PROJECTS & FINANCE e-report 2011

January / February 2011 • IBERIAN LAWYER • www.iberianlawyer.com

IBERIAN LAWYER

PROJECTS & FINANCE REPORT 2011On hold: Iberia’s projects paralysis

An abstract from Iberian LawyerMarch / April 2011

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Projects & Finance rePort

On hold: Iberia’s projects paralysisThere is no doubt that the Iberian projects sector has been significantly affected by the economic downturn, say the region’s lawyers. Austerity drives by the Spanish and Portuguese Governments have seen projects cancelled, delayed or reduced as public spending has been cut, access to bank financing has become more difficult and the viability of many projects is questioned.

Indicative of the financing pressures facing Iberia, and the lost projects opportunities as a result of budget cuts, Spain alone has seen over 230 public projects cancelled or delayed as the Government has sought to slash a budget deficit equivalent to 11.2 percent of gross domestic product (GDP).

“We see a significant focus towards cost and budgetary control on the part of the Government, regional and local authorities and risk management on the part of sponsors and contractors,” says Mariano Magide, public law Partner with Uría Menéndez in Madrid.

The major challenge is certainty, says Fernando Bernad, projects Partner with Cuatrecasas Gonçalves Pereira in Madrid. “We are seeing continuing levels of discomfort among the financing banks and in part this is driven by a lack of belief in projections for demand-led projects. But in Spain the situation is clearly not helped by the poor liquidity of the cajas, which have been major project sponsors in recent decades but are now suffering their own capital concerns.”

In Portugal the financing situation is even more acute. The major domestic banks are also facing their own liquidity concerns in line with the deteriorating situation at the national level, where there is a popular belief that public-private

Las medidas de austeridad impuestas por

los Gobiernos español y portugués han tenido

un gran impacto en los proyectos y obras

públicas; muchos de ellos se han visto retrasados,

reducidos o incluso cancelados. Para los

abogados ello implica tener que buscar nuevas oportunidades, tanto en la Península como en el

extranjero.

partnerships (PPP) and project finance initiatives (PFI) are among the main causes of the country’s debt problems.

“We see the coming year as probably more problematic than last year, as clients continue to assess the risks associated with doing business in Portugal and of course the financing challenges,” says Maria Castelos, Partner at Campos Fereira Sá Carneiro & Asociados (CS Associados) in Lisbon.

Criticism of the role of PPP/PFI in exacerbating Portugal’s financial troubles is however unfair, believe many lawyers. The issue is more about poor decision-making and the choice of projects pursued rather than the finance model used.

“At present, there is very little good news and this negativity is compounded by the fact that there is also now a strong body of opinion that is against further major investment. It has been a political decision to put most projects on hold. One can nevertheless trust that some of those projects will be (re)launched in the medium or long term future and the opportunities now suspended may surface again in due time,” says Bernardo Diniz de Ayala, public law Partner at Uría Menéndez-Proença de Carvalho in Lisbon

Portugal’s 2011 Budget foresees even greater selectivity in the evaluation


Projects & Finance rePortProjects & Finance rePort

emerging is to obtain funding for projects through sovereign wealth funds or State enterprises from resources-rich countries. These are the players of the moment, and those that are giving liquidity for projects in Europe and worldwide,” says Nelson Raposo, Managing Partner of Raposo Bernardo in Lisbon.

New marketsWith uncertainty in the domestic markets, lawyers report that their clients are invariably now looking to new opportunities internationally.

“The ability to expand and to work outside national borders is clearly one of the main challenges Portuguese construction companies must embrace in order to maintain activity,” says Miguel Loreno Brito, Partner with Lisbon’s F Castelo Branco & Associados.

Recent reports state that over the past year Spanish companies including Acciona, ACS, FCC, Ferrovial, OHL and Sacyr Vallehermoso have seen international revenues increase by 18 percent, with project order books outside of Spain worth €27.5bn. Likewise Portuguese companies like Brisa are seeing tremendous success internationally, in markets across Latin America – Brazil, Chile and Peru – but also elsewhere in Europe, in the UK, across the Middle East and Africa.

Iberian law firms are already well-positioned across Latin America, and also now in eastern Europe and north Africa. But other markets play to the strengths of the Anglo-Saxon firms with offices in Madrid and Lisbon, believe some.

“Without doubt the best opportunities will come from abroad,” says Lucas Osorio, Partner with Hogan Lovells in Madrid. “As the most important companies in the sector are Spanish they will have good opportunities. However, in order to do so they should be well structured, financially balanced and prepared to invest in countries where opportunities arise; some of which may involve certain country risks.”

Lawyers accept that the outlook for the projects sector across Spain and Portugal will be difficult for the foreseeable future. Major infrastructure investment will be reduced and what new projects do emerge will be much more closely scrutinised.

“In light of the concerns that have emerged over the use of valid usage projections new contracts containing PPP formulas take into account availability risk (how much competition there is in the market) to a much greater degree than demand risk,” says Ignacio Paz, Partner with Herbert Smith in Madrid. For proposed

capital markets and should serve to reinitiate paralysed projects that lack long-term bank financing,” says Luis Muñoz, Partner with Jones Day in Madrid.

Lawyers insist however that the PPP/PFI model is not broken. Projects abound outside of Europe and many are built around finance and legal models developed in Spain and Portugal. “PPP is still an option and in the first semester of 2011 new projects will be launched, while the bond markets should also improve especially in the infrastructure field,” says Juan Martínez Calvo, Partner with Deloitte.

The situation facing Iberia’s banks is though having an impact on both their ability and willingness to invest in new projects. “The consolidation of the cajas in Spain has meant there is now less ‘local’ pressure on them to finance developments in their respective regions but we also see institutions struggling to compete in deals they do want to be a part of,” says Rueda Gómez-Calcerrada at Gómez-Acebo & Pombo.

The lack of liquidity is reinforcing the role of multilateral entities, which are trying to design their policy vis-à-vis commercial banking, note others. “What we are going to start seeing is hybrids of debt tranches and equity investments. Until now we have seen a development of the so-called mezzanine debt, which takes on risks that banks usually reject while demanding more rights than a regular shareholder. This is where new interesting opportunities open up for infrastructure funds and other investment funds,” says José Guardo, Head of Projects at Garrigues.

A similar view is held in Lisbon where bank credit is a much more significant source of funding than in many other economies. Between 2000 and 2009, bank credit accounted for nearly 70 percent of funding for the Portuguese economy, in contrast with ratios of 40 percent in France, almost 55 percent in Germany and Spain, and less than 20 percent in the US, according to World Bank data, notes Manuel de Andrade Neves, Partner at Abreu Advogados.

The constraints on the lending capacity of the major domestic banks means that even small projects are sometimes challenging to get off the ground. “Shareholders are now putting in more of their own funds, and we see the re-appearance of mini-perm lending structures. There also seems to be an increasing appetite for second market acquisitions,” says Francisco Ferraz de Carvalho, Counsel with Linklaters in Lisbon.

Teresa Empis Falcão, a finance lawyer at Vieira de Almeida agrees. “We have sovereign debt concerns and the banks are facing an adverse environment, but I strongly believe that the PPP model remains vigorous and attractive to all the players involved, provided that a well-structured risk allocation is established and agreed between the private and public sector.”

There is still money out there but it is now in different places, it is too expensive or too risk averse to invest in Portugal, say others.

“The most realistic and practical option that is

The PEIT followed the cancellation of earlier “non-strategic” works that were granted but not initiated.

The situation is similar in Portugal with PPP/PFI projects now under scrutiny by a Government Commission. “In one way or another all infrastructure sectors are suffering. The energy sector, though, remains active and is therefore an exception, with ongoing tenders for the construction of dams and regarding renewable energies,” says Pedro Melo, public law Partner with

PLMJ in Lisbon.A recurring challenge for new projects is to put in

place contractual structures requiring less engagement by the State and an increasing role for private sponsors and other finance entities.

“Even those projects that seemed more likely to be executed are now uncertain,” says Alberto Galhardo Simões, projects Partner at Miranda. An example is the proposed third bridge crossing across the River Tagus, part of the second stretch of the high speed rail project that will complete the Lisbon-Madrid axis. “The Government indicated that the tender would be launched at the beginning of 2011 but political conditions do not seem to favour it.”

Law firms are therefore now seeing much smaller projects and those deemed by the Government

and local authorities as essential. “The Government’s public school building

programme was announced before the onset of the crisis and is now ongoing.

There is still spending on social infrastructure,” says Inês Pinto da Costa, public law specialist at PLMJ.

New modelsWith finance the major concern, lawyers report that clients have to look at new methods to bridge gaps and to overcome ongoing construction concerns.

“The contractors and banks the Government needs are already nursing

big potential losses and the major construction and concessionaries have conditioned their participation in the Spanish Government’s PEIT stimulus plan on the salvation of, at least, four operational real toll roads – Radiales de Madrid, Cartagena-Vera, Madrid-Toledo and Eje Aeropuerto M-12 – which are all experiencing 50 percent to 80 percent lower traffic than initially predicted,” says Israel Gómez-Caro Gil, Partner with Gold Abogados in Madrid.

Banks are seeking to bullet-proof refinancing schemes but there is also a trend towards alternative financial models and increasing interest in the use of the capital markets, while investment funds are also beginning to assess market opportunities, say lawyers.

“The recently-announced “Project Bonds Initiative” launched by the European Commission and European Investment Bank may prompt investors to enter the

of new projects and those already in the pipeline. Although not officially cancelled, the fast rail connections between Lisbon-Porto and Porto-Vigo are unlikely to be implemented in the near future, say lawyers.

The current situation continues the dramatic negative swing in the fortunes of the projects market. “The current circumstances are undoubtedly very complicated and there is justifiably concern over the attraction and viability of many proposals on the part of both the Government and sponsors. But the market is not completely dead. Deals are still being done, albeit in a much more analytical way,” says Carlos Rueda Gómez-Calcerrada, projects Partner at Gómez-Acebo & Pombo in Madrid.

Re-scheduledSuch a scenario presents inevitable challenges both to the sector and the law firms that focus on it, admit lawyers. Public spending cuts have already been dramatic but further spending reductions are also anticipated.

“It may be too soon to give any figures for 2011 but I would not be surprised if infrastructure cutbacks were around 10-20% compared to 2010. No project is likely to come out unscathed, with the exception perhaps of those projects relying on EU funds,” says Francesc Segura, Partner with Roca Junyent in Barcelona.

Even strategic areas of economic activity are suffering. “A reduction in public investment can also be appreciated in the energy sector. The Spanish Government is now rescheduling its energy plan by which it specifies the infrastructure to be built and paid for – by energy consumers – in the following years. In non-regulated activities, investment has reduced over uncertainty in the renewable energy tariff framework,” says Gervasio Martínez-Villaseñor, energy specialist and Partner with Garayar Asociados in Madrid.

One area of good news in Spain is the Government’s ongoing commitment to its €17bn infrastructure plan (PEIT), which includes significant investment in the railway network (accounting for 70 percent of the funding) and in motorways (30 percent). “In this sense the Government has clearly bet on PPPs with more secured returns to investors on an availability basis and not linked to other traditional and uncertain criteria such as traffic in highways, for example,” says Ignacio Ruiz-Cámara, Partner with Allen & Overy in Madrid.

In Spain the situation is clearly not helped by the poor liquidity of the cajas, which have been major project

sponsors in recent decades but are now suffering their own capital concerns. .

Fernando Bernad, Cuatrecasas Gonçalves Pereira

“”

At present, there is very little good news and this negativity is compounded by the fact that there is also now a strong body of opinion that is against further major investment.Bernardo Diniz de Ayala, Uría Menéndez-Proença de Carvalho

“”



Lino Torgal

Bringing legal comfort to clients’ international opportunities

The delay and cancellation of major Portuguese transport and infrastructure projects is helping to push the country’s infrastructure and construction companies towards greater emphasis on projects outside of the country, bringing new challenges as well as opportunities, says Lino Torgal, Partner with leading Portuguese public law firm Sérvulo.

“Perhaps one positive outcome of the downturn is that a greater number of operators are now finding success in new markets, generating an increasing proportion of their revenues outside of Portugal. International expansion is acting as a balance to falling domestic revenues.”

He notes however that those companies enjoying the most evident success abroad are not engaging in opportunistic bids but taking a very considered approach to international growth, the types of projects they can genuinely capitalise on, and the markets with the prospect of producing the highest investment returns.

“We see clients winning project tenders

in Peru, Chile and Brazil, where there is already a degree of operational comfort, in some African countries, where there is a lot to do but an uncertain regulatory framework, and the US, where in many respects companies need to bring more than mere construction expertise. The leading operators are also bringing the legal mechanisms and project sponsors to actually get things done.”

Different markets inevitably present clients with different issues, and require more than the translation of local idiosyncracies, insists Torgal. There is never a “one-size fits all” approach.

“Companies have to adapt to each opportunity and this means understanding the political and economic drivers behind proposals. Long before a bid is submitted clients have to understand the project scope, the risks and hazards that might emerge along the way. Regardless of where the project may be, the fundamentals always have to be understood.”

Las empresas portuguesas de transporte e infraestructuras están dando una creciente importancia a los proyectos fuera del país, que aportan nuevas oportunidades pero también nuevos retos, según Lino Torgal, socio de Sérvulo.

payment by contractors and public administrations are prompting an increase in disputes between parties. The type of commercial and legal activity surrounding projects is changing from managing investments to managing problems, say lawyers.

“The challenge is to structure organisations, clean their accounts and wait for a change of cycle for them to undertake new national or

increasingly international investments,” says Lucas Osorio, at Hogan Lovells.

Alternative opportunities are emerging at home – the planned privatisation of both the Spanish and Portuguese airport operators (AENA and ANA respectively) presents opportunities for companies and law firms: 14 firms bid for €1.3bn ANA privatisation mandate – but the major prizes increasingly lie abroad.

“We now see three main types of projects activity, smaller domestic social schemes mostly related to education and health, major domestic infrastructure projects, which are increasingly few and far between, and those taking place outside of Iberia – which offer boundless opportunities. Our task is to demonstrate to clients that our expertise matches their ambition,” concludes João Rosado Correia, projects Partner with Garrigues in Lisbon.

schemes, the greatest difficulty will be to structure contracts properly and determine the parameters to take into account to remunerate the private partner.

Law firms must therefore look to new sector opportunities beyond advising clients on tender bids. “With the budgetary constraints and the temptation for budget cuts, Governments will try to renegotiate major project contracts. Basic constitutional and legal principles will be at stake. Lawyers will be on the battle front of negotiations both for the public and private side. It is important to reach a balanced settlement that will not compromise the company rights, fiscal consolidation or the mentioned principles,” says Lino Torgal, public law Partner with Sérvulo in Lisbon.

Infrastructure companies are already divesting non-core assets to enable them to continue investments in more strategic areas of operation, while delays in

Putting energy back into Spain’s renewables sectorA significant reduction in large public and infrastructure projects has helped reignite investor interest in Spain’s renewable energy sectorRecent legislative amendments may have led some investors to question their commitment to the renewables sector in Spain but significant interest remains in the right types of opportunities, say María Pilar García Guijarro and Ignacio Borrego, Partners at Watson Farley & Williams in Madrid.

“There is no doubt that the changes introduced last year to the tariff regime dictating the rates paid to energy producers, notably as they apply to the solar photovoltaic (PV) sector, have brought certain serious financial challenges to many projects. However we continue to see interesting investment opportunities in the primary and secondary market and operators continue to see growth potential in this and other areas of renewable energy production,” says García.

Spain is among the largest producers of solar power in Europe and its leading energy companies are now expanding and developing projects around the world. But the legislative changes introduced in December have raised questions about the commitment of the Government to the sector. The tariffs payable to new PV producers have been reduced by up to 45 percent, while further legislation at the end of 2010 retroactively limited the number of production hour subsidies for even existing PV plants.

The reduction in production hours equates to a revenue reduction of up to 30 percent of the sector trade body, Asociacion Empresarial Fotovoltaica (AEF) has stated.

“The tariff change has proved to be very contentious, several appeals are already filed before the Courts and others are pending. It seems that this change progressed through Parliament in part because of the persistent perception among many in the legislature that PV production has an impact on the tariff deficit. However, there are legal arguments against such retroactive changes,” says Borrego.

A further factor behind the legislative turnaround was the vast over supply of PV projects, he says. When the previous tariff change was introduced in 2007 the Government predicted the development of 350MW of PV production. By 2008 around 3,000MW was already under development.

La dramática disminución de proyectos de obra

pública ha vuelto a despertar el interés de los inversores por las energías renovables

en España. Las últimas reformas normativas pueden cuestionar el compromiso real del

gobierno, pero el sector sigue siendo muy

atractivo, afirman María Pilar García e Ignacio

Borrego, socios de Watson Farley Williams.

“There proved to be a significant lack of co-ordination between the central Government that set the tariffs and the regional Governments that encouraged the development of new production plants. At a national level no thorough tracking existed and there were also some uncertainties about the permitting process. The existence of robust permit due diligence has become of great importance, due to the inspections carried out by the Spanish central regulator.”

One further outcome of the changes has however been a greater diversification focus towards new and traditional areas of renewable production investment, says García. “We have seen an upturn in M&A activity among more sophisticated investors who are still looking at the PV sector - the most efficient PV plants remain attractive even with the tariff reductions - as well as at other renewables technologies, such as wind, biomass, and mini-hydro. Several wind tender processes are being carried out by Spanish regional authorities, simultaneously with significant sales of large renewables portfolios.”

Also, many thermal-solar projects may be testing grounds for new technologies. The reliability and consistency of solar thermal energy output means that major energy investors are placing importance on developing new projects.

“Thermal-solar plants may currently be more costly than PV, around €300m for a 50MW plant, but they are more efficient and have the ability to store energy which means they can feed excess production into the grid. This is a significant difference in efficiency relative to both PV and wind production,” she adds.

Protermosolar, the industry trade body, predicts that by 2013 Spain may have 60 operational thermal-solar plants producing a combined output of 2,500MW. Nonetheless there is pressure on the sector, cautions Borrego. Once registered, projects must begin operating within 36 months.

“Concerns remain over the potential for future tariff changes but there is now greater co-ordination between the regional and central authorities, while the size, scale and complexity of thermo-solar projects also act as brakes on over-production. It remains the domain of sophisticated operators and investors.”

María Pilar García Guijarro

Ignacio Borrego

The consolidation of the cajas in Spain has meant there is now less ‘local’ pressure on them

to finance developments in their respective regions but we also see institutions struggling to compete in deals they do want to be a part of. .

Carlos Rueda Gómez-Calcerrada Gómez-Acebo & Pombo

“”


The good news emerging out of the financial crisisThe Portuguese Government’s request to the European Union for financial assistance brings both complications and opportunities to projects

xxx

The news that the interim Portuguese Government has approached the European Commission over the terms of a financial bailout brings complications for both planned and ongoing projects but is not without some merit, says José Luís Esquível at Lisbon public law and projects boutique Esquível Advogados.

“In relation to ongoing projects, it is likely that some will be renegotiated to adjust finance models in terms of a reduction of the public investment. When it comes to planned projects, we are unlikely to see more cancellations but will probably see more delay according to the new timetable for public investment over the coming years.”

Such developments do not therefore mean a drastic reduction of ongoing projects, he believes.

“The country cannot stop and there are several projects that remain crucial for our development and for which funds will be released albeit probably under different conditions. However those

projects that are deemed non-essential or whose turnover is incompatible with our financial situation will likely not benefit from public funds.”

The injection of EU funds alone will not however be sufficient to attract new foreign investment to Portugal, believes Esquível.

“It will also be necessary to set out a clear vision for economic stability and this will depend on the shape of the Government elected at the start of June.”

An injection of funds will however likely mean that the domestic Portuguese banks will now have more flexibility in terms of releasing funds for the projects in which they are already involved.

“There is some good news, the crisis may now offer an opportunity to introduce new legal mechanisms more adjusted to the real needs of all the players in the field – promoters, banks and public grantors,” says Esquivel. “And public law is always the main legal framework in this respect.”

Investors focusing on more stable returns

Taking a pragmatic approach to business

With fewer public projects to invest in funds and even family offices are again looking at the real estate sector, albeit with very strict investment criteria

The financial downturn and the reduction in public project opportunities has meant investors are looking harder at private investment opportunities, albeit they are being more selective about those they engage in, says Isidro del Moral, a real estate Partner with Broseta in Madrid.

“We see funds, institutional investors and family offices all taking different but comparable strategies when it comes to choosing where to place their money, the assets they are interested in and the returns they expect.”

For many, the Spanish real estate sector is once again therefore of interest but there is often a mismatch between what vendors are asking for assets and what investors are ready to pay. “For buyers it is a question of yields. They are asking, ‘in the current market, what are the returns available, and what is the maximum I can justify paying?’”

The best residential developments and properties remain in demand, says del Moral, likewise premium commercial premises. “Madrid and Barcelona are

With the Portuguese Government in turmoil and the economy facing its toughest period in living memory, uncertainty over the country’s large-scale projects looks certain to continue.

In adverse times, truth can often be found, and not all lawyers in Lisbon are negative about the prospect of hard times ahead.

“There are some positives from situations like this,” says Pedro Pinto, a Partner at Pedro Pinto, Bessa Monteiro, Reis, Branco & Associados (pbbr). “The country is waking up to the situation and everybody is concluding that we’ve lived beyond our capacities.”

Pursuing a strategy that backs up his optimistic outlook, last July saw Pinto welcome two partners and five associates from ABBC into the firm, and also two lawyers from other law firms, heralding a change in name and the promise of a new era for the firm.

Such is the depth and scale of the problems facing Portugal, the new-look pbbr faces a market that Pinto believes is incomparable to almost anything

the major Spanish business centres but even here investors are focused only on the prime locations. Only the best office properties generate premium rents.”

When it comes to retail premises there is a broader geographic focus, he says. A portfolio approach is being taken by investors, but the focus remains towards retail properties in the main thoroughfares of the major cities and away from commercial centres.

Many funds are taking a “wait and see” approach to most opportunities but there is an evident movement away from shopping centres especially on the periphery of cities. There is a sense that Spain has too many retail centres, that consumer spending is down, and therefore the finances simply do not add up.

“In the current climate, long-term project opportunities are significantly fewer in number and investors are therefore looking for the safest alternative investments that offer the most stable returns,” says del Moral.

previously seen before. “This is the worst situation for 80 years.

We’re reaching the conclusion that the development model for our country has to change. The state is too big, too involved in the economy and too involved in PPPs – the contracts for which aren’t sustainable and should be reassessed,” he says.

Pinto argues history has shown there are periods when governments, economies and their people have to “stop and reanalyse everything” before moving on.

“The political crisis will mean projects, especially government projects, will be put on hold for the short term. They will probably be reassessed before continuing and law firms will suffer. This is not a brilliant scenario but I think it’s realistic.

“However, law firms will see more work from financial restructurings and corporate M&A. They will also see some foreign investors investing in Portugal, as long as they are able to finance themselves, because they will be able to buy things cheaply. There will be opportunities but deals will take longer than in the lost old days,” concludes Pinto.

La noticia de que el Gobierno provisional

portugués ha solicitado ayuda financiera a la

Unión Europea complica tanto los proyectos

actuales como los futuros, opina José Luís Esquível, de la boutique de derecho

público y proyectos Esquível Advogados en

Lisboa.

La crisis financiera y la reducción del gasto público en proyectos e infraestructuras está dando un creciente protagonismo al desarrollo del sector privado, aunque para Isidro del Moral, Socio de Broseta, los inversores cada vez son más selectivos.

José Luís Esquível

Pedro PintoLuís Filipe Carvalho

Isidro del Moral


Political crisis paralysing projects pipelineThe resignation of the Prime Minister, José Sócrates, and the subsequent downgrading of its financial institutions, has left the country’s economy in unprecedented territory. Investors, funds and projects are unable to move until stability returns, says ABBC Partner Luís Filipe Carvalho.

“The major players are paralysed. Investors are extremely worried about the short-term fate of Portugal and the relevance of the crisis-fighting plans that should be negotiated and determined by the major political parties or by the new government after elections.”

With no lead political entity to guide Portugal’s ability to cut borrowing through austerity measures, Carvalho joins the chorus of lawyers who believe the country’s debt crisis will likely get worse before it gets better.

Sócrates´ resignation has put Portugal into a deep political crisis just as it faces huge debt repayment deadlines and desperately needs market confidence to avoid an international bailout, which is now considered imminent by many.

The major credit rating agencies subsequently downgraded their view of the major Portuguese banks, having previously cut Portugal’s sovereign debt rating after the government’s collapse. In this environment, as expected, international and national investment, in particular, real estate investment is seriously affected, he says

Some projects have already begun but have stalled in light of the poor economic situation and precarious banking system. This may lead to a need for refinancing, but it will likely be short-lived, says Carvalho. Portuguese banks will struggle to find liquidity as a result of the State’s poor credit rating, leaving it unable to borrow from the international capital markets.

“Negotiating the refinancing of some operations and of major leases, and assisting on sale and leaseback transactions, may be a new trend until the year end but, in any case, clients must clearly take a very conservative and cautious position in respect of any new opportunities.”

La renuncia del primer ministro José Sócrates y la subsiguiente rebaja de categoría a sus instituciones financieras han dejado a la economía del país en un territorio sin precedentes. Los inversores y los proyectos están paralizados hasta que vuelva la estabilidad, explica Luís Filipe Carvalho, socio de ABBC.

En medio de la agitación en el seno del Gobierno

portugués y de la peor recesión vivida, la

incertidumbre sobre los grandes proyectos

nacionales continúa, opina Pedro Pinto, socio de pbbr

en Lisboa.

• IBERIAN LAWYER • January / February 2011 www.iberianlawyer.com January / February 2011 • IBERIAN LAWYER • www.iberianlawyer.com 109 • IBERIAN LAWYER • January / February 2011 www.iberianlawyer.com

GUIDE TO LEADING LAWYERSProjects & Finance rePortProjects & Finance rePort

Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.

GUIDE TO LEADING LAWYERS

Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.

Ángel Varela, Gómez-Acebo & Pombo

Address: Paseo de la Castellana 216, 28046 MadridTel: +34 91 582 91 00 Fax: +34 91 582 91 14Email: [email protected] Web: www.gomezacebo-pombo.comMain practice areas: Project Finance, Asset Financing (Vessels), Leasing, Syndicated Finance,

Securitisation & Credit Assignments, Takeovers, Public Offers for Sale & Subscription and Bank & Securities Markets Contracts

Bernardo Diniz de Ayala, Uría Menéndez - Proença de Carvalho

Address: Edifício Rodrigo Uría, Rua Duque de Palmela 23, 1250-097 LisbonTel: +351 210 308 620 Fax: +351 210 920 139Email: [email protected] Web: www.uria.com Main practice areas: Government Contracts, Project Finance, Regulatory

Diogo Perestrelo, Cuatrecasas, Gonçalves Pereira

Address: Praça Marquês de Pombal 2, 1250-160 LisbonTel: +351 21 355 38 00 Fax: +351 21 315 23 62Email: [email protected] Web: www.gpcb.ptMain practice areas: M&A, Project Finance and Private Equity

Francesc Roda, Roca Junyent

Address: Aribau 198, 08036 BarcelonaTel: +34 93 241 92 00 Fax: +34 93 414 50 30 Email: [email protected] Web: www.rocajunyent.comMain practice areas: Corporate and Public Law

Gervasio Martínez-Villaseñor, Garayar Asociados

Address: Conde de Aranda 1 - Serrano 10, 28001 MadridTel: +34 91 432 49 05 Fax: +34 91 431 75 44Email: [email protected] Web: www.garayarasociados.comMain practice areas: Administrative Law, PPP/PFI and Infrastructure

Ignacio Borrego, Watson, Farley & Williams

Address: María de Molina 4, 28006 MadridTel: +34 91 564 81 00 Fax: +34 91 563 16 30Email: [email protected] Web: www.wfw.com Main practice areas: Public Law, Energy and Infrastructure

Alberto Galhardo Simões, Miranda Correia Amendoeira & Associados - Sociedade de Advogados

Address: Rua Soeiro Pereira Gomes L 1, 1600-196 LisbonTel: +351 217 814 800 Fax: +351 217 814 802Email: [email protected] Web: www.mirandalawfirm.comMain practice areas: PPP / PFI, Project Finance and M&A

Ignacio Paz, Herbert Smith

Address: Paseo de la Castellana 66, 28046 MadridTel: +34 91 423 40 00 Fax: +34 91 423 40 01Email: [email protected] Web: www.herbertsmith.comMain practice areas: Energy & Infrastructure, Environment, Natural Resources, Administrative & Public

Law, PPP/PFI, Project Finance and Regulatory

Inês Pinto da Costa, PLMJ

Address: Avenida da Liberdade 224, 1250-148 LisbonTel: +351 213 197 381 Fax: +351 213 197 399Email: [email protected] Web: www.plmj.comMain practice areas: PPP/PFI, Project and Finance

Isidro del Moral, Broseta Abogados

Address: Fernando el Santo 15,2º, 28010 Madrid Tel: +34 91 432 31 44 Fax: +34 91 432 32 55Email: [email protected] Web: www.broseta.comMain practice areas: Real Estate & Construction, Private Clients and M&A

Israel Gómez-Caro, Gómez, Olmo & Da Veiga Abogados (GOLD Abogados)

Address: Almagro 31 - 3º Izquierda, 28010 MadridTel: +34 91 702 08 68 Fax: +34 91 391 53 21Email: [email protected] Web: www.goldabogados.comMain practice areas: PPP/PFI, Project Finance, Banking and Finance

José Luís Moreira da Silva , SRS Advogados

Address: Rua Dom Francisco Manuel de Melo 21, 1070-085 LisbonTel: +351 213 132 084 Fax: +351 213 132 001Email: [email protected] Web: www.srslegal.pt Main practice areas: Administrative / Public Law and PPP/PFI

Juan Martínez Calvo, Deloitte Abogados y Asesores Tributarios

Address: Plaza Pablo Ruiz Picasso s/n, Torre Ruiz Picasso, 28020 MadridTel: +34 91 514 50 00 Fax: +34 91 514 51 80Email: [email protected] Web: www.deloittelegal.comMain practice areas: Administrative, Public Law and PPP/PFI

Lino Torgal, Sérvulo & Associados

Address: Rua Garrett 64, 1200-204 LisbonTel: +351 210 933 000 Fax: +351 210 933 001/2Email: [email protected] Web: www.servulo.comMain practice areas: Public Law, PPP’s and Project Finance



Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.


Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.Sponsored section: A selection of law firms recommended within the internationally recognised directories and / or by clients.


Miguel Lorena Brito, F. Castelo Branco & Associados

Address: Avenida Liberdade 249, 1º, 1250-143 LisbonTel: +351 213 587 500 Fax: +351 213 587 501Email: [email protected] Web: www.fcblegal.comMain practice areas: Administrative & Public Law, Construction, Projects & Infrastructure, Arbitration,

Planning, Zoning and Environment

Luis Filipe Carvalho, ABBC & Associados

Address: Largo S. Carlos 3, 1200-410 LisbonTel: +351 213 583 620 Fax: +351 213 159 434Email: [email protected] Web: www.abbc.ptMain practice areas: Real Estate, Planning and Public Law

Nelson Raposo Bernardo, Raposo Bernardo

Address: Avenida Fontes Pereira de Melo 35, 18º, 1050-118 LisbonTel: +351 213 121 330 Fax: +351 213 562 908Email: [email protected] Web: www.raposobernardo.com Main practice areas: Banking & Finance, Capital Markets, Corporate & M&A, Projects & Finance,

Private Equity & Venture Capital, Projects and Energy

Luis Muñoz, Jones Day

Address: Paseo de Recoletos 37-41, 5, 28004 MadridTel: +34 91 520 39 39 Fax: +34 91 520 39 38Email: [email protected] Web: www.jonesday.com Main practice areas: Banking Law, Project Financing, Renewable Energy and Infrastructure

Pedro Melo, PLMJ

Address: Avenida da Liberdade 224, 1250-148 LisbonTel: +351 213 197 484 Fax: +351 213 197 345Email: [email protected] Web: www.plmj.comMain practice areas: Administrative, Public Law, Construction, PPP/PFI, Project and Finance

Manuel de Andrade Neves, Abreu Advogados

Address: Avenida das Forças Armadas 125, 12º, 1600-079 LisbonTel: +351 217 231 800 Fax: +351 217 231 899Email: [email protected] Web: www.abreuadvogados.comMain practice areas: Administrative & Public Law, Construction, PPP/PFI, Planning, Zoning and

Environment

Pedro Pinto, pbbr – Pedro Pinto, Bessa Monteiro, Reis, Branco & Associados – Sociedade de Advogados

Address: Avenida da Liberdade 110-6º; 1250-146 LisbonTel: +351 213 264 747 Fax: +351 213 264 757Email: [email protected] Web: www.pbbr.pt Main practice areas: Commercial & Corporate, M&A, Real Estate & Construction, Banking & Finance,

Litigation and Arbitration

Manuel Esteves de Albuquerque, Raposo Bernardo

Address: Avenida Fontes Pereira de Melo 35, 18º, 1050-118 LisbonTel: +351 213 121 330 Fax: +351 213 562 908Email: [email protected] Web: www.raposobernardo.comMain practice areas: Public Law, Construction & Real Estate, PPP/PFI and Project Finance

Vanda Cascão, Vieira de Almeida & Associados

Address: Avenida Duarte Pacheco 26, 1070-110 LisbonTel: +351 213 113 400 Fax: +351 213 113 406Email: [email protected] Web: www.vda.pt Main practice areas: Projects & Infrastructure, Energy & Natural Resources and Public Procurement

Manuel Protásio, Vieira de Almeida & Associados

Address: Avenida Duarte Pacheco 26, 1070-110 LisbonTel: +351 213 113 400 Fax: +351 213 113 406Email: [email protected] Web: www.vda.pt Main practice areas: Projects & Infrastructure, Energy & Natural Resources, Corporate and M&A

Victor Réfega Fernandes, PLMJ

Address: Avenida da Liberdade 224, 1250-148 LisbonTel: +351 213 197 361 Fax: +351 213 197 373Email: [email protected] Web: www.plmj.comMain practice areas: PPP/PFI, Projects and Finance

María Pilar García Guijarro, Watson Farley & Williams

Address: María de Molina 4, 28006 MadridTel: +34 91 564 81 00 Fax: +34 91 563 16 30Email: [email protected] Web: www.wfw.com Main practice areas: Energy & Infrastructure, Renewables, Gas & LNG, Projects, Corporate & M&A,

Private Equity and Project Finance

Mariano Magide Herrero, Uría Menéndez

Address: Príncipe de Vergara 187, Plaza Rodrigo Uría, 28002 MadridTel: +34 91 586 01 38 Fax: +34 91 586 07 42Email: [email protected] Web: www.uria.comMain practice areas: Administrative & Constitutional Law, Litigation and Infrastructure

Lucas Osorio, Hogan Lovells International

Address: Paseo de la Castellana 51, 28046 Madrid Tel: +34 91 349 82 99 Fax: +34 91 349 82 01Email: [email protected] Web: www.hoganlovells.com Main practice areas: Administrative & Public Law, Construction, M&A, PPP/PFI, Project Finance

and Infrastructure

• IBERIAN LAWYER • January / February 2011 www.iberianlawyer.com

IBERIAN LAWYER

An abstract from Iberian LawyerMarch / April 2011

For further information please [email protected]

www.iberianlawyer.com

Documents

PROJECTS & FINANCE e-report 2011