Projects & Energy
Latin America Guide 2025 : Panama
Band 3
About
Provided by SIGMA International and Global Market Attorneys
SIGMA's work in the Projects & Energy Department involves assisting generation companies and their shareholders in connection with all their regulatory, financing, M&A and operative matters. This includes performing due diligence; work on financing and collateral documents; on share purchase agreements and shareholders’ agreements; on EPC, BoP, BoS, engineering and/or construction contracts and O&M agreements; and preparing filings with governmental authorities.
For example, SIGMA assisted EnfraGen in its 2023 acquisition of Celsia's Panamanian and Costa Rican generation assets, simultaneously involving an acquisition, a bond repayment and a restatement of the acquisition financing facility; the 2020 restatement of its main financing, involving a credit facility and a 144A/Reg S bond, which resulted in IFLR's nomination of SIGMA’ for Law Firm of the Year in Panama; and its 2018 acquisition of the Hidrotenencias project.
In another example, SIGMA assisted InterEnergy in its 2021 joint venture with AES for the acquisition, development and construction of the Generadora de Gatún generation project, which at 670 MW of installed capacity is the largest generation plant in Panama; its 2022 financing for the construction of the Generadora de Gatún project, which transaction won LatinLawyer’s Deal of the Year Award; and its 2020 issuance of its $262,664,000 144A/Reg S bond. SIGMA also assists InterEnergy with its investments in the Dominican Republic, Puerto Rico and Jamaica.
Chambers Review
The Panama City-based firm SIGMA International and Global Market Attorneys breaks into the ranking table this year. The projects and energy team garners recognition from clients and peers alike for its involvement in this sphere, covering a broad range of work, such as providing support in renewable energy projects finance, bidding for project construction, and acquisitions in the electrical sector.
Work Highlights
- SIGMA International and Global Market Attorneys advised Hinicio, the Inter-American Development Bank (IDB), the National Secretariat of Energy and the Republic of Panama, in relation to the National Strategy for Green Hydrogen and Derivatives of Panama, a plan that aims to develop the green hydrogen market in Panama.
Strengths
Provided by Chambers
"SIGMA International and Global Market Attorneys is a firm which demonstrates great knowledge of Panama's electricity market. The team has the ability to adapt, show empathy and achieve our objectives."
"SIGMA International and Global Market Attorneys is a firm which demonstrates great knowledge of Panama's electricity market. The team has the ability to adapt, show empathy and achieve our objectives."
Notable Practitioners
Recognised partner Cecilio Castillero remains active advising clients on projects and energy mandates in Panama, and boasts noted expertise in project financing.
"Cecilio Castillero is a highly knowledgeable lawyer. He helps us in negotiations and gives us the tools that enable us to reach our goals. He also stands out for his emotional intelligence."
Associate-to-watch Monica Moreno enters the table this year having amassed recognition from commentators for her experience in the Panamanian project and energy markets.
"Monica Moreno is our go-to lawyer for project finance and regulatory matters. She is very focused, responsible, emphatic and goal-oriented. She makes us feel certain that our goals will be reached."
Ranked Lawyers at
SIGMA International and Global Market Attorneys
Panama
Members
Provided by SIGMA International and Global Market Attorneys
Clients
Provided by SIGMA International and Global Market Attorneys
Acciona
EnfraGen
InterEnergy
Industries
Provided by SIGMA International and Global Market Attorneys
Electricity generation