Senior Associate | Clifford Chance US LLP
Alberto Haito
Senior Associate | Clifford Chance US LLP
12
Project Finance
New York, Washington D.C.,
Peru
English, Spanish
Alberto Haito has an outstanding record advising various financial institutions, including commercial banks, multilateral organizations, DFIs and sponsors in numerous award-winning project finance transactions in Latin America. Haito is ranked as a next generation lawyer by The Legal 500 2018: Latin America (International Firms: Projects and Energy).
Notable cases for Haito include representing the lenders in a dual currency financing of US$710m to develop the Autopista al Mar 1 toll road project in Colombia; representing the lenders in the financing of a 342MW photovoltaic project being developed in San Luis Potosí, Mexico; representing 174 Power Global in the development and financing of a 101MW photovoltaic project being developed in Coahuila, Mexico; representing Latin America Power in the US$130m re-financing of six hydro power plants located in Peru; and representing the lenders in the financing of a gas compression platform with an installed capacity of 450 MMSCFD, located in the Gulf of Mexico.
I believe the main difference is cultural fluency. My work on an array of projects in Mexico has allowed me to become deeply familiar with the way business is conducted there and with the country’s legal and regulatory framework, akin to other civil law jurisdictions. My personal background in civil law (before joining Clifford Chance I was a lawyer at one of the most prominent law firms in Peru) has proven invaluable to clients who appreciate a New York project finance lawyer that is well versed on the legal tradition of civil law jurisdictions such as Mexico.
The perception that not being located on site in Mexico could represent a disadvantage is debunked by the widespread use of technology that provides for easy communication with clients, regardless of where you are located, and the presence in the same hemisphere greatly facilitates coordination.
The next 12 months will prove interesting as we will witness the real impact – or the lack thereof – of the new administration’s first critical decisions in terms of projects (ie, the cancellations of both the Mexico City airport project and the renewable energy auctions).
Eventually, I expect investors will realise the new way of doing business in Mexico does not necessarily entail compromising on projects, but rather requires a creative partnership between clients and their legal counsel to craft the structures better suited to work with the new administration.
In the same way it will impact any other cross-border transaction: it will reduce legal costs in benefit of clients, and will also allow practices such as ours to allocate time more efficiently, and specialize in advising only on the most complex structures that require a greater time investment and coordination among different stakeholders, such as investors, governmental entities and lenders, leaving more standardised procedures for legal tech companies.
The main concerns we have come across can be attributed to the interaction of quality and cost. In-house counsels are under constant pressure to reduce external legal costs and as their external legal advisors, we strive to offer creative ways to help them achieve that objective without impairing the quality of our services. Being a firm with vast experience in project finance operations in Mexico that is capable of putting together a team comprised of lawyers that are trained in both civil law and common law jurisdictions is certainly an asset when it comes to providing the most competitive estimates for clients.
