Ms Ana Carolina Castillo > Morgan & Morgan > Panama, Panama > Lawyer Profile

Morgan & Morgan

Work Department

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


Senior Associate


Ana Carolina Castillo Solis is a Senior Associate in the Corporate Law Department of the firm. She specializes in energy transactions and advisory work in corporate and commercial, finance, mergers and acquisitions, among others.

Ms. Castillo is particularly active advising clients involved in the generation of energy, including hydro, wind, thermal, and solar projects. In her experience, she has represented the owner and developer, as well as the financing parties, in a wide variety of transactional matters including project finance, regulatory, licensing, permits, environmental, contractual matters, and administrative law.

She is also involved in the pro bono activities of the firm, having served as director of an environmental NGO, and regularly advising various NGOs on their legal issues.

Chambers Latin America and Legal 500 recognized Ms. Castillo as leading lawyer in projects and energy, and Who’s Who Legal as a leading lawyer in project finance, corporate, banking, finance & projects, and environment, energy & natural resources.

Ms. Castillo Solis is admitted to practice law in the Republic of Panama.


English, Spanish.


She has served as Vice Chair of the Energy Committee of the American Chamber of Commerce & Industry of Panama (AmCham). In addition, Ms. Castillo is a member of the Panamanian Association of Business Executives (APEDE), an affiliate of the Women’s Directors Association of Panama (ADP) and a member of the Georgetown Club of Panama.


Ms. Castillo obtained a Bachelor of Law and Political Science (Summa Cum Laude) from the Law School of Universidad Santa Maria La Antigua in Panama; she also participated in the International Law Exchange Program at Universidad Catolica Argentina in Buenos Aires, Argentina; and furthermore, obtained an LL.M. in International Business and Economic Law (with honors) from Georgetown University Law Center in Washington, D.C., U.S.A. Furthermore, she coursed a Taxation program in the Universidad Especializada del Contador Publico Autorizado in Panama and she also coursed an Electric Market program with the World Energy Council and the Electric Engineering Faculty of the Universidad Tecnológica de Panamá.

Lawyer Rankings

Panama > Projects and energy

(Rising stars)

Ana Carolina CastilloMorgan & 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.

Panama > Capital markets

Morgan & Morgan brings its ‘vast experience‘ in capital markets matters to bear when advising on high-profile public and private offerings, including both local transactions and international Rule 144A/Regulation S offerings. In addition, the team is singled out for its niche expertise in the incorporation of real estate investment funds, where Ricardo Arias, who recently took on the role of practice co-head, is highly experienced. Its impressive client roster spans domestic and international banks, financial institutions and major corporations, particularly in the real estate sector. Francisco Arias, a key contact for capital markets transactions and regulatory matters, spearheads the group, which also features senior associate Ana Carolina Castillo and international associate Miguel Arias.

Panama > Banking and finance

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.