Politics in the Andean region have been anything but calm in recent years. Chilean voters rejected two proposed constitutions, Colombia’s parties have battled over reforms amid rising violence, Ecuador has gone through two elections in quick succession as crime escalates, and Peru has cycled through five presidents since 2020, with current president Dina Boluarte polling at just two percent.
Getting infrastructure projects off the ground in such turbulent times requires a steady hand and a sharp reading of shifting dynamics. Spain’s Cuatrecasas, which again wins Infrastructure Law Firm of the Year for Andes despite less than a decade’s presence in the region, has proved it understands how to navigate the region’s complexities.
“The political climate has led to a deceleration of projects in the region. We have had to explain to investors, present and future, what is happening and how to interpret,” says Manuel Quinche, partner and project finance specialist at the firm’s Bogotá office. “There are investors, but not the same pipeline of projects as before.”
Even with a thinner pipeline, Cuatrecasas has maintained an impressive record. Its transactions span energy, transport, mining, and social infrastructure. “The list of things we did last year was impressive,” says Quinche. “It should have been more impressive, but the market remains soft.”
To adapt, the firm established a special situations team, replicating a model from its European practice. The group brings together lawyers from multiple disciplines to design solutions for complex cases. “It helps us to look at complex issues that involve many areas. It is a way to think outside the box,” Quinche adds. “We see ourselves reinforcing the special situations team, which has been well received by our clients.”
Cuatrecasas operates in Chile, Colombia, Mexico, and Peru, with Bogotá and Lima serving as the anchors of its Andean practice. In Colombia, the firm has built out a mining team to mirror its capabilities in Chile and Peru, anticipating a growing deal flow. “Mining is gaining space in Colombia and we are going to see more transactions,” says Quinche.
Energy, too, has been a key driver, covering both renewables and conventional fuels. Countries across the Andes are racing to expand solar, wind, and hydro capacity to meet demand, including from new data centers. Updated rules for battery storage, growing interest in low-carbon hydrogen, and global demand for critical minerals are shaping a new generation of projects.
Cuatrecasas has also seen momentum in social infrastructure, such as hospitals and schools, which Quinche notes is “an area where we did not see project financing before, but which is now growing quickly.”
The firm’s leadership is reflected in a series of complex and high-profile transactions. Among them was the $672 million financing of the Santana–Mocoa–Neiva concession in Colombia, where the team advised sponsors Rodovías Colombia and MC Victorias Tempranas on contractual amendments and performance bond mechanisms for one of the country’s most important highway corridors.
In Peru, the firm advised on financing under New York and Peruvian law for the Matarani solar plant, a project backed by Natixis and the IDB that is pivotal for the country’s renewable energy transition. Cuatrecasas also supported Acciona subsidiaries in bridge financings worth $165 million to build transmission lines in Peru, transactions critical for integrating renewable power into the grid.
In Colombia, the firm advised on the $527 million refinancing of the 4G Conexión Norte project, a sophisticated structure that combined a peso-denominated facility from local lenders with a dollar-denominated facility involving international investors and private noteholders.
The renewable energy sector has been another area of strength. The firm played a central role in structuring the $255 million financing and all contracts for the Puerta de Oro solar power plant, at 358 MW the largest facility of its kind in Colombia. It also advised on a $160 million financing for the Eólica Caravelí wind project in Peru, with Celsia as guarantor, a transaction that expands the country’s clean energy capacity.
These and other deals — spanning biomass, hydro, mining acquisitions, and PPP concessions — underscore the breadth of the firm’s practice and its ability to combine local expertise with cross-border structuring.