Projects and energy in Uruguay


The deep and broad group at FERRERE stands out for its ‘access to lawyers’, ‘business-oriented opinions’ and ‘adaptability to customer requirements’. A strong performer across the full gamut of energy, natural resources and infrastructure projects, the team is routinely called upon to structure and finance some of the market’s most high-profile developments. Additionally, the group handles the acquisition and disposal of energy and infrastructure assets, as well as regulatory and contentious matters. The firm further distinguishes itself through its expansive regional presence, and it has recently advised on transactions in Argentina, Chile, Bolivia and Mexico. Names to note include Gonzalo Secco, who is among the most senior energy specialists in the market. Manuel Lecuona is also recognised for his strong record in energy matters, while up-and-coming expert Sebastian Ramos is widely hailed for his project finance expertise. Associate Agustina Pérez Lete is also recommended.


Availability, access to lawyers, response times and technical knowledge are the strong points that we find in Ferrere. The focus on customer service distinguishes Ferrere from other firms.’

Large team, very professional, very good coordination between lawyers. Very reactive.

Always balanced with the ability to provide business-oriented opinions.’

The team combines the knowledge and work capacity necessary to achieve the best market results in structuring complex financing operations.’

In comparison with other law firms, the team demonstrates a very good adaptability to customer requirements.

The team has a great capacity for analysing contracts and providing ideas to solve the difficulties that arise in the legal aspects of negotiations with counterparties.’

Gonzalo Secco knows the most relevant aspects necessary to carry out the legal due diligence of structured operations.’

Sebastian Ramos is part of a shortlist of the best project finance attorneys in Uruguay. He provides an excellent level of service; understanding client needs and contributing his experience and ideas to solve problems.

Sebastian Ramos is a great professional, very diligent. He knows our business, our clients, and the general environment in which we operate.’

Key clients

Brookfield Asset Management

Jan de Nul

China Machinery Engineering Corporation (CMEC)

Acciona Construcción

Nordex Acciona Windpower

Actis / Atlas

Shell Exploration




IDB Invest

Work highlights

  • Acted for China Machinery Engineering Corporation on its bid for the $1bn Ferrocarril Central rail PPP project.
  • Advised Nordex Acciona Wind Power on several wind farm projects across Argentina, Chile and Mexico, worth a combined $1bn.
  • Advised multilateral agencies IDB, IIC, CAF and the latter’s asset management arm, CAF-AM, on the $100m financing of a PPP project for the construction of 27 childcare centres and 15 schools.
  • Acted for CAF and CAF-AM on the financing of two road projects known as Circuito Vial 1 and Circuito Vial 2.

Guyer & Regules

Experienced across ‘all the necessary areas in the projects sphere’, Guyer & Regules finds favour for its ‘multidisciplinary practice’ and ‘professional dedication’. The comprehensive team consistently represents all stakeholders in energy and infrastructure projects, from developers through to sponsors and financing entities. It maintains particularly dominant positions in the renewable energy and infrastructure areas, and it also handles a significant volume of conventional energy transactions. Juan Manuel Mercant co-heads the energy department and regularly advises on corporate and project finance deals in the oil and gas, renewables and infrastructure sectors. Federico Susena is highly regarded for his oil and gas expertise and counts Gasoducto Cruz del Sur (comprised of shareholders Shell, Pan American Energy, Wintershall and ANCAP) as a key client. Banking specialist Marcos Payssé is recommended for his project finance practice.


Compared to other law firms, Guyer & Regules stands out for the multidisciplinary practice it offers.’

We highlight the professional dedication they put into their work, as a team and individually. Always available to attend and solve the problems that arise.’

Excellent knowledge of the local market and best international practices. It compares favourably to the rest of the local and regional market.’

It stands out for its creativity, work capacity, quality in drafting, ability to interact with international firms, and commitment to the materialisation of transactions.’

Guyer & Regules is, without a doubt, the market leader in terms of reputation and expertise.’

The team demonstrates extensive knowledge of the legislation and strong experience.’

A good team that covers all the necessary areas in the projects sphere.’

My dealings have been with three professionals: Juan Manuel Mercant, Federico Piano and corporate associate Sebastián Pérez. All stood out for their professionalism and dedication to meet our demands.’

Whenever we work with Guyer & Regules we demand that Marcos Payssé leads the team. He has an impressive academic depth, great relationship skills and is highly respected by other lawyers, which assists us to streamline processes and make decisions with absolute support and tranquillity.’

Key clients




Pampa Energía


Tesla Energy

Terna Spa (Italia)

Axion Energy

Hudson Clean Energy

Aldesa Construcciones


Hernandez & Gonzalez

Gasoducto Cruz del Sur


Consorcio PPP Centros Educativos 2 (Saceem / Stiler / Berkes)

Corporación Andina de Fomento (CAF)

CAF-Asset Management Corporation (CAF-AM)

Power Systems



Louis Dreyfus Company Brasil

GX Technology

Celeo Redes (Elecnor)

Interamerican Development Bank

Grupo San José

Wintershall Dea

Fotowatio Renewable Energy

Petrobras Brasil

Work highlights

  • Assisted DP World Posorja with securing  $377m worth of financing for the construction of a major deepwater port terminal in Ecuador.
  • Advised Acciona on its bid for the Ferrocarril Central rail PPP project.
  • Acted for Spain-based Fotowatio Renewable Ventures on the sale of its solar farm in Uruguay.
  • Advised the Grupo Vial Oriental 1 consortium on the $115m Circuito Vial 1 Project.

Dentons Jiménez de Aréchaga

Dentons Jiménez de Aréchaga’s robust project finance practice has a strong track record in the renewable energy space — for both wind and solar projects. The group has also risen to become a key contender for infrastructure work and it notably advised the sponsors on the $1bn Ferrocarril Central rail PPP. Project finance specialist Fernando Jiménez de Aréchaga Jr is highly regarded for both energy and infrastructure projects.

Key clients





Grupo Cobra

Saeta Yield

Atlantica Yield

Rover Infraestructuras

Credit Agricole Corporate & Investment Bank

Allianz Global Investors

Corporación Andina de Fomento (CAF)

CAF-Asset Management Corporation (CAF-AM)


Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Grupo Otegui

Construcciones Viales y Civiles



Work highlights

  • Advised the project consortium on the financing of a $1bn PPP project to construct a railway line.
  • Acted for COPASA and Espina, as sponsors, on the Circuito 3 PPP project.
  • Advised Banco Santander on a $120m financing to Atlantica Yield for the acquisition of a wind farm project in Uruguay.

Hughes & Hughes

Hughes & Hughes’ practice encompasses a diverse spread of energy, infrastructure and environmental work. The team is arguably best known for its close relationship with forestry giant UPM, which it continues to advise on its $3bn pulp mill development — the largest-ever foreign investment in Uruguay. Corporate, banking and real estate partner Haroldo Espalter co-heads the department alongside corporate finance specialist Héctor Ferreira. Mariana Estradé is noted for her emphasis on energy and environmental matters.

Key clients


Akuo Energy



Petrel Energy


Shell International


Enap Sipetrol

BTD Capital 12

Centros Educativos Primera Infancia

DIF Capital Partners

Work highlights

  • Advised Finland’s UPM Kymmene on the development of a major pulp mill and related infrastructure, including a port terminal, worth approximately $3bn.
  • Represented NGE Concessions, as part of the successful Grupo Vía Central consortium, on the Ferrocarril Central rail PPP.
  • Advised Centros Educativos Primera Infancia, and its sponsors, on the structuring and financing of the first Uruguayan PPP project for educational infrastructure.

Posadas, Posadas & Vecino

The ‘detail-oriented’ group at Posadas, Posadas & Vecino is valued for its ‘very good knowledge in the energy area’. It also packs a punch on the infrastructure front, where it advises both lenders and sponsors on private projects and PPPs. Project finance specialist Tomás Gurméndez co-heads the practice and is an increasingly prominent name for PPP matters. Fernando de Posadas co-leads the team and focuses on infrastructure-related foreign investment. Associate Victoria Garabato  is recommended for her ‘rapid reaction capacity’.


The PPV team is very good and has very good knowledge in the energy area.’

They have a complete team, which is detailed-oriented and collaborative.’

Lawyers are very competent and know the local laws and regulations of the energy sector very well, particularly Tomas Gurmendez.

The participation of partner Gerardo Caffera in all consultations and negotiations gives the firm a value that distinguishes it from the rest of the market.

Victoria Garabato has a rapid reaction capacity and a true vocation for service.’

Key clients

Banco Santander España

Corporación Andino de Formento (CAF)

CAF-Asset Management Corporation (CAF-AM)

Inter-American Investment Corporation (IIC)

Inter-American Development Bank (IDB)

Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE)

República Administradora de Fondos de Inversión

Brookfield Renewables

Terminal de Graneles Montevideo – Obrinel

Ventus Energia


EIG Global Energy

Votorantim Group

Grupo Cobra

Hyundai Engineering & Construction Co

Gas Sayago

Grupo ETRA

APR Energy

Work highlights

  • Advised CAF, CAF Asset Management and Santander on the $150m financing of the CAF 1 Infrastructure Fund.
  • Acted for Banco Santander and Instituto Credito Oficial, as senior lenders, on the financing of the Circuito 6 highway PPP.
  • Advised Rafisa (trustee of the Financiero Arias Trust) and UTE on the $100m financing of a 200 km transmission line.