Projects and energy in Panama

Galindo, Arias & López

Galindo, Arias & López's sizeable team is regularly involved in high-profile energy and infrastructure projects in the market; areas of expertise include project finance, regulatory issues, public bid processes, procurement and construction. In the energy sector, the team is also experienced in advising on power purchase agreements, M&A involving energy companies, and government authorisations. Clients include domestic and international financial institutions, corporate lenders, investors and developers. The practice is led by Salomón Behar, who has extensive experience in the development and financing of energy, real estate and infrastructure projects; Cristina Lewis de la Guardia, who has expertise in renewable energy projects; and public procurement expert Cristina Thayer. Diego Herrera, who is highly regarded for project financing, is another key contact.


‘Great availability and experience in multiple areas in which we have needed their services. Great presence and representativeness.

‘I have an excellent personal and professional opinion of Salomon Behar. He is always at our service, coordinating the team so it always includes the best professionals in the firm in each area.’

Key clients


China State Construction Engineering Corporation

Panama Canal Authority


Edemet & Edechi

Petroterminal de Panama ( PTP)



Real Estate Infrastructure Company

Ocean Reef Islands Financing

Inmobiliaria San Fernando

Fontus Hydro, LLC

Work highlights

  • Advised UEP Penonome I on all regulatory matters regarding the connection of an electric substation owned by the client to a photovoltaic power plant.
  • Advised Ocean Reef Islands on the project financing of its development of a residential complex on man-made islands in Panama.
  • Acting for Systra in the public bid process undertaken by Metro de Panamá for the project management of the extension of Line 1 of the Panama metro system.

Alemán, Cordero, Galindo & Lee

Alemán, Cordero, Galindo & Lee has experience advising on high-profile domestic projects in a range of sectors, with particular expertise in hydroelectric and other energy projects, major public infrastructure developments, and high-end real estate projects. The team acts for local and international companies, financial institutions and investors, including leading energy distributors and generators. The multi-disciplinary team advises on the structuring, financing and operation of projects, as well as labour and commercial matters following construction. Eloy Alfaro, who is highly experienced in project finance and development, leads the team, while Jaime Castillo, who has expertise in energy and infrastructure matters, is also a key contact.

Practice head(s):

Eloy Alfaro

Key clients

Grupo EPM

Grupo Celsia

Petroterminal S.A. (PATSA)

Sociedad Latinoamericana De Inversiones (SlI)

Petroleos Delta

Grupo AES

Grupo Unidos Por El Canal 

Constructora Urbana

London & Regional (Panamá), S.A.

Consorcio Loma Cová

Grupo Carso

Work highlights

  • Advising Consorcio Loma Cová (formed by Acciona Construcción and Constructora Meco) on the project to expand and restore part of the Pan-American Highway between the Bridge of the Americas and Arraiján.
  • Advising Grupo GEN on its proposal for the public bid process carried out by the Panama Maritime Authority for a port project.

Arias, Fábrega & Fábrega

Project finance is a key area of expertise for Arias, Fábrega & Fábrega, which regularly assists with the financing of major traditional and renewable energy projects, predominantly acting for lenders on international financings. It also has experience advising on high-profile public and private infrastructure developments in the transport and healthcare sectors. The multi-disciplinary team is led by Estif Aparicio, who has extensive experience in the financing of energy, transport, health and other public infrastructure projects; banking and capital markets specialist Ricardo Arango; head of government contracts and licences Rosa Restrepo; and Sofía Cohen, who specialises in regulatory issues in the energy sector.

Key clients



Citigroup Global Markets



The Bank of Tokyo-Mitsubishi UFJ, Ltd

Sumitomo Mitsui Banking Corporation


Deutsche Bank

Banco General

Work highlights

  • Advised Acciona Construcción on the provision of two factoring facilities by Global Bank for the construction of two water treatment plants for the Institute of National Aqueducts and Sewers of Panama.
  • Acted as Panamanian counsel to DNB ASA and Société Générale on a $100m syndicated loan to EnfraGen, the owner of three hydroelectric power plants in Panama.

Morgan & Morgan

Morgan & Morgan has an active practice advising on the development of major energy and infrastructure projects, with particular experience assisting with solar and hydroelectric power plants. The team also advises on project-related transactions, including M&A and project financing, and assists clients with regulatory issues. Practice head Ramón Varela is experienced in the financing and development of high-profile transportation, ports and energy projects. Other key contacts include project finance specialist Inocencio Galindo; Aristides Anguizola, who has extensive experience advising on mining developments; and senior associate Ana Carolina Castillo, who specialises in the development of energy projects and regulatory matters.

Practice head(s):

Ramón Varela