Mr Ramon Varela > Morgan & Morgan > Panama, Panama > Lawyer Profile

Morgan & Morgan

Work Department

Business and Corporate Law, Projects, Energy and Natural Resources, Banking and Finance.


Ramon Varela is a Partner and heads the Energy and Projects practices of the firm.

He also has a leading role in the Corporate Law practice, counseling clients in matters related to mergers and acquisitions, joint-ventures, securities, corporate governance and regulatory law. 

Prior to joining Morgan & Morgan, Mr. Varela served as an associate in the Commercial Law Department of a well-known local firm, reviewing matters related to mergers and acquisitions, project finance, contracts, environmental law and securities.

With almost 20 years’ background in corporate law, including project finance matters, Mr. Varela’s experience includes major areas of infrastructure projects, including transportation, ports and energy. His practice focuses advising clients involved in the generation of energy, including hydro, wind, natural gas and solar projects.  He led the Morgan & Morgan team that represented The AES Corporation in the development of the Changuinola I Hydroelectric Project, one of the most important private investments in the country.  He also led the Morgan & Morgan team advising a group of lenders in a credit facility of up to US$300 million for the financing of four wind farms, with an aggregate capacity of 215 MW, in Coclé Province; Republic of Panama, expected to be the largest wind farm in Central America.  In addition, Mr. Varela is currently advising The AES Corporation in the development of an integrated gas to power facility in the Telfers Islands in the province of Colon, at the North Coast of the Republic of Panama. The project consist of a 380MW net combined cycle gas-fired power plant and an onshore LNG import terminal with an 180,000 m3 storage tank, as well as the construction of power evacuation facilities to interconnect the generation plant with the existing electricity transmission network.

Mr. Varela has also served as speaker at conferences and workshops related to the energy market in the country, to discuss the investment needs of the energy sector and new energy projects in Panama.

His client portfolio includes developers, operators, EPC contractors, investors and government authorities who are actively involved in the energy sector.

Chambers & Partners, IFLR 1000, Latin Lawyer 250, Legal 500, and Who´s Who Legal have recognized Mr. Varela as a leading lawyer in corporate and M&A, project finance, government contracts, energy and infrastructure.

Mr. Varela is admitted to practice law in the Republic of Panama.


Engilsh, Spanish.


Mr. Varela obtained a B.A. in 1995 from Georgetown University, Washington, D.C. and a J.D. in 1998 from The George Washington University Law School, Washington, D.C.  

Lawyer Rankings

Panama > Banking and finance

(Leading individuals)

Ramón VarelaMorgan & Morgan

Morgan & Morgan‘s ‘broad interdisciplinary team‘ handles both large-cap financing deals and regulatory issues on behalf of a diverse client base that includes leading domestic and international banks, financial institutions, public entities and corporations. The team- which is rated for ‘its knowledge of Panamanian regulations’– has been highly active in large-scale domestic lending transactions, most notably the financing of significant infrastructure projects, but is also well placed to offer ‘support in structures involving different jurisdictions‘. Also noteworthy is the firm’s newly established practice dedicated to start-ups in the fintech sector, and its remarkable strength in insolvency matters. Kharla Aizpurúa, who is recognised for her experience in project finance and syndicated lending, leads the team alongside the highly endorsed Inocencio Galindo. Francisco Arias is a name to note for structured finance and regulatory matters, while Ramón Varela specialises in project finance and senior associate Ana Carolina Castillo focuses on energy-related transactions. Since publication, Castillo has been raised to the partnership – effective as of January 2023.

Panama > Projects and energy

(Leading individuals)

Ramón VarelaMorgan & Morgan

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 AizpurúaAristides 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.

Panama > Corporate and M&A

The corporate team at Morgan & Morgan has recently been active in a number of significant M&A transactions, particularly in the financial services industry, acting for an impressive roster of international financial institutions and corporations from a variety of sectors. As well as domestic matters, the practice is frequently instructed in multi-jurisdictional transactions within Latin America and cross-border M&A between the US and Panama. The firm also stands out for its expertise in the establishment of multinational headquarters in Panama. The M&A team is under the joint leadership of Francisco Arias, who also takes the lead on corporate work, and the ‘agile and efficient’ Roberto Vidal. Inocencio Galindo and Ramon Varela are highlighted for their expertise in the mining and energy sectors, respectively.