With ‘unique knowledge of the industry, players, and transactions‘, Machado Meyer Sendacz e Opice Advogados offers nationwide services to clients operating in a wide range of sectors, notably transportation, sanitation, oil and gas, and energy. The firm fields a team of experts dedicated to the full spectrum of projects and infrastructure matters, who stand out for their strong experience and transactional track record in project finance and development, M&A in regulated sectors, public-private partnerships (PPPs) and government concessions. Jointly heading the department, José Virgílio Lopes Enei is a reference in the market given his wealth of experience in project finance and deals in the power, sanitation and social infrastructure spheres, while Antonio Corrêa Meyer is particularly noted for his involvement in arbitration cases relating to projects. Advising clients on the structuring of complex PPP arrangements is a notable area of expertise for Mauro Bardawil Penteado. José Ribeiro do Prado Júnior stands out for his project finance and biddings work in the energy, motorways and mining sectors. The ‘technically excellent’ Alberto Faro is a key contact for construction contracts and cross-border project financings, the latter of which is also a field of activity for Adriano Schnur. Raphael Zono and Bruno Racy are other names to note for project finance, capital markets and debt restructuring.
Projects and infrastructure in Brazil
Jose Virgilio Lopes Enei; Antonio Meyer
‘Differentiated services and strong understanding of client needs.’
‘Machado Meyer’s level of knowledge is exceptional in all aspects. We have complete confidence in the team led by Alberto Faro.’
‘Team with unique knowledge of the industry, players, and transactions. Presence in almost all relevant transactions with close monitoring throughout the process.’
‘Jose Virgilio Lopes Enei and Alberto Faro stand out.’
‘Machado Meyer has extensive experience in infrastructure projects. In addition, matters are monitored directly by the responsible partner(s).’
‘Special mention goes to Alberto Faro. The client feels that the firm really is looking for the best solutions and structures to provide greater legal certainty for their transactions. Alberto Faro, in addition to being technically excellent, is very accessible and always available.’
‘Alberto Faro is one of the best in the market. Always solving complex legal matters in a calm, diligent, innovative and solid legal manner.’
‘Vitor Fernandes de Araújo is committed and highly professional.’
E1 Energias Renováveis
ContourGlobal do Brasil Participações
Faro Energy Projetos Solares Holding
Banco BTG Pactual
Concessão Metroviária do Rio de Janeiro (MetroRio)
Banco Bradesco BBI
International Finance Corporation
Concessionária Auto Raposo Tavares (CART)
TVV – Terminal Vila Velha
Ouro Preto Serviços de Saneamento – Saneouro
CTEEP – Companhia de Transmissão de Energia Elétrica Paulista
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários
Banco Itaú BBA
- Assisted CDPQ in the acquisition of a 50% equity stake in FiBrasil Infraestrutura e Fibra Ótica.
- Advised Ecorodovias Concessões e Serviços throughout the entire bidding process for the Dutra highway system.
- Assisted MetroRio in preparing and negotiating all transaction documents for the issuance of debentures, including those required for characterising the debentures as infrastructure debentures.
Drawing on the experience of more than 70 lawyers dedicated to an array of sectors, including oil and gas, power, telecoms, logistics and construction, Mattos Filho possesses exceptional industry coverage and ‘is involved in the most important transactions in the infrastructure segment in Brazil‘. The firm is a leading player in project finance, and continues to advise Brazilian and international banks and sponsors on the most sophisticated financing transactions across the energy, airports, toll roads, ports, mining and sanitation sectors. In addition, it showcases strong credentials in project development, where it assists owners and contractors throughout the entire life cycle of projects. Administrative law and PPP mandates also feature in the service offering, which also includes privatisations, chiefly in the oil and gas, energy and ports sectors. Based in Rio de Janeiro, project finance expert Pablo Sorj is praised for his negotiation skills; he has worked for sponsors and lenders in some of the most innovative deals in the energy, ports, roads and mining segments. Also in the Rio office, Thiago Fernandes Moreira is a name to note for project development and construction contracts. Marina Anselmo Schneider in São Paulo dedicates her practice to project finance transactions in the context of both banking and capital market deals. In the same office, Alexandre Arlota‘s ‘performance is unparalleled in the area of project development’, while Bernardo Môcho primarily advises on project bonds and structured finance.
‘Experienced professionals who, due to their extensive experience in the market, suggest creative and efficient solutions to problems.’
‘Bernardo Môcho is an exceptional professional, with a lot of technical and practical knowledge. He always brings good solutions that meet clients’ demands, ensuring legal certainty.’
‘In addition to his academic dedication, Alexandre Arlota is very pragmatic, and so is able to present innovative solutions and alternative arguments. I believe that there is no construction lawyer more specialised and experienced than Thiago Moreira. He saw literally everything that can happen in construction projects, knowing how to anticipate stress and conflict scenarios, dealing with them in a preventive way.’
‘Alexandre Arlota and Thiago Moreira show a lot of dedication to projects and mastery of commercial and legal aspects.’
‘Service of excellence, with qualified staff at all levels, from the senior partner to the intern. Integrated view of the various facets of a transaction (legal, regulatory, environmental and financial).’
‘Pablo Sorj is an extremely skilled negotiator with a solid technical base of negotiation.’
‘Mattos Filho is involved in the most important transactions in the infrastructure segment in Brazil. Its partners are directly involved in cases and have a great response time.’
‘Alexandre Arlota has remarkable technical knowledge, which allows him to understand the concerns of our project implementation teams. Alexandre is able to translate technical terms into clear and robust contractual language. I can say that Alexandre’s performance is unparalleled in the area of project development and includes extensive knowledge of the entire life cycle of projects, enabling him to anticipate issues that may arise in the future.’
Total EREN Group
Statkraft Energias Renováveis
CELSE – Centrais Elétricas de Sergipe
Enel Green Power
GNA – Gás Natural Açu
Argo Transmissão de Energia
Atlas Energia Renovável do Brasil
Porto do Açu
- Advised Pan American Energy on the development of 423MW wind farm project Novo Horizonte in the state of Bahia.
- Assisted Patria in a non-recourse long-term financing granted by BNDES by means of its first subscription of simple debentures issued by Patria’s special vehicle purpose.
- Advised Porto do Açu, Ferroport and Açu Petróleo on the drafting of a long-term contract with Van Oord for the dredging of terminals 1 and 2 of Port of Açu.
Best known for its impressive track record in financing matters, Cescon, Barrieu, Flesch & Barreto Advogados advises clients in high-value transactions across all infrastructure sectors, encompassing all types of financing deals, notably project, asset-backed and project-based corporate loans. Debt capital markets is another area of expertise, including for Ana Paula Calil, who recently moved from the firm's banking and capital markets department to further strengthen the team’s infrastructure financing offering. Jointly led by Maurício Teixeira Dos Santos and Rafael Baleroni, the team, which is also well placed to assist with project development, is particularly noted for its knowledge of the oil and gas, energy and shipping industries. Co-head Teixeira dos Santos offers representation to domestic and international banks, investment funds, multilateral agencies and other investors in all aspects of projects and infrastructure work, chiefly financings, M&A, tender offers, developments and restructurings. Alexandre Leal Ribeiro Leite is also active in this field; he is singled out for his knowledge of project financing in the power and wastewater sectors.
Maurício Teixeira dos Santos; Rafael Baleroni
‘Negotiation skills and fighting for the client’s interests are their main characteristics.’
‘Ana Paula Calil was essential in the project negotiations, especially in raising relevant issues and risks for the company.’
Banco BTG Pactual
COPEL – Cia Paranaense de Energia
BNDES – Brazilian Development Bank
Yinson Boronia Production
China Development Bank
AES Brasil Magni Partners
IDB- Inter-American Development Bank
- Advised BTG Pactual on the project financing via capital markets of the Anemus wind farm developed by 2W.
- Advised Copel on the unbundling of its telecoms and energy assets followed by the divesting and privatisation of its telecoms subsidiary Copel Telecom.
- Advised BSB Energética on the acquisition financing (structured as project-backed local bonds) and the acquisition of a majority stake in Brasil PCH.
Leveraging bench strength in banking, financing and capital markets transactions, as well as across public law issues and regulated industries, Pinheiro Neto Advogados is well positioned to assist clients engaged in local and cross-border project finance deals, such as those involving funding through public banks, project debentures and international bond offerings. Recently, the firm has been engaged in major project finance transactions in the sanitation, power, public lighting, oil and gas, and water segments, but has been equally retained by clients in project development, administrative contracts, concessions and PPPs, particularly in the transport sector (ports, airports, highways and railways). On the contentious front, the team is also regularly seen acting in the resolution of conflicts related to construction agreements. Practice head Ricardo Russo steers the team on a range of high-value project finance matters involving banking and capital markets instruments. Júlio César Bueno, who possesses considerable international experience, is a key contact for construction and engineering contracts, dispute resolution and public procurement. Clients operating in the infrastructure, oil and gas, and energy sectors regularly turn to Ricardo Coelho for assistance with financing matters and M&A, while Thaís Fernandes Chebatt is noted for her experience in contractual modelling for construction projects. Marcello Lobo is singled out for his comprehensive knowledge of the oil and gas industry, where he advises on M&A, joint ventures and financing transactions.
Banco Itaú BBA
Azbil Telstar Brasil Consultoria
Passarelli Engenharia e Construção
Inter-American Development Bank
KIBAG Airfield Construction
- Acted as legal counsel to the underwriters in the 10th and 11th issuance of infrastructure debentures by EDP ES (R$1.2bn).
- Advised CPFL on all legal matters involving the auction regarding the sale of the corporate control of Companhia Estadual de Transmissão de Energia Elétrica.
- Acted as counsel to the underwriters in the second issuance of infrastructure debentures issued by UHE São Simão, in the total amount of approximately R$1bn.
Veirano Advogados is able to assist clients from the inception to the operational stage of a project across an array of segments, including energy, oil and gas, ports, roads and logistics. The team - which demonstrates particular strength in the financing and construction phases - brings together expertise in corporate, regulatory, administrative and real estate matters. Ana Carolina Barretto has taken a lead role in some of largest projects in the Brazilian market, and is also experienced in the development and financing of groundbreaking projects in other Latin American jurisdictions. She oversees the practice with Marcos Ludwig, who is often instructed by domestic and foreign clients in the transport and energy sectors on matters involving corporate governance, contracts and regulatory issues. Daniel Engel maintains a broad practice, covering project finance, public contracts and M&A involving infrastructure and energy assets. Tiago Figueiró focuses on power projects and transactions, while Ali El Hage Filho is a key contact for oil and gas clients. Mariella Rocha, whose experience in renewable energy projects and project finance spans two decades, joined in July 2022.
Ana Carolina Barretto; Marcos Ludwig
Banco Nacional de Desenvolvimento Econômico e Social – BNDES
Companhia de Gás do Espírito Santo – ESGas
Concessionária do Aeroporto Internacional de Guarulhos
Companhia de Gás de São Paulo – Comgás
Sadenco Sul-Americana de Engenharia e Consultoria
VLI Logística Multimodal
Westrock, Celulose, Papel e Embalagens
- Representing the lenders and agents, including BNDES, in connection with the financing of the construction and operation of the São Paulo subway Line 6 project.
- Advising Siemens Energy in connection with a shareholding reorganisation and other transactions connected to a second gas-powered power plant in the GNA Gas Hub in the Port of Açu.
- Acted as Brazilian counsel to GRU Airport in the implementation of an airport people mover (APM), a rail transportation facility that will link all three terminals and the train station of the metropolitan network.
The projects team at Demarest Advogados brings together practitioners specialised in M&A, public law, finance and capital markets, who are seasoned in issues linked to the development of projects, financing and refinancing structures, and concessions. The team, which is praised for its ‘extensive legal and strategic knowledge’ of the infrastructure sector, is particularly sought after by clients looking for guidance in bid processes, concession agreements and PPPs. Its recent highlights include significant matters involving transportation and public lighting. Leading the practice is Bruno Aurélio, whose areas of expertise include public contracts, public procurement and project development. Thiago Giantomassi takes the lead on matters concerning the issuance of debt and securitised products to fund projects, while associate Renan Sona Silva assists clients with the development of new infrastructure projects, competitive bids and litigation.
‘The team is always available to monitor the discussions and progress of the projects developed. Exceptional.’
‘Bruno Aurélio – Clarity in communication, availability and objectivity, in addition to exceptional personal treatment.’
‘Extensive legal and strategic knowledge of the sector.’
‘I’d highlight Bruno Aurelio and Renan Sona.’
OBRA Brasil Servicos, Comunicações e Energia
Socicam Administração, Projetos e Representações
Construtora Queiroz Galvão
Smart RJ Concessionária de Iluminação Pública
Banco Nacional de Desenvolvimento Econômico e Social
- Advised Smart RJ and its shareholders and Rio Smart Lighting on the issuance by Rio Smart of senior secured notes in the amount of R$925m.
- Assisted Socicam Infraestrutura e Participações in the evaluation and preparation for International Bid No. 01/2021, carried out by the State of São Paulo, for the concession of public services regarding airports.
- Assisted Empresa de Planejamento e Logística (EPL) in studies and due diligence concerning the project for the privatisation of the Port of Itajaí, in the state of Santa Catarina.
Standing out for its strong track record in the renewable energy sector, Dias Carneiro Advogados is skilled at advising on cross-border and domestic project financing, M&A deals involving infrastructure assets, project contract negotiation and regulatory matters. Credit agencies and development banks are among the team’s key clients, which also include companies from the energy, sanitation, mining, oil and gas, ports and telecoms industries. Thiago Vallandro Flores undertakes project finance work, including debt offerings and debt restructuring transactions. He jointly heads the department with Ricardo Sanches, who focuses on project finance, public procurement and the regulatory aspects of the energy and transport sectors. Contractual, financing and corporate issues relating to infrastructure are all areas of activity for Paulo Leme. Gustavo Junqueira regularly advises on investments in the energy and infrastructure sectors.
Thiago Vallandro Flores; Ricardo Sanches
‘Technical and market knowledge.’
‘I would highlight Ricardo Sanches and Paulo Leme.’
Inter-American Development Bank / Inter-American Investment Corporation
Vestas Wind Power
Vestas Power Development
International Finance Corporation
BTG Pactual Gestora de Recursos
Cyan Fundo de Investimento Multimercado Investimento no Exterior – Crédito Privado
YBYTU Empreendimentos de Energia
- Assisted Cyan Fundo de Investimento Multimercado Investimento no Exterior – Crédito Privad in the acquisition by Canada Pension Plan Investment Board (CPPIB) of a 45% stake in Iguá Saneamento.
With deep experience in all stages of greenfield infrastructure projects, Lefosse Advogados is seen with great regularity advising on project finance and development, bidding procedures, and M&A in regulated industries, including transportation, power, and oil and gas. Raphael Gomes chiefly focuses on energy and infrastructure matters, an area in which Pedro Dante and Bruno Crispim are also key contacts. Renato Edelstein possesses significant experience in the areas of energy law and civil litigation. Miriam Signor, who is highly regarded in the fields of project finance and implementation, joined from Stocche Forbes Advogados in April 2022. Paloma Valéria Lima left the firm in June 2022.
‘Excellent knowledge of the area and great professionals.’
‘Pedro Dante and Paloma Lima stand out.’
United States International Development Finance Corporation (DFC)
New Fortress Energy
CIP – Copenhagen Infrastructure Partners
CIC – China Investment Corporation
- Advising Goldman Sachs and United States International Development Finance Corporation (DFC) on the cross-border structured limited recourse project financing of Smart Luz.
- Assisted Pontoon in the development of a partnership with BRF for the construction of a 320MWp solar farm for the purpose of self-production of energy by BRF by means of a 15-year Renewable Energy Power Purchase Agreement (PPA).
- Advising BNDES and Banco Genial on the privatisation of Eletrobras.
Lobo de Rizzo Advogados
Lobo de Rizzo Advogados’ projects team is well positioned to handle all matters that arise during the life cycle of an infrastructure project, advising clients in the areas of project finance, structuring, M&A, corporate governance and litigation. The multidisciplinary practice experienced significant growth in capital markets-related work, in part as a result of Maria Costa Neves Machado’s arrival from Pinheiro Guimarães in February 2021. She brings more than 15 years of experience in finance and capital markets, acting for financial institutions and issuers in public offerings and project finance. Fabrizio De Oliveira Sasdelli is counsel of choice for many multilateral development agencies and large corporations engaged in the financing of infrastructure projects, while Rodnei Iazzetta is best known for his experience in concession modelling under a variety of contractual regimes. The recently promoted Gustavo Silveira Da Cunha frequently handles transactions involving infrastructure concessionaires.
Fabrizio de Oliveira Sasdelli; Gustavo Silveira da Cunha; Marcelo Lennertz; Maria Costa Neves Machado; Milton Pinatti; Rodnei Iazzetta
‘Team with a lot of knowledge and availability; very helpful and client-focused.’
‘Gustavo Cunha is recommended.’
Anemus Wind Holding
Rio alto Energias Renováveis
IFC – International Finance Corporation
- Assisted SABESP in the 29th issuance of infrastructure debentures by Companhia de Saneamento Básico do Estado de São Paulo – SABESP.
- Assisted BNDES in the legal due diligence of the brownfield project of SPA (Santos Port Authority) and CDSS (São Sebastião Port Authority) related to the privatisation and/or concession of their activities.
- Assisted IFC in the studies for the concession of four federal toll road concessions.
Best known for its strong capabilities in the banking and finance space, Pinheiro Guimarães provides multidisciplinary advice on project finance and development to a host of industrial and infrastructure-sector clients, including players from the energy, telecoms, oil and gas, mining and transportation segments. The broad service offering also covers the structuring, development and implementation of energy projects, notably those involving renewable sources, which is an area of increased focus for the department. Co-head André Sigelmann is skilled at handling project development, financing and M&A in the pulp and paper, power, and oil and gas industries. Fellow co-leader Roberta Giamattey Pimentel Fonseca has considerable experience in the structuring of energy and infrastructure financing alternatives in the international and domestic financial and capital markets. Bridge and long-term financings for solar photovoltaic projects are areas of recent activity for Marcela Taquette Vaz.
André Sigelmann; Roberta Giamattey Pimentel Fonseca
EDP Energias do Brasil
Brookfield Energia Renovável
China Three Gorges Brasil Energia
International Finance Corporation
Interamerican Development Bank
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários
XP Vista Asset Management
Banco da Amazônia
- Advised CSN Mineração, as issuer, on the issuance and public offering with restricted placement efforts of non-convertible unsecured infrastructure debentures in the amount of R$1bn.
- Assisted EDF Renewables in the implementation of six wind farms within the Serra do Seridó complex in the state of Paraíba.
- Assisted Banco Itaú BBA and Banco BTG Pactual, as underwriters, in the issuance and public offering with restricted efforts of non-convertible secured infrastructure debentures by Parintins Amazonas Transmissora de Energia.
With ‘extensive knowledge of the market and precedent’, Stocche Forbes Advogados fields a sizeable and specialised projects team, which attracts instructions from domestic and international clients in relation to project finance, development and restructuring transactions. Projects in the energy and natural resources sectors – including power, oil and gas, and mining – are a particular focus for the department, which is also seasoned in advising on public law and regulatory matters concerning infrastructure projects in Brazil. Founding partner Guilherme Forbes has a strong background in financial and corporate transactions involving infrastructure assets, and is often engaged by large banks and corporations in the financing and structuring of projects in Brazil. Frederico Moura focuses on project finance and capital markets deals, while Bruno Gandolfo is recommended for M&A in regulated sectors. Marco Saliba, whose areas of expertise include cross-border financing transactions and construction contracts, recently joined from Proton Energia. Miriam Signor is no longer at the firm.
Guilherme Forbes; Frederico Moura; Bruno Gandolfo
‘Excellent team focused on the project and available, extensive knowledge of the market and precedents.’
‘Availability, specialised service, partnership with the client, flexibility in charging fees.’
‘Frederico Moura is recommended.’
Élétricite De France
Banco Santander Brasil
CELSE – Centrais Elétricas De Sergipe
- Acted as legal counsel to Banco Santander (Brasil) and Banco Modal (underwriters) in the public offering with restricted placement efforts of the third issuance of debentures issued by TESC – Terminal Santa Catarina.
- Advised BB-Banco de Investimento in the public offering with restricted placement efforts of the first issuance of debentures issued by Via Brasil MT 246 Concessionária de Rodovias.
- Acted as legal counsel to Banco ABC Brasil and Banco BTG Pactual (underwriters) in the public offering with restricted placement efforts of the third issuance of debentures issued by Via Brasil MT 320 Concessionária de Rodovias.
With significant experience in all stages of the life cycle of major infrastructure projects in Brazil, Tauil & Chequer Advogados is adept in project finance, construction, operation and dispute resolution. Its alliance with Mayer Brown makes it a go-to destination for cross-border corporate and finance transactions involving other Latin American jurisdictions and Portuguese-speaking countries in Africa, but the practice is perhaps best known for its involvement in large-scale infrastructure projects across the roads, rail, ports, oil and gas, and renewable energy sectors. Project finance, including debt restructuring and infrastructure debentures, are among Eduardo Lima's core areas of activity. Bruno Werneck leads on public concessions and PPP-related work, while Alexandre Chequer focuses on oil and gas projects. Senior associate Juliana Deguirmendjian has assisted numerous clients in the structuring of infrastructure developments, bidding procedures and public contracts in the sanitation, public lighting, transport and power sectors.
Alexandre Chequer; Eduardo Lima; Bruno Werneck
Aegea Saneamento e Participações
Banco Nacional de Desenvolvimento Econômico e Social – BNDES
CRCC International Investment Group
Águas do Rio
Companhia de Saneamento Básico do Estado de São Paulo – SABESP
Louis Dreyfus Company Brasil
Monte Equity Partners
- Advised AEGEA in the bidding procedure of water and sewage services involving municipalities of the state of Rio de Janeiro.
- Advising BNDES on the structuring of the privatisation of Eletrobras.
- Assisting BNDES with the PPP for the provision of public lighting services to the municipality of Caruaru/PE.
The multidisciplinary infrastructure group at TozziniFreire Advogados provides ‘excellent advisory services' in the fields of project finance, project structuring and regulatory matters. Its diverse client roster is made up of sponsors, multilateral agencies, and domestic and foreign investors seeking advice on public bids, projects and M&A transactions in the energy, water, waste management, mobility and logistics sectors. José Augusto Dias De Castro is regularly involved in governmental, regulatory and compliance matters related to the implementation of infrastructure projects, with a special emphasis on ports and terminals. Leonardo Miranda ‘has in-depth knowledge of energy regulatory matters and is well versed in related topics'. Jun Makuta is a key contact for Japanese investors, and Karin Yamauti Hatanaka, who recently joined from Cescon, Barrieu, Flesch & Barreto Advogados, is noted for her extensive experience in project finance. Ana Carolina Katlauskas Calil stands out for her comprehensive knowledge of the power sector, including regulatory and transactional issues. Caio de Souza Loureiro, who is seasoned in infrastructure projects and administrative contracts, joined from Cascione Pulino Boulos Advogados in March 2022.
José Augusto Dias de Castro; Leonardo Miranda; Jun Makuta; Karin Yamauti Hatanaka; Ana Carolina Katlauskas Calil
‘Jun Makuta is skilled in negotiations, flexible, always seeking the best solutions for clients.’
‘The team is extremely pragmatic, with deep knowledge of the business. All partners, in their respective specialties, have a deep knowledge of their markets, always distinguishing between what is common practice in Brazil and what is not, often through comparisons with what is practiced in other jurisdictions. All professionals are fluent in English, with an integrated and international profile. They value technical excellence. Another point that also makes them stand out is that, despite being a large firm, the relationship with us is very fluid, efficient and customised.’
‘Leonardo Miranda has in-depth knowledge of energy regulatory matters and is well versed in related topics, such as corporate, project financing, administrative law and tax matters specific to the sectors he covers.’
‘The team provided excellent advisory services. We had discussions that were very well handled by the team. I also highlight that the transaction was signed in record time.’
Advent do Brasil Consultoria e Participações
IFC – International Finance Corporation
Philips do Brasil
Mckinsey & Company
Litasco (Lukoil Group)
- Acted for FDN in the sale of the Colombian Ministry of Finance’s equity interest (51.4%) in Interconexión Eléctrica (ISA) to Ecopetrol.
- Assisted Ontario Teachers’ Pension Plan Board – OTPP with the acquisition of 100% of the shares held by TPG in Evoltz Participações.
- Part of a consortium that won a bidding process and executed an agreement with BNDES, whose scope is to perform the studies required for privatising Empresa de Trens Urbanos de Porto Alegre – TRENSURB.
With lawyers based in São Paulo and Belo Horizonte, Azevedo Sette Advogados houses a team of practitioners adept in public tenders, concessions, privatisations and PPP projects. Singled out for its public law expertise, the practice works on large-scale projects across a range of industries involving both the private sector and public administration. Department head Frederico Bopp Dieterich has more than two decades of experience in transactional and regulatory matters involving infrastructure projects; project finance, concessions and M&A in regulated sectors are among his core areas of activity. Fellow co-leader Leonardo Moreira Costa De Souza, who also heads the real estate group, has combined knowledge of PPPs, corporate and M&A, and financing mandates. Bruna Bouissou is another key name to note in the team, especially in matters concerning the financing of infrastructure projects and contracts.
Frederico Bopp Dieterich; Leonardo Costa de Souza
Serveng Civilsan – Empresas Associadas De Engenharia
Cataratas Do Iguaçu
Ozn Health Spe
Concessionária Do Aeroporto Internacional De Confins
MLC Infra Construção
Porto De Cima Concessões
Sano Saneamento E Participações
Sanepav Saneamento Ambiental
Comerc Esco Comércio E Prestação De Serviços Em Energia
- Assisted the consortium led by Serveng Civilsan in an arbitration in connection with the upgrade and modernisation of a train line.
- Advised JMalucelli Group, by means of one of its affiliates, CPE Participações, on the sale of 100% of its equity interest into seven companies to AES Energia.
- Provides assistance to Cataratas do Iguaçu in the bid for the concession of São Paulo State Zoo.
Clients operating in a range of regulated sectors turn to Cascione Pulino Boulos Advogados for advice on project finance, development and M&A transactions. Eduardo Juaçaba‘s notable areas of practice include M&A transactions involving infrastructure assets. Caio de Souza Loureiro is no longer at the firm. Since publication, Luana Komatsu Falkenburger left the firm.
Felsberg Advogados has an established presence in project finance, and as a result is routinely engaged by an array of financial services clients, including multilateral development banks. Its core strength, however, resides in the structuring and management of infrastructure projects across a variety of sectors, with particular emphasis on sanitation, waste management, telecoms and most recently energy. Dedicated to project finance, Maria Da Graça Pedretti jointly heads the department with three other practitioners: Marianne Albers, who focuses on public and regulatory law; Rodrigo Bertoccelli, a key name for sanitation and power projects; and founder of the Women in Energy group Ligia Schlittler, who joined from TozziniFreire Advogados in March 2021.
Maria da Graça Pedretti; Marianne Albers; Rodrigo de Pinho Bertoccelli; Ligia Schlittler
GS Inima Brasil
Concremat (Grupo CCCC)
World Resources Institute
Prefeitura Municipal de Campo Grande
Prefeitura Municipal de Cassilândia
Fundação Agência Bacia Hidrográfica do Alto Tietê – FABHAT
- Retained by BNDES in a public bid to develop a PPP for the provision of water and sewage services to the state of Alagoas.
- Advised Unifique Telecomunicações as a member of Consórcio 5G Sul, which won Lote C6 in Brazil’s first 5G auction, held by ANATEL.
- Assisted the global research organisation World Resources Institute with an assessment of the Brazilian urban freight and passenger transport markets.
A reference in the field of public law, Manesco, Ramires, Perez, Azevedo Marques Sociedade de Advogados excels in matters involving the interaction between public entities and private stakeholders, which makes it well placed to assist a variety of clients in innovative PPP structures and concession projects. Specialised in administrative law and regulatory matters, Maís Moreno advises on the structuring of infrastructure projects throughout Brazil. She oversees the department with Raul Felipe Borelli, who provides advice on multilateral project financing and manages the Belo Horizonte office.
Maís Moreno; Raul Felipe Borreli
‘Manesco has been performing the necessary activities in legal modeling with quality, such as regulatory analysis and support in the development of public notices, contracts and other documents.’
IFC (International Finance Corporation)
BNDES (Banco Nacional de Desenvolvimento Econômico e Social)
Consórcio. Grupos CCCC e CRCC
SPGG-RS. Secretaria de Planejamento, Governança e Gestão do Rio Grande do Sul
Ikons ATN / IDB (Inter-American Development Bank)
IFC (International Finance Corporation)
IDB (Inter-American Development Bank)
Emsa (Empresa Sul Americana de Montagens)
World Bank / Convênio com a AMFRI – Associação dos Municípios da Foz do Rio Itajaí)
Consortium Rio Mais – PPP Parque Olímpico
Porto de Açú
Caixa Econômica Federal
Grupo Águas do Brasil – Saneam. Amb. Águas do Brasil (SAAB)
- Providing legal assistance to the constructors (Consortium CCCC & CRCC ) of the Salvador-Itaparica bridge.
- Advising IADB on the constitution of a system of guarantees for PPPs of penitentiaries in southern states.
- Assisting IFC and BNDES in studies concerning a new legal regime for Brazilian ports.
Schmidt, Valois, Miranda, Ferreira & Agel Advogados
Rio de Janeiro-based firm Schmidt, Valois, Miranda, Ferreira & Agel Advogados is fully dedicated to natural resources and related infrastructure, and has a strong reputation in the oil and gas sector. Besides its strength in energy-related projects, the team is also well placed to act for international and Brazilian clients in the financing and structuring of projects in the water, sanitation and transport segments. Antônio Luís Ferreira, who has relevant in-house experience in a major global energy company, is primarily active in M&A and regulatory matters involving mining and oil and gas clients. Paulo Valois Pires has been particularly busy assisting clients in international tenders promoted by the Petroleum Agency and Petrobras in relation to the divestment of onshore and offshore assets. Another name to note in the team is Rogério Sobral De Miranda, who advises on project finance, corporate transactions and joint ventures. Energy and infrastructure are core sectors of activity for Guilherme Schmidt QC. Isabela Faria is a key contact for project finance deals, while Anna Paula Barbosa de Carvalho Góes handles disputes involving projects.
Antonio Luís Ferreira; Paulo Valois; Rogério Miranda; Guilherme Schmidt
Gas Natural Açu – GNA
Rio Motor Sports
EDF Norte Fluminense
- Acts for Petrobras Distribuidora in a joint venture for the distribution of LNG in Brazil.
- Assisted Verde Participações in the acquisition of onshore upstream assets under the divestment programme carried out by Petrobras.
- Provided regulatory and contractual assistance to Moncarlo in the development of a shared distributed generation project, comprising the implementation of three small hydroelectric power plants.
Toledo Marchetti Advogados
‘Focused exclusively on the infrastructure and construction markets’, Toledo Marchetti Advogados provides consulting and transactional advice in the context of construction projects, contract management, arbitration, M&A and administrative law. The projects team assists clients – ranging from project owners to concessionaires and contractors – throughout all stages of the financing, structuring and implementation of infrastructure developments in the energy, transport and industrial sectors. Leonardo Toledo da Silva, who stands out for his in-depth knowledge of engineering and construction contracts, is praised by clients for his ‘mastery of complex and extremely innovative topics in the market’. Marcelo Vicentini Marchetti‘s notable areas of practice include public projects and compliance, while arbitration is the main area of focus for Ricardo Medina Salla. Other key individuals include arbitration and construction law specialist Adriana Regina Sarra de Deus, and Rodrigo Esposito Petrasso, who assists with concessions, PPPs and project finance structuring.
Leonardo Toledo da Silva
‘I enjoy working with Toledo & Marchetti for their competence, and in-depth technical knowledge.’
‘Ricardo Medina Salla and Adriana Sarra are very competent, available, experienced and intelligent.’
‘Toledo Marchetti Advogados have the strategic vision of becoming the biggest reference in Brazil in the provision of legal services exclusively dedicated to these sectors, committing themselves to the market and business of their clients. Engagement, availability and search for results are also a striking feature. The strategic focus on the infrastructure and construction segments allows the firm to offer its clients a global view of the business, due to the services provided for the entire cycle of an infrastructure project.’
‘We highlight the performance of Leonardo Toledo da Silva. His knowledge of the business as a whole is noteworthy, and he is always able to add a lot to discussions, decision-making and project construction. His engagement and availability are impeccable.’
‘Leonardo Toledo and Felipe Lisboa demonstrate full mastery of the technical knowledge necessary to perform the services provided – a reflection of the team’s academic credentials. Always able to meet the demands and deadlines requested, maintaining open communication with the company’s internal team.’
‘Leonardo Toledo – in addition to his exceptional ability to communicate with in-house multidisciplinary teams, he stands out for his academic knowledge, which is reflected in his mastery of complex and extremely innovative topics in the market.’
Suzano Papel e Celulose
EDP Energias do Brasil
Enel Green Power
PBTE – Piratininga Bandeirantes Transmissora de Energia
Alves Ribeiro do Brasil
TUP Porto São Luis
Construções e Comércio Camargo Corrêa
Estaleiros do Brasil
Construtora Queiroz Galvão
Viabahia Concessionária de Rodovias
Andrade Gutierrez Engenharia
Tiisa Infraestrutura e Investimentos
CCI Concessões e Construções de Infraestrutura
Odebrecht Engenharia e Construção
HTB Engenharia e Construção
Consórcio Expresso Linha 6 (CEL6)
- Assisting Suzano with the drafting, review and negotiation of major agreements to be executed for the implementation of a pulp and paper plant.
- Advises World Praia da Costa Administradora de Bens on the analysis and negotiation of the Builtto-Suit Agreement and of the construction contract for a project in Vila Velha.
- Advised Castanhal, as owner, on the analysis and negotiation of an EPC turnkey contract for the implementation of a project.
Trench Rossi Watanabe
Trench Rossi Watanabe is a popular choice for clients with relevant activity in the ports, energy, infrastructure and defence sectors. Energy projects are also a strong point for the department, which is particularly seasoned in M&A transactions involving regulated sectors and infrastructure assets. Concessions and privatisations also feature on the busy workload handled by the practice, which is highly sought after by Chinese companies looking to invest and operate in Brazil. José Roberto Martins oversees the department and maintains a broad practice encompassing M&A, concessions and greenfield developments. Danielle Valois is a key contact for oil and gas clients, while Henrique Frizzo specialises in public law and regulatory matters. Power regulatory specialist Adam Milgrom is also experienced in transport, water and sanitation projects.
José Roberto Martins
‘TRW has always been a reference in the legal market and I have had the opportunity to be involved, albeit indirectly, in several works carried out by this team. Always with great quality, competence, speed, robustness and experience of professionals involved in the most diverse subjects. The firm has qualified lawyers with market experience in all or almost all subjects, and this is quite innovative, as it demonstrates its concern to serve its clients in the best possible way.’
‘Adam Milgrom is always available to assist you and discuss topics with you extensively. Always demonstrating full knowledge of energy and innovation issues, in addition to being agile, which is essential for any company these days. José Roberto Martins follows the same line, always very kind!’
‘What distinguishes it positively is its size and the number of different areas that manage to serve the client.’
C6 Launch Systems
Casa Dos Ventos
China Tiesjiu Civil Engineering Group
GE Energias Renovaveis
Mitsubishi Hitachi Power Systems
- Advised Ecopetrol on the acquisition of Interconexión Eléctrica.
- Advised SPIC on a transaction involving two gas-fired thermoelectric power plants, an LNG terminal, and other pipeline gas-fired thermoelectric projects.
Vieira, Rezende, Barbosa e Guerreiro Advogados
Vieira, Rezende, Barbosa e Guerreiro Advogados has cemented a strong position in the project finance space through its work on high-value transactions on behalf of major financial services clients, often involving long-term loans with development banks, infrastructure debentures and issuances of bank guarantees. ‘Project finance expert’ Marina Ferraz Aidar is one of the main points of contact for banks, investment funds and companies engaged in the financing of infrastructure projects. Additionally, the team is seasoned in regulatory issues and administrative procedures involving large-scale infrastructure projects, and also demonstrates extensive experience in bidding processes, concessions and PPPs. Cláudio Guerreiro leads on M&A transactions and developments in the mining, logistics and sanitation segments; Claudio Roberto Pieruccetti Marques focuses on contentious matters; and Celso Arbaji Contin maintains a broad transactional practice. The regulatory and public affairs offering was reinforced by the arrival of Maria Virginia Mesquita Nasser, who was previously at the International Finance Corporation (IFC). Since publication, Luana Komatsu Falkenburger joined from Cascione Pulino Boulos Advogados.
Marina Ferraz Aidar; Cláudio Guerreiro; Claudio Roberto Pieruccetti Marques; Maria Virginia Mesquita Nasser; Celso Arbaji Contin
‘Practical and agile in handling matters.’
‘Marina Aidar – project finance expert, excellent negotiation skills, great delivery capacity.’
‘Competitive price and ability to bring solutions that make deals viable.’
‘Involvement of partners in all stages of the process, in addition to the above-average quality of professionals that adds a lot of value to transactions.’
‘The entire team is very competent, but I nominate the partners Marina Aidar and Lucia Aragão for their knowledge in their areas and the way they apply this knowledge to the client’s needs (business vision, understanding the client).’
EDP Renováveis Brasil
Serveng Energias Renováveis
CER – Companhia de Energias Renováveis
Banco Sumitomo Mitsui Brasileiro
Macquarie Bank Limited
Banco BTG Pactual
Transmissora Sertaneja de Eletricidade
Brazilian Development Bank (BNDES)
- Assisted Omega Geração, as issuer, and Banco BTG Pactual, as underwriter, on Omega’s green bonds issuance worth R$1.05bn.
- Assisting the consortium 3T Flexíveis in regulatory and contractual matters in relation to the construction and operation of a base for the storage and handling of maritime support equipment.
- Assisted Banco Itaú BBA as lead arranger of a debenture offering worth R$700m from EDP Energias do Brasil, for the acquisition of Transmission Company CELG T.
Arap, Nishi & Uyeda Advogados
At BMA – Barbosa, Müssnich, Aragão, the infrastructure, regulatory and government affairs team attracts instructions from domestic and international clients in competitive bidding processes, PPPs and concessions, but is perhaps best known for its transactional capabilities in the infrastructure space. Ana Cândida de Mello Carvalho has considerable experience in regulated sectors and public law matters, and has advised on numerous infrastructure projects in the sanitation, public lighting and transport segments. She oversees the department with Rafael D’Avila Dutra and Camila Goldberg, the latter of whom is recommended for project finance transactions.
Rafael Dutra; Ana Cândida De Mello Carvalho; Camila Goldberg
‘BMA brought great experience in financing airport projects, with great dedication.’
‘Ana Cândida de Mello Carvalho is skilled at anticipating risks and always proposing innovative solutions.’
Abengoa Concessões Brasil Holding
Global Logistic Properties (GLP)
Porto de Cima Concessões
Companhia Siderúrgica Nacional
Salina Diamante Branco
Santos Brasil Participações
- Represents Abengoa Concessões Brasil Holding in administrative proceedings pending with the National Electric Power Agency (ANEEL) in which the company’s power transmission subsidiaries are parties.
- Advised Vitol with the legal analysis of Public Consultation No. 1/2020 launched by ANP with the purpose of obtaining contributions to review ANP Ordinance No. 251/2000.
- Provided legal assistance to Companhia Siderúrgica Nacional in the analysis of the limits and extent of the benefits to which the self-producer of electric power is entitled, based on federal laws and regulation.
The ‘sizeable and competent team’ at Giamundo Neto Advogados is ‘prepared to solve complex issues’ arising in the context of infrastructure projects, notably developments in the sanitation, waste management, highways, airports and energy spaces. Recent engagements demonstrate that the firm is trusted by international and domestic clients, both from the private and public sectors, in all phases of projects, including project structuring, divestments, PPPs and bidding processes. Luiz Felipe Pinto Lima Graziano, who has a notable background in the sanitation and waste management sectors, chairs the department. At the associate level, Diogo Albaneze Gomes Ribeiro and Natasha Maria Soares Viana bring together expertise in project structuring and litigation, while Daniel Almeida Stein focuses on project finance, public procurement and compliance.
Luiz Felipe Pinto Lima Graziano
‘Giamundo Neto has highly specialised lawyers who meet all necessary demands for the infrastructure sector, especially in the segments of sanitation, highways and public lighting.’
‘The team provides a specialised service tailored to the client’s needs, always seeking the best result for the client. Luiz Felipe Graziano is excellent.’
‘Sizeable and competent team. Meets all requested demands, with flexible fees, accepts tighter deadlines for delivery when necessary. Great availability of professionals.’
‘Felipe Graziano is attentive, available, knows the sanitation market well and is always up to date with new opportunities and topics of interest to the group. Diogo Albaneze is an excellent professional, with diversified skills (both in litigation and advisory).’
‘Young, experienced team prepared to solve complex issues efficiently. Giamundo is attentive and insightful. Graziano is a “rising star”. Due to in his in-house experience, he understands concerns inherent to his clients.’
‘Giamundo Advogados has an extremely prepared team. What stands out the most is the team’s technical quality, mainly related to administrative law and infrastructure projects.’
Grupo Arteris – Concessionária Via Paulista
Zetta Infraestrutura e Participações
FIPE – Fundação Instituto de Pesquisas Econômicas
BRK Ambiental Participações
Aegea Saneamento e Participações
GS Inima Brasil
- Assisting BRK Uruguaiana to obtain more favourable terms in the project related to the provision of water and sewage system services offered to the municipality of Uruguaiana.
- Retained by Sacyr Concessões to handle its construction project for the duplication of highway RS-287 (from Tabaí to Santa Maria).
- Advising BRK Ambiental Rio Claro on reviewing an agreement related to the provision of sewage services to the municipality of Rio Claro.
Justen, Pereira, Oliveira & Talamini Advogados
With notable strength in the ports and toll roads segments, public law powerhouse Justen, Pereira, Oliveira & Talamini Advogados is skilled at handling contentious matters and public law issues involving infrastructure projects and contracts. Its practitioners are also skilled in public tenders and concessions, and have recently witnessed an increase in work related to water, sanitation and energy projects. The team is under the joint leadership of Cesar Pereira, whose experience covers energy, water, construction and transport developments, and Rafael Wallbach Schwind, who specialises in public law.
Cesar Pereira; Rafael Wallbach Schwind
Abratec – Associação Brasileira Dos Terminais De Contêiners De Uso Público
APM Terminals Itajai
Concessionária Aeroporto Rio De Janeiro (Rio Galeão)
Grupo Metha (Metha, formerly known as OAS and Construtora OAS)
BRK Ambiental Participações
Eldorado Brasil Celulose
Engenharia De Obras Terminal De Contêineres De Paranaguá – TCP
Terminal De Vila Velha
- Represents Abratec – Associação Brasileira Dos Terminais De Contêiners De Uso Público in court disputes regarding the underwater drilling and blasting of rocks near the port area of Paranaguá.
- Advising BRK Ambiental in relation to a series of regional concessions in multiple parts in Brazil.
- Provides ongoing advice to Concessionária Aeroporto Riode Janeiro (Rio Galeão) on issues related to the concession agreement concerning Antonio Jobim International Airport.
Rolim, Viotti, Goulart, Cardoso Advogados
Singled out for its experience in regulated sectors, Rolim, Viotti, Goulart, Cardoso Advogados' projects and infrastructure group has a strong following of clients engaged in energy, mining and industrial projects. With practitioners based out of São Paulo, Rio de Janeiro, Belo Horizonte and Brasília, and benefitting from close coordination with the firm’s other departments (including corporate and M&A, dispute resolution and tax), the team is adept in a broad range of infrastructure projects. Practice head Luis Gustavo Miranda advises on infrastructure law and contractual issues. Paulo Teixeira Fernandes, who focuses on projects, compliance and contracts, and Fabio Appendino are other names to note.
Luis Gustavo Miranda
‘Timely responses and knowledgeable about the business.’
‘Paulo Teixeira Fernandes and Luis Gustavo Miranda are recommended.’
EuroChen Fertilizantes Tocantins
Fiat Chrysler Automóveis Brasil LTDA (FCA)
Spal Indústria Brasileira de Bebidas (Coca-Cola FEMSA)
Vallourec do Brasil
Brazilian Nickel Limited (BRN)
Helexia (Voltalia subsidiary)
Kinross Gold Corporation
Mosaic Fertilizantes do Brasil
MF Projetos em Energia
Macaúbas Energias Renováveis
Equinox Gold (Leadgold Mining)
- Providing assistance in the construction of the Vallourec Sumitomo Steel Complex in Jeceaba, state of Minas Gerais.
- Assisted ArcelorMittal in all agreements necessary for the execution of a partnership aimed at the implementation of a photovoltaic plant that will supply energy to the Arcelor plant in Itaúna.
- Assisted Coca-Cola Femsa in all legal aspects related to a major expansion of a plant to increase its production capacity.