Alcogal acted as Panamanian legal counsel to Elektra Noreste, S.A. (ENSA) in the registration with the Superintendency of the Securities Market of Panama of its Rotative Corporate Securities Program for an amount of up to US$300,000,000.00, listed on the Latin American Stock Exchange (Latinex). The Program, with a ten-year term, provides for the issuance in multiple series of Corporate Bonds and Commercial Paper. The net proceeds from the first series placed will be used primarily to finance the expansion, modernization and maintenance of the issuer’s electricity distribution network. The transaction was led by partner Rafael Marquinez.