensive negotiation with contractors. Behar and Cristina Lewis are representing Desarrollos Hidroelectricos Corporation on a concession for and the construction of a hydroelectric project in San Andres.

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PERU
García Sayán Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, White-collar crime Financial and corporate: Banking, M&A, Private equity, Project finance Public: Competition, Employment, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Renewables Key infrastructure sectors Healthcare Key partners Alberto Varillas, Jose Miguel Morales

confidential sum of money to finance and develop the Penta Tanks Terminals’ activities. The team at Hernández & Cía had to evaluate the risks of the maritime transportation of ethanol and help procure all licenses and permits involved.

Muñiz Ramírez Pérez-Taiman & Olaya Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate Public, Tax, White-collar crime, Financial and corporate: Banking, Commodities trading and energy derivatives, Investment funds, Equipment/asset finance, M&A, Private equity, Project finance Public: Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Ports and shipping, Roads, Water and sewage Key partners Augusto Astorga, Jorge Perez Taiman, Ricardo Silva

García Sayán Abogados is a relatively small Peruvian firm that illustrates the principle of quality over quantity. Its attorneys are skilled at corporate M&A as well as areas of public and administrative law involving assignments of interest. In December 2012, García Sayán Abogados helped Pacific Rubiales Energy Corp. carry out the acquisition of 49% of Block Z1 from BPZ Exploración y Producción. The acquisition totaled $335 million. In October 2012, Alberto Varillas, Luis Gastañeta, and Alfonso Tola provided counsel to Offshore Foreign Group and Consolidated Group del Peru regarding the sale of Risk Control for an undisclosed amount. In November 2012, Varillas advised Burlington Resources on an assignment of interest in favor of Petrovietnam.

Hernández & Cía Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Defence, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Juan Luis Hernández Gazzo, Jose Manuel Abastos, Alfredo Filomeno

With over 30 years of experience, Muñiz Ramírez Pérez-Taiman & Olaya Abogados has developed its profile as a dynamic player in Peru’s oil and gas sector. In July 2012, Muñiz counseled Veraz Petroleum on the transfer of its subsidiary Veraz Petroleum Peru to Petrominerales, a transaction valued at $5 million. The firm has also advised Baker Hughes on the merging of its local branches and subsidiaries with those of BJ Services Company. This transaction was part of the process of the global implementation of Baker’s acquisition of BJ Services Company.

Payet Rey Cauvi Abogados
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public Financial and corporate: Banking, Equipment/asset finance, M&A, Investment funds, Private equity, Project finance Public: Competition, Construction, Projects, Regulatory Tax: Corporate tax Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Healthcare, Ports and shipping, Roads, Rail, Water and sewage Key partners Jose Antonio Payet, Alonso Rey, Juan José Cauvi, Aldo Reggiardo, Gerardo Soto, Carlos Patron, Italo Carrano

While better known for its expertise in tax, corporate, and banking issues, Hernández & Cía Abogados has since expanded its focus on energy and infrastructure. The firm has hired a full-time partner to take on its energy and infrastructure matters. Goldman Sachs has used the firm to help in the structuring and granting of $51 million to refinance existing debt and to develop new projects in Peru and abroad within the energy sector. In June 2012, Hernández & Cía advised CAF on the financing of a part of the Las Pizarras hydroelectric project. The firm’s work included an evaluation of the regulatory regime facing the power generation sector in Peru and the licenses and permits for the project. In January 2012, the firm advised a development bank, which is based in Washington and has a focus on infrastructure, on the granting of a

Payet Rey Cauvi’s energy and infrastructure practices operate under the firm’s Public Law, Competition, Project & Regulation Practice Group. The firm has worked with Scotiabank Perú to structure a program to issue $128 million in corporate bonds to finance the Olmos Irrigation project, which involves the irrigation of 43,500 hectares of agricultural land. In September 2012, Payet Rey Cauvi helped natural gas distributor Contugas with the development and financing of its $215 million gas pipeline project located in Peru’s south. The firm has ad-

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vised Infrastructure Investment Trust on its $200 million investment in the development of the Vía Parque Rímac. The deal closed in June 2012 and the Vía Parque Rímac is expected to be able to alleviate severe traffic flows and reduce the environmental damage that such congestion is known for. The project entails the construction of 11 new viaducts, 9km of roadways, and a 2km tunnel below the Rímac River.

In April 2012, Rubio Leguia Normand advised Citibank with the issuance of notes valued at $110 million for the redevelopment of the Paita port in northwestern Peru. The firm closed a deal on March 16 2012, to finance and construct the La Chira Wastewater Treatment. The transaction was valued at $96 million. This is the third water project financing that Rubio Leguia Normand has participated in.

Rodrigo Elias & Medrano Abogados
2012 Firm Overview Most active disciplines Financial and corporate: M&A, Project finance Public: Construction, Land, Projects, Regulatory Tax: Corporate tax Key energy sectors Mining and metals, Power networks and distribution, Renewables Key infrastructure sectors Rail Key partners Luis Carlos Rodrigo Prado, Jean Paul Chabaneix, María Teresa Quiñones, Fernando Molina, Veronica Sattler

URUGUAY
Ferrere
2012 Firm Overview Cross-border experience Bolivia, Paraguay Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Gonzalo Secco, Cristina Vázquez

Rodrigo Elias & Medrano Abogados has operated in Peru for 48 years and is one of the country’s largest full service law firms. Its work over the last 18 months has earned positive comments from clients. “They have a very professional and efficient hard-working team,” one client says. “They are very knowledgeable and always there to provide useful advice and their expertise to solve issues,” the client added. The firm is acting as local counsel to China Minmetals and Jiangxi Copper in the development of its $2.5 billion El Galeno copper project, considered one of the most transformative mining projects going on in Peru today. The firm has provided legal advice to Consorcio Tren Electrico in the construction and development of second section of Lima’s Metro Train, worth more than $1 billion. Partners Carlos Carpio and Hugo Silva were involved in one of the most publicised infrastructure financings in contemporary Peru. The attorneys provided counsel to Consorcio Tren Electrico as the company sought an award for the construction and development of the second section of the Tren Electrico operating in Lima. The second section of this widely publicised rail system is designed to serve routes between downtown and the district of San Juan de Lurigancho.

Rubio Leguia Normand
2012 Firm Overview Most active disciplines Disputes: Financial and corporate Public, Tax Financial and corporate: Banking, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Education, Healthcare, Ports and shipping, Rail, Roads, Water and sewage Key partners Oscar Arrús, Milagros Maraví, Brendan Oviedo, Thomas Thorndike

Ferrere has been a part of Uruguay’s energy and infrastructure sector for over 30 years and is the country’s largest law firm with five offices across the country. The firm also has regional offices in Bolivia and Paraguay. Ferrere is advising Led Roadway Lighting, a Canadian world leader in lighting for public roads, in connection with one of the largest public road lighting projects in Latin America. Since 2012, Ferrere has been working with IDB (USA), ExIm Bank (USA), Proparco (France), DEG (Germany), FMO (Holland) and CAF to finance several private wind power projects in Uruguay worth $400 million. Ferrere is involved in numerous cross-border transactions, particularly foreign investment in Uruguay and foreign banks/credit agencies financing projects in the country. The firm is representing BG, Exxon, Noble Energy, and ConocoPhilips to participate in upstream oil and gas bids. Ferrere is individually assisting Exxon and Noble Energy with an award of production-sharing agreements for offshore Uruguay. The firm is advising BG on the structure of corporate and tax issues after their award in the Uruguay Round II. ConocoPhilips is using Ferrere to apply for the award of onshore blocks for purposes of exploring oil and gas. After Uruguay’s state-owned utility company awarded several long term power purchase agreements, almost all foreign wind turbine generators’ manufacturers that will supply and construct the privately owned wind parks that will be built in Uruguay over the next few years called on Ferrere for its services. The transaction includes the engineering and construction of more than 10 50MW wind parks worth over $100 million each.

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Galante & Martins
2012 Firm Overview Cross-border experience Argentina, Brazil, Guatemala, Mexico Most active disciplines Disputes: Financial and corporate, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Investment funds, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Renewables, Power networks and distribution Key infrastructure sectors Airports and aviation, Ports and shipping, Rail, Roads, Water and sewage Key partners Robert Miller, Martín Pérez Tomeo, José Luis Sosa, Diego Galante

tuny in the bidding process for the execution of power purchase agreements for wind energy. The firm is assisting Grupo with the negotiations with landowners for the land acquisitions for the installation of the wind farm, and also with unavoidable easements for the projects, negotiations with UTE, submission of the offer, and negotiation and preparation of the PPA (Power Purchase Agreement). Guyer & Regules has assisted Axion Energy in its entrance into Uruguay following the purchase of Esso gas stations, and is currently assisting the company in the daily management of its operations and representing it before regulators in matters arising out of downstream regulations.

Hughes & Hughes
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Tax, Public Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Construction, Environmental Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Rail, Roads, Water and sewage Key partners Marcela Hughes, Haroldo Espalter, Bernardo Porras

Galante & Martins has been a part of Uruguay’s legal system since 1951 and is one of the largest firms in the country. The firm is currently advising a Uruguayan public company on the designing and structuring of renewable energy projects, including a 50MW wind farm. The transaction is valued at $65 million. Galante & Martins is also working with Secco Group to develop a $350 million generation plant that will utilise waste biomass as an energy source. The plant will be located in Montevideo City.

Guyer & Regules
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax Key energy sectors LNG, Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Rail, Roads, Water and sewage Key partners Federico Susena, Juan Manuel Mercant

Hughes & Hughes has been involved in many high-profile transactions in the Uruguayan energy and infrastructure sectors. Attorneys Marcela Hughes, Mariana Estradé, and Clara Villaamil worked with DYCASA to submit a proposal in September 2012 for the reconstruction of Route 3. The value of the proposal is confidential. In August 2012, the firm provided regulatory, corporate and tax related assistance to Italian firm Ansaldo Energia in a $600 million bid, called by the national Electricity Public Entity, to operate a combined cycle power plant in Punta del Tigre. In October 2012, Hughes and Lucia Ottati represented an Australiabased petroleum exploration and development firm, Petrel Energy, in due diligence of Schuepbach Energy Uruguay and Schuepbach Energy España. The Hughes & Hughes lawyers provided counsel to Petrel in the acquisition of Schuepbach’s petroleum exploration interests in Uruguay and Spain for an undisclosed amount. Currently, the firm is representing Odebrecht Energia in a biomass energy project, and representing Hoegh in bid for a LNG plant.

Guyer & Regules’ energy & natural resources department is the largest in Uruguay and has participated in some of the most important deals in the country. The firm took part in the drafting of the framework for the construction and operation and maintenance of the natural gas pipeline that connects Argentina with Uruguay as well as in the drafting of ANCAP’s (the state-owned Oil and gas company) privatisation law passed by the Parliament but annulled by a referendum. In September 2012, Guyer & Regules assisted BG Group, Total, and Tullow, in the second bidding round for Uruguay’s offshore exploration blocks, organised by ANCAP. The advice included the analysis of regulatory matters and the framework in effect. Guyer & Regules is providing ongoing legal advice to Grupo For-

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Jiménez de Aréchaga Viana + Brause
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, M&A, Private equity, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax Key energy sectors LNG, Mining and metals, Oil and gas, Renewables Key infrastructure sectors Rail, Roads Key partners Nicolas Herrera Alonso

Travieso Evans Arria Rengel & Paz
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Project finance Public: Competition, Construction, Employment, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Traditional power Key infrastructure sectors Airports and aviation, Ports and shipping, Water and sewage Key partners Olga Nass de Massiani, Pedro Rengel, Simón Guevara

Jiménez de Aréchaga Viana + Brause is the Uruguayan counsel for one of the four pre-qualified consortia in an international tender for the design, financing, construction, installation, operation, and maintenance of a LNG floating storage and regasification terminal, including the construction of port infrastructure in Punta Sayago, Montevideo. Jiménez de Aréchaga Viana + Brause advised Banco Santander on providing an export credit facility of $99 million and a commercial facility of $14 million to Uruguay’s state energy company, ANCAP. The deal closed on September 27, 2012, and ANCAP will use the investment funds to invest in cement plants and a lime mining plant.

VENEZUELA
Mendoza Palacios Acedo Borjas Páez Pumar & Cía
2012 Firm Overview Cross-border experience Bolivia, Brazil, Chile, Paraguay, Uruguay Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, M&A, Project finance Public: Employment, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing Key energy sectors Mining and metals, Oil and gas, Power networks and distribution, Renewables, Traditional power Key infrastructure sectors Healthcare Key partners Manuel Acedo Sucre, Carlos Eduardo Acedo Sucre, Carlos Bello, Esteban Palacios, Julio Páez Pumar, Luisa Acedo de Lepervanche

Travieso has been operating as an energy firm in Venezuela since the 1920s and represented several oil companies until the nationalisation of the oil industry in 1976. Over the last few years, the firm has been active representing foreign oil and drilling companies, as they have become players in the industry since its liberalisation in the late 1990s. Travieso practices in every area of law save for criminal law. As this guide went to press, the firm had six offices across the country. The firm represents Braskem, a petrochemical company in Brazil, in the development of two joint ventures in Venezuela valued at more than $3 billion. The advice is ongoing and the joint venture has resulted in one petrochemical facility for the production of polypropilene and one for the production of polyethylene. Travieso is also assisting Schlumberger, a drilling company, in its negotiations with PDVSA for the incorporation of the biggest oil field service mixed company in Venezuela. The $1.3 billion joint venture is, predictably, subject to extensive regulatory analysis. Travieso is also advising Electricidad Industrial Portuguesa, on a contract for the development of electricity substations and lines. Such development entails setting up the company in Venezuela, negotiating a contract with stateowned electricity firm CADAFE, and drafting, negotiating, and implementing accessory contracts, the first of which is valued at $60 million. It is expected that other contracts for audit, rehabilitation, and construction of new electricity infrastructure will have a net value of at least $220 million.

WDA Legal
2012 Firm Overview Most active disciplines Disputes: Financial and corporate, Public, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Equipment/asset finance, Investment funds, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Employment, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax Key energy sectors Oil and gas, Power networks and distribution, Traditional power Key infrastructure sectors Airports and aviation, Roads Key partners Ramon Azpurua, Hernando Diaz-Candia

Mendoza Palacios Acedo Borjas Páez Pumar & Cía has been an active player in the Venezuelan oil sector since the 1970s when it assisted the government in the nationalisation of the sector. The firm has also participated in most of the major project financings of the extra-heavy oil found in the Orinoco Belt. Currently, Mendoza Palacios Acedo Borjas Páez Pumar & Cía is assisting Consorcio Euro-Bras Guri in all matters regarding the bidding process of the contract for the rehabilitation of a hydro-electric facility which provides the main energy requirements to Venezuela. The firm is also providing ongoing counsel to a foreign construction and medical supply company making medical investments in Venezuela by building and equipping medical installations in several locations.

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This firm is notable for the cross-border character of many of its matters. This aspect of its work is likely to increase as Venezuela moves into a post-Chavez era with a likelihood of greater receptivity to investment and business coming into the long-isolated country. Ramon Azpurua and Hernando Diaz-Candia are representing Russian oil giant Rosneft in investments in fields situated within the Orinoco Oil Belt, and in negotiations with the Venezuelan state oil company and subsidiaries for purposes of a joint venture agreement. The investments have a total value of $20 billion. Diaz-Candia is representing Telefonica Venezuela in a slew of corporate matters including foreign investments, repatriation of profits, corporate restructurings, and interconnection agreements. Diaz-Candia, Azpurua, Bernardo Weininger and Arghemar Perez are spearheading major cross-border litigation, an investment arbitration on behalf of client IGB against the Kingdom of Spain. The firm characterizes this $35 million suit as the first-ever ICSID arbitration brought by a Venezuela investor against a developed country.

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LEADING FIRMS OTHER JURISDICTIONS Energy & Infrastructure practice profile:
Electricity and other Utilities: We advise our clients on regulatory matters applicable to energy, gas, waste and sewer systems management and waste management. Brigard & Urrutia has been involved over the last 20 years in the main transactions related to the electricity sector in Colombia. Calle 70 A # 4- 41 Bogotá, Colombia P.O. Box 23981 Bogotá, Colombia Tel: +57 1 3462011 Fax: +57 1 310 0609 Email: info@bu.com.co Web: www.bu.com.co Key transactional highlights: • Legal advice to Grupo Endesa, including Endesa-Chile, in a project related with the acquisition of Betania S.A. (US$350 million). • Capitalization of Codensa, Emgesa and Empresa de Energía de Bogotá (USD$2.100 million). • Acquisition of the power generation and distribution subsidiaries created by Empresa de Energía de Bogotá. This transaction constitutes the largest privatization ever undertaken in Colombian history. Project Finance: Brigard & Urrutia participated through the years in several project finance transactions and public private partnerships. We are specialized on indebtedness based acquisitions, bridge loans or term based loans, asset supported finance, financial lease and operative lease transactions. Key transactional highlights: • Advised banks during the granting of a US$ 176 million financing package to Recaudo Bogotá S.A.S to develop and operate the fare collection, fleet management, and real-time information technology system for Bogota’s mass transportation system. This transaction won the prize “Deal of the Year” award by the Trade Finance Review Magazine. • Advised Banco Itaú BBA S.A. and Banco Davivienda S.A. in the structuring and implementation of a project finance for the development and expansion of Termovalle. • Brigard & Urrutia advised Ecopetrol S.A., Colombian largest company, in the structuring, negotiation and execution of two lines of credit, guaranteed by the Export Import Bank of the United States, each for more than US$420 million, for financing the construction of the work related to the revamping of the Barrancabermeja Refinery.

Key contact:
Carlos Umaña, Managing Partner Tel: 57 1 346 2011 Ext. 8215 Email: cumana@bu.com.co Partners: Sergio Michelsen, Carlos Fradique-Méndez, Luis Alfredo Barragán, Alvaro Cala, José Andrés Romero, Manuel Quinche, Francisco Uribe, Irma Rivera. Number of associates: 140

Firm profile:

Brigard & Urrutia has been Colombia’s leading firm for nearly 80 years. It provides legal advice and assistance in all relevant areas of business law and representation in a wide range of matters, including transactional, non-transactional, litigation and dispute resolution advice. All of its partners and associates are fluent in at least one language other than Spanish and many of them are admitted to practice in foreign jurisdictions (most notably in the state of New York). The firm’s lawyers are graduates from the top universities in Colombia and law schools located in the United States and Europe.

Transport Law: Our transport law practice supports clients in the legal structuring of projects while providing legal advice in regulatory matters. Our attorneys have the experience and expertise to advise clients with respect to ports massive transportation systems, airports and highways concessions at preoperative and operative phases. Our legal advice is comprehensive and The firm has an extensive record as a supplier of first rate legal services to includes: (i) Support in the administrative procedures (ii) Investor a global clientele formed by industrial, commercial and service companies, association agreements, (iii) Procurement procedures and concession banks and other financial institutions, private equity funds, insurance contracts (iv) Legal advice during contract performance and liquidation companies, as well as national and foreign government agencies and (v) Legal advice for financing and financial closing. companies. Key transactional highlights: • Advice to Impregilo S.p.A., in the execution and contract management Practice areas: of different public civil works and EPC contracts entered into by the Company in Colombia. Banking and Financial Services, Capital Markets and Securities, • Assistance Prodeco S.A (member of Glencore group), in the Regulation, Competition and Integrations, Corporate, Customs and construction project of the public port Puerto Nuevo SA. International Trade, Trust and Estates, Foreign Exchange, Derivatives and • Legal advice to Trafigura in connection with the development of a port Structured Products, Infrastructure and Public Utilities, Immigration, in Barrancabermeja which encompass the transportation of bulk graves Insurance and Reinsurance, Labor Law, Litigation, Arbitration and and hydrocarbons by road, river and sea. Insolvency, Mergers and Acquisitions, Natural Resources and • Advice to Manzanillo International Terminal project finance related Environment, Real Estate, Taxes, Telecommunications, Media, matter for the construction and operation of a container terminal Entertainment and Technology. located in the port of Barranquilla.

Infrastructure and Public Utilities division:
We have provided legal advice in this field since 1989. Therefore, Brigard & Urrutia has an extensive practice in Infrastructure and Public Utilities Law, providing a wide range of legal services to clients including: regulatory matters on public utilities, project finance, transport law and public procurement procedures.

Procurement Procedures: We have vast experience in advising interested bidders in public procurement procedures such as public tenders, brief selection, merit contest and direct hiring procedures, issued by Government. Key transactional highlights: • Legal advice to Ciudad Móvil S.A. in the public tender for the operation of Bogotá’s mass transportation system (Transmilenio). • Legal advice to GMOVIL SAS and ETIB SAS in the public tender for the operation of the Integrated Public Transport System of Bogota. • Legal advice to DDB in several public procurement procedures.

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Recent transactional highlights: • Acted as counsel and director on an EPC project for the construction of a wind farm of 15.3 MW farm in San José, Costa Rica. • Negotiation of a Power Purchase Agreement with the UTE –Uruguayan electrical utility–.

A team of first-level professionals providing worldwide class legal services since 1976 San Jose Sabana Norte Ave Las Americas Park Towers Building, 3rd Floor San José, Costa Rica Tel: +506 4000 2333 Fax: +506 2290 3660 Email: info@ghp.co.cr Web: www.ghp.co.cr

• Draft and negotiation of an EPC agreement for the engineer, procurement and construction of a wind farm facility of 50 MW in Uruguay. • Draft and negotiationof a Construction Management Agreement for a client who will provide construction management services for the owner of a 50 MW wind farm located in Nicaragua. Litigation & Arbitration division: We specialize in international commercial arbitration. Our team has a strong training and a lot of experience in this practice, and for that reason we are a leading firm in Costa Rica. We also advise companies and individuals who have to deal with land expropriation processes or litigation against the Government. Foreign investment division: We assist investors in all required fields in order to provide them with the investment model that better adjusts to their needs. GHP has helped a number of companies to start operations under the Free Zone Regime, as well as to opt for other benefits of special exports regime. We have advised investors on how to make de novo investments as well as offering franchise schemes, the appointment of distributors and the establishment of joint ventures with local partners. Administrative law division: We have experience representing large and small companies, both local and foreign, in their relationship with the Government and its agencies. GHP offers an impressive expertise and experience in legal services related to administrative contracting by means of top-of-the-line professionals to advice in bidding processes and the concession of public works for local and foreign companies. Project finance division: GHP is in the capacity of rendering first class consulting services in investment project financing through different financing structures in which the issue of debt and capital contributions can be combined for construction and operation, as well as the capital-intensive project refinancing, where the project's cash flows is what determines the feasibility of an operation. Corporate Law Division:

Key contacts:
Guillermo E. Zúñiga, Partner Email: gezuniga@ghp.co.cr Alberto Pauly, Partner Email: apauly@ghp.co.cr

Firm profile:
Gutiérrez, Hernández & Pauly is a law firm established in Costa Rica in 1976. For more than three decades, we have specialized in providing a full array of legal services to local and foreign companies in Costa Rica. Our best introduction letter is the professional quality of our lawyers, which combines the experience of our partners and the proactivity and specialization of our younger lawyers. The success of our clients is our priority, and therefore, we intend to become their partners in providing legal services, aiming at accomplishing their business goals in a safe way. Our service is personalized, fast, efficient, proactive, ethical, and socially responsible; characteristics which have positioned us as one of the main law firms in Costa Rica, and this is proven by the quality of our clients and the magnitude of the matters they entrust us with.

Practice areas:
Energy Law, Litigation & Arbitration, Foreign investment, Administrative Law, Project finance

We represent national and foreign clients in a wide array of business transactions, including mergers and acquisitions, involvement in Board of Directors, development of joint-venture agreements, organization and Regional capabilities: preservation of corporations, as well as the representation of affiliates and With almost 45 million of persons, regionals free trades treaties with USA and agencies of multi-nationals in the country. Our lawyers have a wide experience in sophisticated transactions and they propose innovative European Union, Central America is an interesting market for foreign investment. We know that investors prefer to concentrate their legal assistance solutions to different scenarios. We have been characterized by our advice as much as possible, so we have a select group of correspondents boutique law regarding issues related to representatives of foreign firms since its initial stages, on cases that marked the beginning of protection both of the firms in Central America and in the rest of Latin America, with whom we representatives and the foreign firms. We have participated in the work daily providing regional services to our clients by coordinating all their legal needs in the region, offering them a single point of contact. Also, we are negotiations of different corporate structures for the rescue of companies, the members of Legus, an international network of law firms with presence in five renegotiation of debts, infusion of new capital, and the laying of the foundations for the future development of corporations. This can be done continents. Our goal is to be sure that any requirement of our clients be on a solid foundation and based on the expertise of our partners in the areas handled by the best lawyers in each jurisdiction. of business, finance, and economics.

Energy & Infrastructure practice profile:
Energy law division: We have developed relevant experience advising renewable energy generation projects in Costa Rica. The environmental commitment of the country, the abundance of renewable energy sources and the target to become a carbonneutral country by 2020 have allowed developing a new energy generation market based on sources such as the wind, the sun, and biomass. Our practice has advised foreign companies in the development of energy generation projects in Latin America, both in their relationships with the utilities companies, governmental permits to be obtained, project financing, and the management and administration of project development contracts.

Tax Law Division GHP provides counsel to its clients related to the tax aspects that distress the organization of the companies and its businesses. The specialized services in Tax Law includes tax planning and tax engineering, tax advice, filing of tax claims in the administrative jurisdiction and professional direction in judicial procedures related to tax matters. The practice area includes taxes administered by the Central Tax Administration, as well as any other governmental institutions with tax competences (including municipalities and others). The Firm provides support services of administrative procedures related with the formal achievement of the formal duties of the tax payers.

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and/or operators with both renewable and non-renewable energy projects and infrastructure projects. Banking, capital markets and finance division: The firm advises many of the world’s largest and most sophisticated financial institutions on the full range of banking, securities and related regulatory matters in the Republic of Panama. ALCOGAL handles a wide variety of banking and finance matters, including the drafting of loan agreements, international securities transactions, initial public offerings, project financing and tender offers. Corporate division: The firm advises clients on selecting the best alternative to meet their particular needs, taking into consideration tax, regulatory, liability and confidentiality matters. It also provides counsel to clients on the reorganisation and restructuring of their operations, and in the drafting of articles of incorporations and by-laws. Public Bids and Concession Contracts division: From port facilities and tolls roads to the Panama Canal Expansion Project, ALCOGAL has advised its clients through every critical step of some of Panama’s largest public bids and concession contracts. We have a distinguished record of counseling all types of clients, including sponsors, project companies, lenders, investment banks, suppliers, contractors, among others. Litigation division: The firm provides excellent advice and assistance on a wide range of matters before national courts and other forums of dispute resolution. The firm’s litigators have also represented clients in arbitration hearings in the United States and Europe, and have acted as expert witnesses on issues related to Panamanian law in various courts around the world. Mergers & acquisitions division: Alemán, Cordero, Galindo & Lee has acted as legal counsel for many of the bank mergers that have been completed in the country in recent years, as well as for several high profile corporate mergers.

2nd Floor, MMG Tower East 53rd Street, Marbella Panama City, Panama Tel: +507 269 2620 Fax: +507 263 5895 Email: TBC Web: www.alcogal.com

Key contacts:
Jaime Alemán, Eloy Alfaro, Raul Borrel, Carlos G Cordero, Alejandro Ferrer, Anibal Galindo, Arturo Gerbaud, Jorge Federico Lee, Lorenzo Marquinez, Raul Zuñiga

Firm profile:
Alemán, Cordero, Galindo & Lee was established in 1985 and has quickly become one of Panama’s leading law firms in the offshore area as well as in representing large corporations doing business in the country. The firm’s offshore practice is supported by its offices in the British Virgin Islands, Belize, the Bahamas, Uruguay, Switzerland and Luxembourg, and also by a strong network of correspondents throughout Europe, Asia, the United States and Latin America. In its local practice, the banking & finance department is one of the firm’s main areas of strength, providing services to most of the large banks established in the country. The firm also specializes in M&A work. The firm provides legal advice to a large number of companies involved in various areas of activities, ranging from telecommunications companies to companies engaged in port activities, real estate, transportation (airlines, railroad and shipping), energy and infrastructure, construction, manufacturing, pharmaceuticals, and retail sales, among others. The firm’s main areas of strength are its excellent clientele and a well-trained group of attorneys with strong expertise in their respective areas of practice who share the firm’s commitment to providing prompt and efficient solutions to its clients’ needs.

Practice areas:
Banking, Capital Markets and Finance, Corporate, Public Bids and Concession Contracts, Energy and Infrastructure, Litigation, Mergers & Acquisitions.

International experience:
Alemán, Cordero, Galindo & Lee has ample experienced in dealing with international clients. It is one of the leading law firms in the country in the banking area and has advised on many complex financial transactions for foreign banks and corporations. In addition, it represents many of the international companies doing business in Panama as a consequence of successful participations in public bids (from port operators to telecoms, to energy companies, to the consortium undertaking the expansion of the Panama Canal).

Energy & Infrastructure practice profile:
ALCOGAL has one of Panama’s most experienced practice groups focused on energy and infrastructure transactions, including mergers and acquisitions, regulatory compliance and optimization, project finance and project developments across all energy classes and infrastructure projects. Our lawyers regularly advise domestic and foreign contractors, developers

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Leading lawyers
Name Firm Country

Fernando Aguirre B Bufete Aguirre Ignacio Aguirre U Bufete Aguirre Mauricio Becerra de la Roca Becerra de la Roca Donoso & Asociados (BDA) Nicole Pineda Travers Thorp Alberga Luis Alfredo Barragán Brigard & Urrutia Bernardo P Cárdenas Cárdenas & Cárdenas Eduardo Cárdenas Cárdenas & Cárdenas Carlos Fradique-Méndez Brigard & Urrutia Herman Galán Muñoz Tamayo & Asociados Abogados Juan Fernando Gaviria Prieto Carrizosa Sandra Loaiza Manrique Prieto Carrizosa Alejandro Mesa Baker & McKenzie Colombia Ana Maria Moncada Moncada Abogados Juan Carlos Moncada Moncada Abogados Diego Muñoz-Tamayo Muñoz Tamayo & Asociados Abogados Hugo Palacios Mejía Palacios Lleras Juan Manuel Sabogal Muñoz Tamayo & Asociados Abogados Jaime Trujillo Baker & McKenzie Colombia Carlos Umaña Trujillo Brigard & Urrutia Evamaría Uribe Tobón Palacios Lleras Carolina Argüello Nassar Abogados Michael J Bruce ACZALAW Oswald A Bruce ACZALAW Luis M Castro BLP Abogados - Costa Rica David Gutiérrez BLP Abogados - Costa Rica Vivian Liberman BLP Abogados - Costa Rica Enrique Moller Moller Alina Nassar Nassar Abogados Tomás Nassar Nassar Abogados Alberto Pauly Gutiérrez Hernández & Pauly Guillermo E Zuniga Gutiérrez Hernández & Pauly Mary Fernández Rodríguez Headrick Rizik Alvarez & Fernandez Rebeca García OMG Hipólito García Caminero Headrick Rizik Alvarez & Fernandez Luis J Jimenez Jiménez Cruz Peña Leonel Melo OMG Mónika Melo OMG Marcos Peña Rodriguez Jiménez Cruz Peña Katherine Rosa Jiménez Cruz Peña

Bolivia Bolivia Bolivia Cayman Islands Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia Colombia 

  

                              

Colombia Colombia Colombia Costa Rica Costa Rica Costa Rica Costa Rica Costa Rica Costa Rica  Costa Rica Costa Rica Costa Rica Costa Rica Costa Rica Dominican Republic Dominican Republic  Dominican Republic Dominican Republic Dominican Republic  Dominican Republic Dominican Republic Dominican Republic 

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Name

Firm

Country

Headrick Rizik Alvarez & Fernandez Diego Romero Romero Arteta Ponce Abogados Gustavo Romero Romero Arteta Ponce Abogados Benjamín Miguel Tamayo Benjamín Valdez & Asociados Luis Tevez Rivas Benjamín Valdez & Asociados Benjamín Valdez Benjamín Valdez & Asociados Rodolfo Alegria Carrillo y Asociados Rodrigo Callejas Carrillo y Asociados Marcos Ibargüen Segovia Qil Abogados María Isabel Luján Z Qil Abogados Jose E Quiñones Qil Abogados Jesus Humberto Central Law - Medina Medina Alva Rosenthal & Asociados Ernesto Rizo Pallais Nuñez Rizo Zambrana Abogados Regina Sandino Nuñez Rizo Zambrana Abogados Rolando Zambrana Nuñez Rizo Zambrana Abogados Eloy Alfaro Alemán Coredo Galindo & Lee Salomon Behar Galindo Arias & López Carlos Cordero Alemán Coredo Galindo & Lee Alejandro Ferrer Alemán Coredo Galindo & Lee Aníbal Galindo Alemán Coredo Galindo & Lee Arturo Gerbaud Alemán Coredo Galindo & Lee Diego Herrera Galindo Arias & López Tomás Herrera Galindo Arias & López Jorge Lee Alemán Coredo Galindo & Lee Rodrigo Moreno Jr Alfaro Ferrer & Ramírez Alfredo Ramírez Jr Alfaro Ferrer & Ramírez Ramon Ricardo Arias Galindo Arias & López José Manuel Abastos Hernández & Cía Abogados Oscar Arrús Rubio Leguia Normand Oscar Benavides Rodrigo Elías & Medrano Abogados Juan José Cauvi Payet Rey Cauvi Abogados Jean Paul Chabaneix Rodrigo Elías & Medrano Abogados Alfredo Filomeno Hernández & Cía Abogados Juan Luis Hernández Gazzo Hernández & Cía Abogados Brendan Oviedo Rubio Leguia Normand Carlos Patron Payet Rey Cauvi Abogados José Antonio Payet Payet Rey Cauvi Abogados

Marisol Vicens Bello

Dominican Republic Ecuador Ecuador El Salvador El Salvador El Salvador Guatemala Guatemala Guatemala Guatemala Guatemala Honduras Nicaragua Nicaragua Nicaragua Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Panama Peru Peru Peru Peru Peru Peru Peru Peru Peru Peru                     

    

    

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Leading lawyers
Name Firm Country

Rodrigo Elías & Medrano Abogados Aldo Reggiardo Payet Rey Cauvi Abogados Alonso Rey Payet Rey Cauvi Abogados Luis Carlos Rodrigo Prado Rodrigo Elías & Medrano Abogados Andrés Cerisola Ferrere Martín Cerruti Ferrere Haroldo Espalter Hughes & Hughes Diego Galante Galante & Martins Marcela Hughes Hughes & Hughes Fernando Jiménez Jiménez de Aréchaga de Aréchaga Viana + Brause Juan Manuel Mercant Guyer & Regules Robert Miller Galante & Martins Martín Pérez Tomeo Galante & Martins Diego Rodríguez Ferrere Federico Susena Guyer & Regules Héctor B Viana Jiménez de Aréchaga Viana + Brause Manuel Acedo Sucre Mendoza Palacios Acedo Borjas Páez Pumar & Cía Carlos Bello Mendoza Palacios Acedo Borjas Páez Pumar & Cía Simón Guevara Travieso Evans Arria Rengel & Paz Olga Nass de Massiani Travieso Evans Arria Rengel & Paz Julio Páez Pumar Mendoza Palacios Acedo Borjas Páez Pumar & Cía Oswaldo Páez Pumar Mendoza Palacios Acedo Borjas Páez Pumar & Cía

Diego Peschiera

Peru Peru Peru Peru Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Uruguay Venezuela Venezuela Venezuela Venezuela Venezuela Venezuela 

 



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LEADING LAWYERS OTHER JURISDICTIONS
Manuel Quinche
Partner Brigard & Urrutia Bogotá, Colombia Tel: +57 1 346 2011 Ext. 8363 Email: mquinche@bu.com.co Web: www.bu.com.co

Carlos Umaña Trujillo
Managing Partner Brigard & Urrutia Bogotá, Colombia Tel: +57 1 346 2011 Ext. 8215 Email: cumana@bu.com.co Web: www.bu.com.co

Biography: A partner at Brigard & Urrutia since 2011. Mr Quinche has more than 10 years experience practicing in the areas of finance, capital markets and mergers and acquisitions. Before joining Brigard & Urrutia, Mr Quinche worked at the Global Finance practice group of a leading New York law firm. Recent transactional highlights: He has participated in a significant number of financing, capital markets and M&A transactions. Recent highlights include the role of lead counsel to Ecopetrol and Refineria de Cartagena in connection with a $3.5 billion project financing for the expansion and modernisation of the Cartagena Refinery (a $5.5 billion project). The Cartagena Refinery project is the largest project financing ever completed in Colombia. Also in 2013 Mr Quinche represented Ecopetrol in connection with a $800 million ECA facility extended by the United States Export Import Bank and by a group of commercial banks. Other recent highlights include engagements as lead counsel to international and Colombian banks in connection with project financings such as the $315 million financing for Termotasajero II, a power generation project, the structuring and implementation of a BOMT (build-operate-maintain-transfer) structure for the development of the Ituango Hydropower project which is expected to be one of the largest hydropower facilities in Colombia, representing Empresa de Telecomunicaciones de Bogotá in a $300 million Rule 144A/Reg. S bond offering, as well as the lenders to Pacific Rubiales both in financing and capital markets transactions in excess of $2 billion. In 2012 and 2013 Mr Quinche devoted significant time to structured finance transactions in the oil & gas and infrastructure sectors in Colombia. Practice areas: Banking and financial services Capital markets and securities Infrastructure and public utilities Mergers and acquisitions Private equity Corporate finance Structured finance Sector specialisation: Infrastructure and ports Transportation Oil & gas

Biography: Mr Umaña is the Managing Partner of Brigard & Urrutia since 2012, and has been a partner of this law firm since 1990. With more than 25 years of experience, he splits his time between several practice areas and is particularly commended for his knowledge in infrastructure, public procurement and competition work. Moreover, he had advised national and international clients in connection with public services law, administrative law, energy projects, commercial law and insurance such as Ecopetrol, Trafigura- Impala Colombia, Impreligio, Fanalca, Ciudad Limpia, Pernod Ricard and Prodeco, among others. Recent transactional highlights: • Advice to International Container Terminal Services (ICTSI) through its subsidiary Puerto Industrial (SPIA) providing legal assistance for the structuring of the project, preparation of the RFP, drafting of the contract to be awarded and conduction of the tender process. • Advising SPIA regarding the drafting and negotiation of a contract for the construction and connection of certain electric assets with EPSA. • Advice to C I Prodeco and Sociedad Portuaria Puerto Nuevo in the structuring, construction, negotiation of contracts, including the concession agreement and the process of obtaining the permits and approvals of Puerto Nuevo port in Ciénaga, Magdalena. Puerto Nuevo will be the first port rendering public services in Colombia in which the direct loading system is to be implemented. • Acting for L'Oréal in its acquisition of the whole equity stake of Laboratorios Cosméticos Vogue and Cosmeplas. • Advising Sanofi Aventis in the acquisition of all common shares outstanding of Genfar in Colombia and its subsidiaries in Venezuela, Ecuador and Peru, as well as the operations conducted via distributors in Bolivia, Chile Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay. Practice areas: Antitrust and competition Infrastructure and public utilities Mergers and acquisitions Real estate and urban regulation Corporate Insurance and reinsurance Natural resources and environmental law

Languages: English, Portuguese, Spanish Bar admissions: Colombia, New York Association memberships: New York State Bar Association Academic qualifications: Juris Doctorate, Universidad del Rosario Degree Corporate law, Universidad de los Andes LL.M, New York University School of Law

Sector specialisation: Include infrastructure and public utilities. Languages: English, Spanish Bar admissions: Colombia Association memberships: International Bar Association Arbitration Centre of the Chamber of Commerce of Bogota International Chamber of Commerce Academic qualifications: Juris Doctorate, Universidad Colegio Mayor de Nuestra Señora del Rosario LL.M, New York University School of Law

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OTHER JURISDICTIONS

LEADING LAWYERS

Nicole Pineda
Partner Travers Thorp Alberga Grand Cayman, Cayman Islands Tel: +1 345 623 2362 Email: npineda@traversthorpalberga.com Web: www.traversthorpalberga.com

Clients told IFLR1000: “Nicole is outstanding and by far the best of offshore lawyers in the Latin American market. She has the highest technical skills, profound industry knowledge, is very entrepreneurial and business minded. She is a real business partner and absolutely key to the development of our business.” Biography: Nicole is a highly experienced infrastructure and project finance lawyer with 10 years of practice advising international corporates and financial institutions on all forms of financing transactions involving Cayman Islands entities. Her specific expertise relates to infrastructure and project finance, structured finance and securitisation, international capital markets and secured lending. In addition, Nicole has advised on a broad range of hedge fund and private equity transactions and specializes in all aspects of Cayman Islands financial services regulation. Nicole has extensive experience in advising clients in Latin America in relation to both inward and outward investment, including transactions in Brazil, Peru, Colombia, Chile, Panama, Argentina, the Dominican Republic, Guatemala, Mexico, Venezuela and El Salvador. Nicole is the partner in charge of the firm’s Latin American Group. Practice areas: Capital markets Infrastructure and project finance Private wealth Corporate Investment funds Structured finance and securitisation

Languages: English, Portuguese, Spanish Bar admissions: Cayman Islands and England and Wales (non-practising) Academic qualifications: B.A. (Hons), M.A. (Hons) Jurisprudence, Oxford University B.A. (Summa cum laude) International Economics, George Washington University, Honors College

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