Projects and energy in Uruguay


Ferrere remains a go-to firm in the projects and energy space in Uruguay, advising on matters across the breadth of the country’s most prominent sectors, from education infrastructure to wind farm projects in the region. Gonzalo Secco heads the practice and is one of the leading dedicated experts in the energy sector. His client list includes a wealth of international investors, as well as energy companies and multinationals. Manuel Lecuona has spent the last eight years focusing in this practice area and leads on renewable energy matters, and also stands out for his specialist knowledge of ports and logistics projects. Sebastián Ramos is a key contact for financing across the full range of projects, and senior counsel Cristina Vázquez is noted for her public sector experience. Senior associates Agustina Pérez Lete and Santiago Rodríguez are also key members of the team.

Practice head(s):

Gonzalo Secco


The firm has recognised and vast experience in energy projects, both in what refers to the development of projects from the point of view of foreign investment, to the management and representation before the local energy authorities in Uruguay.

Gonzalo Secco and Agustina Perez stand out for their commitment to the client, the ability to resolve highly complex matters, efficient and quick responses, as well as their professional and personal quality.

Key clients

Brookfield Asset Management



Nordex Acciona


Shell Exploration


Grupo Aldesa

Aberdeen Fund Managers Limited






Terminales Graneleras Uruguayas



Jan de Nul



OXY Petroleum

IDB Group

CAF – Development Bank of Latin America



MontevideoGas & Conecta

Work highlights

  • Advising Inter-American Investment Corporation and Inter-American Development Bank as the lenders to a Uruguayan trust engaged in the design, construction and operation of a 500kV transmission line between Tacuarembó and Salto.
  • Advising Bid Invest, Bid, Caf and Caf-Am in the financing of two PPP projects: PPP Educativa 2 and PPP Educativa 3.
  • Advised Bid Invest, Bid, Caf, Caf-Am, Sumitomo Mitsui Banking Corporation and Intesa SanPaolo in the $1bn financing of the Ferrocarril Central railway project.

Guyer & Regules

Guyer & Regules balances an impressively broad practice in the area of projects and energy. Among its areas of expertise are projects in the gas and solar energy sectors, PPP infrastructure projects and railway financing, among other areas. In a standout matter in 2020, the firm demonstrated its strength in cross-border regional matters through its advice to Boskalis-Dredging International Consortium on all aspects of the dredging of the Martín García Channel between Uruguay and Argentina, a project crucial to the country's export industry. Practice co-head Federico Susena helped lead on the advice; alongside him in coordinating the department is Juan Manuel Mercant, who is noted as a 'benchmark' in the energy sector. Federico Piano is highly praised by clients for finance and energy matters, while Marcos Payssé is a key contact for project finance and development, and Beatriz Spiess has vast experience advising both sponsors and lenders on the purchase, sale and financing of renewable energy projects. Associate Javier Napoleone assists partners on the full breadth of financing matters.

Practice head(s):

Juan Manuel Mercant; Federico Susena


They are highly qualified professionals, experts in the issues that each one deals with. They also have a multidisciplinary team, so that each area or subject in which we have a need, they have a leading expert in the market.

We work with Federico Piano on financial and energy issues. We feel very comfortable working with him, he is a very intelligent and dynamic lawyer, always looking for solutions and unlocking complex issues.

Marcos Payssé and Javier Napoleone are both great professionals, who perfectly know the market and the client’s needs, giving a very good service.

The humane treatment, customer orientation, flexibility and creativity in negotiations make G&R always my recommendation to third parties who ask me for a recommendation for Uruguayan lawyers.

Juan Manuel Mercant for me is a benchmark in corporate practice and in particular in the energy sector. His work capacity and technical capacity, customer service, empathy, resilience, kindness, make him one of the best lawyers in the country for me.

G&R lawyers are very accessible at any time that they are needed, they always have the best predisposition to meet our requirements and their advice is of very high quality.

As strengths, the specific knowledge in the disciplines related to the structuring of project finance stands out. The ability and flexibility to have a constructive discussion and negotiation strategy in the design of contracts. The ability to provide practical solutions to unlock the complexities encountered during the process. They definitely stand out for their professionalism and expertise.

I must highlight the role of Federico Piano, who led the project in all its stages and knew how to form a team of professionals who rose to the challenges posed. The rest of the team made up of Javier Naploene and Juan Manuel Mercan, were supporting Piano at all times.

Key clients





Tesla Energy


Axion Energy

Hudson Clean Energy Partners

Aldesa Construcciones

Consorcio PPP Circuito Vial I

Gasoducto Cruz del Sur

Axion and Petrobras

Consorcio PPP Centros Educativos 2

Corporación Andina de Fomento

Power Systems

Cafam Administradora de Activos de Uruguay



GX Technology

Celeo Redes

Interamerican Development Bank

Consorcio PPP Circuito Vial I




Engraw Export & Import

DNV GL Services Spain


Work highlights

  • Advising Boskalis-Dredging International Consortium on everything related to the execution of the dredging project of the binational Martín García Channel between Uruguay and Argentina.
  • Acted for Astidey in the sale of its entire paid-in share capital to renewable energy infrastructure company Cubico.
  • Advising Ontur International on the review, drafting and legal analysis of several documents, such as: minutes, commercial contracts and distribution of dividends to shareholders.

Dentons Jiménez de Aréchaga

The project finance department at Dentons Jiménez de Aréchaga continues to diversify its range of mandates, with recent moves into the forestry sector, advice on a port terminal project, and assisting in the first stages of an LNG regasification terminal. Fernando Jiménez de Aréchaga Jr is the firm's go-to lawyer in this area, vastly experienced in all types of project financing but particularly notable in the renewable energy sector. A strong trio of senior associates in Magdalena Secco, Alfredo Arocena and Daniela de Castro provide key support.

Practice head(s):

Fernando Jiménez de Aréchaga Jr

Key clients




China Railway Construction Company

Saeta Yield

Allianz Global Investors

Credit Agricole


Rover Alcisa


Work highlights

  • Advised Grupo Vía Central (formed by Sacyr, Saceem, NGE and Berkes) in the Ferrocarril Central Project for the construction and maintenance of a 276km railway project under a PPP regime.
  • Advising the consortium formed by Spanish company Aldesa and Uruguayan company Ramón C. Álvarez on the PPP Circuito 5 contract to revamp, rebuild and operate highway 14.
  • Acted for DIF, Santander and Caixabank in the refinancing of the Cerro Grande wind farm project, a 50MW wind farm.

Hughes & Hughes

The projects and energy department at Hughes & Hughes covers a broad range of sub-sectors in the Uruguayan market. Mariana Estradé is one of three co-practice heads; as per a client, her 'knowledge in financing infrastructure and energy projects is more than remarkable'. Working alongside her are Héctor Ferreira, 'a remarkable partner, with extensive knowledge of the oil and gas industry', and Haroldo Espalter, who draws on his corporate, finance and real estate expertise to advise on some of the market's leading energy and natural resources projects.

Practice head(s):

Haroldo Espalter; Hector Ferreira; Mariana Estradé


It is noteworthy the dedication and commitment that H&H lawyers put in, they really get involved with the transaction, the client feeling fully supported and calm when carrying it out. They have an extremely remarkable team from a technical point of view, but also from a personal point of view.

The knowledge of Mariana Estradé in financing infrastructure and energy projects is more than remarkable, which, added to her good disposition and negotiating capacity, makes the general service excellent.

I especially highlight the work of Mariana Estradé, as well as the work of Clara Villaamil and José María Tais. They are differentiated by their dedication and commitment to the client, being always accessible regardless of the time, as well as by their attitude at the time of negotiations.

Solid technical knowledge combined with an agile and flexible service. They are reasonable, explain things well and are very professional.

Mariana Estradé is a superb lawyer with exceptional knowledge of acquisition operations. She explains things clearly. Her agility and quick reaction to questions is greatly appreciated, giving reasonable approaches and always “pro-deal” attitude.

Mariana Estradé and Clara Villaamil are always available and ready to help, always trying to find a constructive solution for the client.

Remarkable. Excellent availability and accessibility by partners Héctor Ferreira and Alejandro Horjales.

Hector Ferreira is a remarkable partner, with extensive knowledge of the oil and gas industry and corporate. Alejandro Horjales is a very knowledgeable partner in tax matters.

Key clients


Akuo Energy

Equinor Asa-Statoil




Shell International

British Petroleum

Enap Sipetrol

BTD Capital 12

Centros Educativos Primera Infancia

Dif Capital Partners

Work highlights

  • Advised BTD Capital on the international public tender for construction and maintenance of social-education infrastructure under the PPP regime, which includes the construction and operation of 15 schools and 27 childcare centres.
  • Advising Tealov on its agreement with state-owned electricity company UTE for a HV T-Line project.
  • Acted for Ladaner in the $92m refinancing of a wind farm project.


Posadas, Posadas & Vecino is best known for its strength in energy sector projects but has also developed a significant presence in infrastructure. In that respect, practice co-head Tomás Gurméndez has been leading advice to Inter-American Investment Corporation and Global Infrastructure Partner on their $75m structured mezzanine financing for a PPP railway project. Leading corporate partner Fernando de Posadas is the main contact on the transactional side, while Gerardo Caffera is noted for complex financing and foreign direct investment, especially in the natural resources industry. Senior associate Victoria Garabato stands out for her experience in the development, construction and financing of renewable energy projects. Since publication, Garabato has been raised to the partnership - effective as of February 2022.

Practice head(s):

Tomás Gurméndez; Fernando de Posadas


They know us a lot as a customer. They are a very competent team. They know a lot about our work area, energy and industrial processes.

It is a firm that excellently combines professionals with long experience and trajectory and new members with high standards of quality and service. This team is able to face the multiple challenges of the changing reality, looking for alternative solutions to its various clients, with reliability, commitment and responsibility.

The professionals of this firm work together with the client, side by side based on respect and trust, which allows us to achieve tailored products or results with better performances than other firms that work remotely with periodic feedback.

Experience in corporate advice and project financing. Quick response and effective advice.

The services provided by the area led by Tomás Gurméndez are excellent, with great knowledge of the business and reaching all external clients.

I want to highlight the work of Tomas Gurmendez and Magadalena Cuñarro.

Tomás Gurméndez has good experience in the energy sector and PPV gives a good service.

They have a very interesting track record in projects associated with energy.

Key clients

CAF Asset Management Corp. (Caf-Am)

Banco Santander España

Banco BBVA

Global Infrastructure Partners

Corporación Andina de Fomento (Caf)

Inter-American Investment Corporation (IIC)

Inter-American Development Bank (IDB)

Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE)

República Afisa

Brookfield Renewables

Terminal de Graneles Montevideo – Obrinel

Ventus Energia


EIG Global Energy

Votorantim Group

Grupo Cobra

Work highlights

  • Advised Inter-American Investment Corporation and Global Infrastructure Partner on the $75m structured mezzanine financing for a PPP railway project.
  • Acting for BBVA, Sabadell and Banco de la Republica Oriental del Uruguay as senior lenders financing the Circuito 6 highway PPP project.
  • Advising UTE and Rafisa on financing a 200km 500Kv transmission line.