Projects and project finance in Portugal

Campos Ferreira, Sá Carneiro & Associados

Campos Ferreira, Sá Carneiro & Associados is noted for its project finance expertise and is regularly engaged on a range of transport, energy and infrastructure sector projects. Maria Castelos is a key figure.


Benefitting from its international footprint, Linklaters is regularly involved in domestic and cross-border project finance, M&A and development mandates. Domestically, the team is frequently engaged on energy and infrastructure projects, acting for sponsors, lenders and public bodies. Internationally, the team is well positioned to advise on projects and project finance instructions across Lusophone African jurisdictions. Department head Francisco Ferraz de Carvalho is a key figure for projects and project finance.

Practice head(s):

Francisco Ferraz de Carvalho


Great ability and knowledge to deal with the investment contracts that we use. Optimal working capacity and knowledge of the subjects dealt with. Excellent performance and skills demonstrated in negotiation meetings with suppliers.

Key clients

Mozambique Rovuma Venture SpA


Neoen S.A.S.

Grupo Barraqueiro

King Street Capital Management LP

Kronos Investment Group

Luz Saúde, S.A.

Ordu Yardımlaşma Kurumu – OYAK

ROADIS Transportation Holding, SL (PSP Investment Board)

Glennmont Partners

Marguerite Adviser

AGS – Administração e Gestão de Sistemas de Salubridade, S.A.

Banco Santander

La Caixa


Work highlights

  • Advised Mirova Core Infrastructure Fund SCS SICAV-SIF on the acquisition, through a wholly-owned subsidiary, of 90% of the issued share capital and shareholder credits of Hyperion Energy Elvas, a Portuguese SPV dedicated to development, construction, operation and maintenance of a 25MW solar photovoltaic project.
  • Advised Kronos Investment Group and King Street Capital Management under a JV arrangement bid for the acquisition of plots A and B1 located in the properties of the former Lisbon Fair (Feira Popular) in the context of the public auction.
  • Advising FCCB on the public award procedure for surface rights for the construction and operation of retail trade and services constructions and a hotel.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Morais Leitão, Galvão Teles, Soares da Silva & Associados is regularly engaged by lenders and promoters on project finance mandates. Major energy and infrastructure sector projects are key areas of expertise. Banking and finance specialists Luís Branco and Filipe Lowndes Marques are key figures, as are managing associate Filipa Morais Alçada and counsel Cláudia Castanheira dos Santos.

Practice head(s):

Filipe Lowndes Marques


Technical skills; experience; sympathy; empathy; availability; and celerity. It is clearly in the ‘top firms’.

Work highlights

  • Advised a client on the development and construction of an offshore wind project to be implemented in Portugal, involving the construction of a wind plant using sea floating platforms, referred to as project ‘Windfloat’.


PLMJ is regularly instructed on high-profile Portuguese infrastructure projects and is experienced in handling road, rail, airport and harbour developments. International projects are also a mainstay of the practice; it is often engaged in complex infrastructure projects across Angola, Mozambique and China. Inês Pinto da Costa is experienced in projects in Portugal and Angola.

Practice head(s):

Inês Pinto da Costa


I have worked with Inês Pinto da Costa and Diogo Duarte Campos; they have proven invaluable on numerous Angola-related financings and are responsive, commercially minded and provide excellent availability.

Key clients

APDL – Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A.


K.A. – Kora Angola, Lda.


EDP Produção de Energia S.A.

Empordef – Engenharia Naval, S.A.

Ascendi Group

TAP – Transportes Aéreos

Portugueses, SGPS, S.A.

Welink Energy

Work highlights

  • The team is advising Kora Angola, a joint venture between Sonangol Imobiliária (SONIP) and Vital Capital Fund on its aim, in the first stage, to build 40,000 affordable homes in six different provinces of Angola.
  • Advised Ardian Group on the acquisition of Ascendi and Ascendi PT, which hold five motorway concessions (Ascendi Grande Lisbon, Ascendi Costa de Prata, Ascendi Beira Litoral and Beira Alta, Ascendi Norte, and Ascendi Grande Porto).
  • Advising APDL – Administração dos Portos do Douro, Leixões e Viana do Castelo on all the legal issues concerning the Douro River Emergency Plan Project.

Uría Menéndez – Proença Carvalho

With 'total commitment to the client and the project', the multi-disciplinary offering at Uría Menéndez – Proença Carvalho is often engaged on public law, regulatory, financing, transactional, dispute resolution and day-to-day project issues. The energy sector is a central focus and clients include infrastructure operators and concessionaires, financiers, major international funds and conglomerates. Managing partner of the Lisbon office Bernardo Diniz de Ayala and senior associate João Louro e Costa are key figures.

Practice head(s):

Bernardo Diniz de Ayala; Antonio Villacampa Serrano; Pedro Ferreira Malaquias


High technical quality and high availability of the teams involved.

Total commitment to the client and the project.’

Key clients

REN, Gás, S.A.

AXPO Iberia S.L.

BlackRock Investment Management (UK) Ltd.

Marubeni Corporation

Banco Santander Totta, S.A.

Aquila Capital Real Assets Investment Verwaltungsgesellschaft mbH

Macquarie Corporate Holdings Pty Limited (UK Branch)

Acciona Concesiones S.L.

AGS – Administração e Gestão de Sistemas de Salubridade, S.A.

Strategic Value Partners (UK) LLP

Ecodeal (FCC group)

Caixa Banco de Investimento, S.A

Banco BPI

Goldenergy – Comercializadora de Energia, S.A.

Work highlights

  • Advising Banco Santander as a financing party of the distressed Algarve Litoral motorway concession.
  • Advising a consortium (Acciona Concesiones/Macquarie Capital) on the preparation and submission of a bid for the ongoing procurement procedure for the award of the Hospital de Lisboa Oriental PPP concession agreement.
  • Advised BlackRock Investment Management (UK) on the acquisition of a project company developing a solar photovoltaic power plant.


The 'very personable team' at VdA is well placed to handle a range of instructions relating to complex projects and is particularly experienced in energy, transport and infrastructure-sector mandates. Aside from its experience in Portuguese projects, the team is also regularly instructed in projects across several African jurisdictions, including Mozambique and Angola. Clients include sponsors, awarding entities, construction companies, operators, lenders and international organisations. Manuel Protásio and Teresa Empis Falcão stand out for project finance work; Paulo de Barros Baptista leads on infrastructure projects; and Vanda Cascão and Ana Luís de Sousa are energy-sector specialists.

Practice head(s):

Manuel Protásio


The team has extensive knowledge on commercial contracts pertaining to oil gas, including mining contracts and mining authorisation.

The quality of work delivered has attracted positive impressions.

Key clients

European Investment Bank (EIB)

Caixa Geral de Depósitos (CGD)

Banco Comercial Português (BCP)


Brisa Group

Portos dos Açores, S.A.

Trust Energy Group

REN Group

Marubeni Corporation


Work highlights

  • Advising an international banking syndicate on the refinancing of €240m of debt for six port operators, held by the Yildirim group.
  • Advising Portos dos Açores on the preparation of a public tender for the award of the concession of the transhipment terminal of Porto da Praia da Vitória.
  • Advised EIB on the financing of a project comprising the development, construction, implementation, operation and maintenance of a 25MW offshore wind farm in Portugal.

Abreu Advogados

With a cross-practice approach, Abreu Advogados builds on its broad public law, environmental, banking and finance expertise to handle a range of project and project finance mandates. Water, energy, health, transport and infrastructure-sector projects are central to the practice, which is adept at domestic and international instructions and is engaged on significant projects across Portuguese-speaking jurisdictions in particular. Lenders and concessionaires are among its clients. José Eduardo Martins and Manuel de Andrade Neves are key contacts.

Practice head(s):

José Eduardo Martins; Manuel de Andrade Neves

Key clients

Iberdrola Generación S.A.U. and Iberdrola Generación

ALSA / National Express

Musami – Azores


Group Air Liquide

Syndicated Banks (E.G.: AFDB – African Development Bank; EIB – European Investment Bank; Absa Bank and KFW Development Bank).

Actis/ Baia Mall

Empresa De Eletricidade Da Madeira

ERP Portugal

Work highlights

  • Advising Iberdrola Generación S.A.U. and Iberdrola Generación on all legal issues relating to the development of the Electroproducer System project at the Cascata do Tâmega (a river in the North East of Portugal mainland).
  • Advised ALSA/National Express in the final stages of tender for the sub-concession of the Oporto transportation services, including the Oporto’s bus and subway networks.
  • Advising MUSAMI, an Azorean local public company, on the implementation of a waste-to-energy plant.


Cuatrecasas' multi-disciplinary team is regularly instructed on domestic and international projects by a range of sponsors, awarding entities, construction companies, operators and lenders. Project development, finance, regulatory and procurement are key areas of focus and the team fields experts across the infrastructure, transport, logistics, waste, energy and health sectors. Counsel Margarida Leal de Oliveira is a key figure.

Practice head(s):

Maria João Ricou; Manuel Requicha Ferreira; Lourenço Vilhena De Freitas


The team is very experienced.

Margarida Leal de Oliveira is a highly experienced lawyer with a deep knowledge of the market and fully understands the client’s needs.

Key clients


Cintra Concessiones De Infraestructuras S.A.

J.P. Morgan Securities Plc

Iridium Concessiones De Infraestructuras, S.A. (Iridium)

Bank of America Merril Lynch

Auto-Estradas Do Atlântico – Concessões Rodoviárias De Portugal, S.A.

CP – Comboios De Portugal, E.P.E.

Deutsche Bank Ag

Euroscut Açores – Sociedade Concessionária Da Scut Dos Açores, S.A.

Cross Ocean Partners

Work highlights

  • Advised Farallon within the restructuring of Group Elevo to be implemented through the granting of a facility for the repayment of part of the Elevolution Group existing bank facilities to be secured by pledges over shareholdings in four different road concessions in Portugal.
  • Advising IRIDIUM (Grupo ACS, Actividades de Construcción y Servicios) as shareholder of the motorway Concessionaires SPER – Sociedade Portuguesa para a Construção e Exploração Rodoviária, granted with the sub-concession of Baixo Alentejo, with respect to daily issues of the concession.
  • Advising Cintra, a major shareholder of AUTOESTRADAS NORTE LITORAL – Sociedade Concessionária and AUTOESTRADA DO ALGARVE – VIA DO INFANTE – Sociedade Concessionária, granted with the Norte Litoral and Via do Infante concessions on daily issues.

Raposo Bernardo

Raposo Bernardo is regularly engaged on infrastructure, energy, transport, travel, leisure, mining and engineering projects. It is adept at handling project finance instructions, where it acts for lender and borrower clients, and also handles contractual issues and PPP projects. Nelson Raposo Bernardo and Joana Andrade Correia are the key contacts.

Practice head(s):

Nelson Raposo Bernardo; Joana Andrade Correia

Work highlights

  • Advised a bank on the €20m project and infrastructure finance for an airport terminal.
  • Advised a bank on a range of projects.
  • Advised a client on the development of a project finance structure, involving equity investors as well as a syndicate of banks, relating to an aviation project.

SRS Advogados

SRS Advogados is instructed by national and international clients on an array of projects and handles complex project finance matters. The team is experienced in domestic and Africa-based projects; Portuguese-speaking countries such as Mozambique and Angola are a core focus. Port infrastructure mandates are central to the practice, while the energy and transport sectors are notable areas of activity for the team, which is also well versed in privatisation and PPP projects. José Luís Moreira da Silva is a name to note.

Practice head(s):

José Luís Moreira da Silva; Alexandra Valente


We work directly with one of the partners, José Luís Moreira da Silva; the quick responses and the accuracy on the proposals are the best key for our assessment.

Key clients

Port Authority of Lisbon

Port Authority of Setúbal and Sesimbra

Port Authority of Sines

BCI Mozambique

Standard Bank Mozambique

Regional Government of Madeira

Government of Portugal


European Commission


Work highlights

  • Advising the Port of Lisbon and the government on drafting and preparing all the documents regarding the new Barreiro Container Terminal.
  • Advising the Port of Lisbon and the government on the renegotiation of the Liscont Terminal concession contract.
  • Advising the Port of Lisbon on the negotiation of the new marina and waterway passenger terminal on the south bank of the Tagus River.

Sérvulo & Associados

As a 'very strong team with huge knowledge', Sérvulo & Associados is 'well organised' and successfully builds on its public law expertise to handle a range of projects, where it enjoys an enviable public sector following. Domestic and international projects are a key strength, and the team has recently been engaged on high-profile projects in Mozambique. The water, waste, energy, infrastructure and defence sectors are notable areas of expertise. Ana Luísa Guimarães stands out for her 'professionalism and competence', and Mark Kirkby's 'availability, technical and legal knowledge are to be highlighted'.

Practice head(s):

Mark Kirkby; Ana Luísa Guimarães


The advice provided reveals high technical quality in the formulation of opinions and other requests. There is permanent availability to collaborate on requests made.

It is a widely recognised and prestigious firm in the market, undoubtedly distinguished by team excellence as well as the personal and technical qualities of each one of its members.

The team’s main strengths and key capabilities are its close and attentive relationship with the client and its needs, with highly specialised legal knowledge linked to academic research.

Ana Luísa Guimarães has provided legal advice in an exceptional manner, both in terms of availability and competence, clearly achieving the intended objectives.

I worked closely with Mark Kirkby and valued, above other aspects, the close relationship and permanent availability with the client; the scrupulous compliance with the stipulated deadlines and the delivery of highly specialised and multifaceted opinion, knowledge and services.

The practice is of a very high technical level and is strongly customer focused; this means that you deal with the same team member throughout the whole transaction, and the team has a deep knowledge of the client’s business and corporate identity.

A cooperative approach that makes the customer’s life easy.

Deep knowledge of the law and provides almost unique skills and expertise we can count on.

Always available to accept being challenged with complex problems.

Strong expertise in public contracts.

Very strong team with huge knowledge, well organised and covers all the matters that can addressed in terms of law.’

Ana Luísa Guimarães stands out for her professionalism and competence.’

Mark Kirkby’s availability, technical and legal knowledge are to be highlighted.

Key clients

Direção-Geral do Tesouro e Finanças (DGTF)

Portuguese Ministry of the Environment and Energy Transition

Metropolitano de Lisboa, E.P.E.

Portuguese Ministry of Defence


EDP Comercial

Regional Government of Azores

Metro do Porto, S.A.

Two groups of municipalities of the Centre Region of Portugal

Metropolitan area of Lisbon; Metropolitan area of Oporto; and a number of intermunicipal communities

AMT – Autoridade de Mobilidade e dos Transportes

Association of Municipalities of Planalto Beirão Region (AMRPB)

Millennium Challenge Account – Cabo Verde II / Cape Verdean Government

Ministry of Transport and Communication of Mozambique

Águas do Lena, S.A.

Lusíadas Saúde Group

Work highlights

  • Advising the Portuguese Treasury and Finance Directorate-General (DGTF) on the acquisition of the shareholdings held by the private investors in the share capital of SIRESP, the company in charge of the management and operation of the Portuguese integrated system for emergency and security networks.
  • Advising the Portuguese Ministry of the Environment and Energy Transition on the tender for 1.4GW of solar generation capacity, Portugal’s first solar auction.
  • Advising Metropolitano de Lisboa on the tender procedure for the expansion of the Lisbon subway network.

Albuquerque & Almeida

Albuquerque & Almeida, building on its public law expertise, is adept in privatisations and public tender procedures. The team has longstanding experience on the negotiation of concessions for the operation of ports. While domestic instructions are a central focus, the team also offers international investment expertise, where it handles a raft of instructions in Portuguese-speaking countries. Alexandre de Albuquerque is a key contact.

Practice head(s):

Alexandre de Albuquerque


Great knowledge of the subjects concerned.

The firm has longstanding experience on public contracts, particularly in Portugal but also abroad.

The team is first class, and its knowledge of our business is paramount to any developments. Its availability is very good, the lawyers are present and ready.

Alexandre de Albuquerque, as team leader, is an extraordinary character with a very deep knowledge of the legal frameworks and the potential for businesses.

Diana Silveira is an experienced lawyer.

Key clients

ETE Group

CUF – Químicos Industriais S.A.

Setefrete Group

Work highlights

  • Advising ETE – Empresa de Tráfego e Estiva on the concession of the port activity of food raw products,  formerly carried out by SILOPOR – Empresa de Silos Portuários.
  • Advising CUF Group on the acquisition of assets regarding the production of chlorine in Tarragona, Spain, and installation of a chlorine and derivatives production factory.
  • Advising Tersado – Terminais Portuários do Sado and Sadoport – Terminal Marítimo do Sado on the renegotiation of the port concession contract term with the Government of Portugal and the Port Authority of Setúbal.


Leveraging its international footprint, DLA Piper ABBC is often engaged on cross-border projects and complex project finance mandates for domestic and international lenders and corporations. The energy and infrastructure sectors are a central focus for the team, where Mafalda Ferreira is a key practitioner.

Practice head(s):

Nuno Azevedo Neves; Mafalda Ferreira

FCB Advogados

With offices across Portugal and Spain, and with a presence in Angola and Mozambique, FCB Sociedade de Advogados is well placed to handle sizeable and cross-border mandates. The energy sector is a central focus and the firm builds on its public law and environmental expertise to advise on key projects.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is regularly engaged by local and international clients on major construction, health, energy and infrastructure projects in Portugal and overseas; it has experience in advising on a number of projects in Lusophone jurisdictions. Project finance and PPP work is a central focus of the team, where it is instructed by lenders and sponsors, and it is also adept at handling projects-related disputes. Mafalda Barreto is the Lisbon managing partner.

Practice head(s):

Albano Sarmento; Mafalda Barreto; Miguel Castro Pereira

Key clients

Acciona Construcción

Cubico Sustainable Investments

BNP Paribas Real Estate / SIL Group

MOTA-ENGIL, Acciona Infraestruturas and EDIVISA

Plenium Partners

Ferrovial/ MSF Barragens


Elevo Group Mozambique

Rodovias do Baixo Alentejo

Work highlights

  • Advising Mota-Engil, Acciona Infraestruturas and Edivisa (a consortium) on one of the largest hydroelectric projects developed in Europe in the last 25 years: the construction of three dams, Daivões, Gouvães and Alto Tâmega.
  • Advising Elevo Group Mozambique on the construction of a $25m road project in Mozambique.
  • Advising BNP Paribas Real Estate and SIL Group, a JV, regarding the construction of the Alcântara Offices project.

Miranda & Associados

With offices in Lisbon and Porto, Miranda & Associados is also aided by its international presence through the Miranda Alliance, which enhances its ability to handle domestic and cross-border projects. Advising on project operations, tenders, tax, construction and financing are key focuses for the team, which is experienced across infrastructure, energy, telecoms and transport projects. Alberto Galhardo Simões left for CMS in 2019. Nuno Cabeçadas and Pedro Melo are the key contacts.

Practice head(s):

Nuno Cabeçadas

Key clients


Permanent Joint Technical Commission composed of representatives of the

Republic of Angola and the Republic of Namibia

Bolloré Group


Lisbon Cruise Port


Ministry of the Economy / Direção Geral das Actividades Económicas – DGAE

Toyota Tsusho Corporation

Van Oord Dredging and Marine Contractors



International Finance Corporation

Work highlights

  • Advised DekaBank on the financing of a portfolio of IPP solar projects in Portugal.
  • Advising the permanent joint technical commission composed of representatives of the Republic of Angola and the Republic of Namibia on the structuring of a hydropower project on the Kunene River.
  • Advising Bolloré Group on the negotiations for the first PPP in Timor-Leste (DBFO for a port terminal).