What are the key projects you have been involved in over the past twelve months?

Over the past twelve months, I have been involved in two key and highly challenging financing transactions: the Nuevo Cauca 4G road project and the Rafael Núñez International Airport financing in Cartagena.

As legal vice president at an infrastructure debt fund manager, I led the legal structuring and execution of these transactions from the fund’s side, working closely with external counsel and internal stakeholders. My role included advising on project finance structures, leading negotiations of financing agreements, coordinating external counsel, ensuring regulatory compliance and aligning legal frameworks with the fund’s investment strategy and risk profile.

The Nuevo Cauca Project reached financial close for over COP 1bn through a club deal project finance structure involving multiple institutional lenders, including Bancolombia and Ashmore CAF-AM. I played a key role in structuring the transaction from a legal perspective, coordinating multi-party negotiations and ensuring appropriate risk allocation. This project will significantly improve connectivity in southwestern Colombia, reduce travel times, and generate strong economic and social impact.

I also supported the Cartagena Airport financing, a COP 887m syndicated loan for the expansion and modernisation of a critical infrastructure asset. I advised on transaction structuring and documentation, ensuring alignment between lenders, sponsor and fund requirements, while coordinating closely with external advisors. This project strengthens connectivity and supports regional growth in one of Colombia’s key tourism and industrial hubs.

My involvement in both transactions contributed to successful financial close, effective risk mitigation and alignment with long-term investment objectives.

Can you describe an instance where your legal advice directly influenced business strategy or commercial objectives?

In both the Nuevo Cauca and Cartagena Airport financings, my legal advice was instrumental in enabling timely execution under significant time pressure, as both projects required urgent funding to avoid construction delays.

From an execution standpoint, I streamlined negotiations and helped align multiple stakeholders, which accelerated the closing process and ensured that disbursements were made on time, directly supporting the projects’ commercial objectives.

From a strategic perspective, I also contributed to the design of creative legal solutions. In one of the transactions, the project required obtaining a key license to complete the investment. I participated in structuring a mechanism that allowed the fund to proceed with a conditional investment, while protecting the disbursed funds through appropriate safeguards. This solution balanced execution needs with risk management and enabled the transaction to move forward.

Additionally, my role has been critical in maintaining investor confidence in a context of political and regulatory uncertainty, where recent arbitral decisions have impacted infrastructure projects in the country (some of them in our portfolio). Through consistent legal risk assessment, clear communication and robust contractual protections, I have supported the fund’s strategy of preserving value and ensuring stability across its portfolio.

Overall, my legal input has directly influenced both the execution and strategic direction of key investments.

How do you manage situations where legal advice and commercial objectives conflict?

I manage these situations by translating legal risks into clear business impact and working closely with the investment team to align solutions. Rather than blocking transactions, I focus on structuring alternatives — such as adjusted covenants, enhanced protections, or conditional mechanisms — that allow execution within the fund’s risk appetite.

This approach ensures decisions are balanced, commercially sound and legally robust, while maintaining proper risk mitigation and documentation.

What major challenges or risks should in-house legal teams be preparing for over the next twelve months?

Key challenges include political and regulatory uncertainty in Colombia, particularly with the upcoming presidential election, which will shape infrastructure policy and investment conditions.

Legal teams must also manage risks arising from arbitral decisions and evolving government positions affecting existing projects, alongside execution risks such as permitting delays and sponsor performance.

Additionally, there is increasing focus on regional expansion across Latin America, requiring adaptation to new jurisdictions while maintaining consistent structuring standards and investor protections.