Alemán, Cordero, Galindo & Lee stands out for its expertise in the financing and development of large-scale transport infrastructure projects, including the construction and expansion of ports and highways and, most significantly, projects relating to the Panama Canal. The team is also adept at handling the development of renewable and conventional energy projects, and fields further strength in corporate transactions involving the energy and natural resources sector, most notably mining assets. Eloy Alfaro is recurrently retained by developers in major infrastructure projects; he oversees the department alongside Alejandro Ferrer, a specialist in energy, natural resources and infrastructure matters, who recently returned to the firm after serving as Panama’s Minister of Foreign Affairs. Mandates in the energy sector are a core area of focus for Jaime Castillo. Raúl Borrell has a strong track record in public tenders, concessions and project finance.

Galindo, Arias & López‘s multi-disciplinary practice offers advice to a diverse client roster of financial institutions, major developers, energy companies and venture capital investors on the full spectrum of project finance and development matters. Its broad service offering also covers public procurement, government contracts, and regulatory matters. The team is particularly experienced in advising on the development of large-scale renewable energy projects, but acts for clients across the construction, infrastructure and healthcare sectors. Of counsel Salomón Behar heads the project finance practice, with a focus on acting for key names in the energy space, while Cristina Lewis de la Guardia leads the regulatory department and possesses notable expertise in project development. Other key names include Diego Herrera, who focuses on project finance and M&A deals involving energy assets, and Jose Luis Sosa. Cristina Thayer  is no longer at the firm.

Noted for its ‘extensive knowledge and experience‘ in the projects and energy spaces, Morgan & Morgan acts for an impressive client base, comprised of multilateral agencies, financial institutions, public bodies, mining and energy companies, in the full range of mandates. Project finance is a particular area of strength for the team, which showcases significant expertise in the development of major transport infrastructure projects, including the recent expansion of the Panama Metro, as well as hydroelectric, solar power and mining plants. The practice also ‘facilitates the development of legal strategies‘ in the context of public tenders and concession contracts. Leading the department, Ramón Varela stands out for his wealth of experience in project finance in the energy and infrastructure sectors. Other noteworthy practitioners include finance specialists Inocencio Galindo and Kharla Aizpurúa; Aristides Anguizola, a key name for mining clients; and senior associate Ana Carolina Castillo, who specialises in energy transactions. Since publication, Castillo has been raised to the partnership - effective as of January 2023.

With notable experience in the oil & gas, logistics and maritime sectors, Alfaro, Ferrer & Ramírez fields a 'competent' practice that provides legal support to a host of clients in relation to the financing and construction of projects. Typical mandates also include public procurement, concession contracts and regulatory issues. The department is under the leadership of Annette Bárcenas, whose areas of focus span public procurement, regulatory matters and project finance. 'Excellent lawyer' Juan Antonio Alfaro specialises in regulatory matters relating to oil free trade zone projects. Other names to note include corporate and project finance expert Roberto Harrington, and recently promoted partner Luis Horacio Moreno, a key contact for procurement mandates.

Standing out for its extensive experience in the financing of infrastructure projects, Arias, Fábrega & Fábrega is also well placed to advise on government contracts, concessions and the development of major toll roads and metro lines. In the energy sector, the practice is regularly instructed in project finance and regulatory mandates, and offers representation to key clients in administrative proceedings before the public services regulator. Estif Aparicio has handled the financing of major energy, transportation and healthcare projects, while Roy Durling is the main point of contact for clients from the mining, and oil & gas sectors. Fernando Arias F, who was promoted to partner in 2022, is also seasoned in infrastructure projects.

The ‘professional, friendly and cooperative‘ practice at Fabrega Molino has standout strength in project finance, and offers advice to the full range of participants, including multilateral institutions and government agencies. The practice excels in the development of large-scale projects in the transport, renewable energy and mining spaces, and is adept at handling regulatory matters and major acquisitions in the energy sector. Principal partner Ana Lorena Morales manages the team which is noted for its 'deep knowledge of Panamanian law'. Her legal specialisms include public contracting, energy law and projects. Of counsel Tatiana Abadía is highlighted for her project finance expertise.