Representative Work

Examples of representative work highlights in the last two years.

Eurus Energy

French renewables company Akuo and its Uruguayan subsidiary Glymont obtained a USD 82 million loan to finance construction of a wind farm in southern Uruguay. Guyer & Regules helped Japanese wind farm developer Eurus Energy purchase a stake in the subsidiary. This is the second time Eurus has invested in one of Akuo’s Uruguayan wind farms.


Guyer & Regules has helped Uruguay’s first-ever public private partnership (PPP) obtain finance worth USD 90 million to fund the construction of the Punta de Rieles prison, involving a rare local issuance of project bonds. Banco Santander acted as arranger and a Uruguayan state entity as trustee. A consortium led by Spanish engineering group Abengoa offered the 5.85 per cent project bonds on 23 July. The issuance is backed by the project’s receivables and will mature in 2040.


Guyer & Regules has helped HSBC issue USD 50 million worth of mortgage-backed credit notes, the first time the debt instrument has ever been used in Uruguay. The notes are made possible by 2009 legislation allowing banks to issue mortgage-backed securities in the country in a government effort to encourage financing for housing projects.

Carrasco International Airport – Puerta del Sur S.A

Guyer & Regules advised Carrasco International Airport in Uruguay in the issuance of notes worth USD 200 million. Carrasco Airport in Montevideo offered the notes at 6.875 per cent interest with a maturity date in 2032.


Guyer & Regules helped Citicorp provide a USD 200 million credit facility to the Banco del República Oriental del Uruguay (BROU). BROU will use the funds for general business purposes, and to provide long-term loans to its clients. It is Uruguay’s largest bank in terms of customers.

Montes del Plata (Arauco – Stora Enso)

Guyer &Regules advised Montes del Plata in the agreement with Austrian technology group Andritz to settle a USD 228 million ICC arbitration with the Finnish-Chilean owners of Uruguay’s largest pulp mill project. The mill owners have agreed to pay USD 46 million to Andritz to settle the dispute. The Montes del Plata project is based overlooking the Río de la Plata estuary that separates Uruguay and Argentina. Worth USD2 billion, the project is the largest foreign investment in Uruguay’s history.

Merrill Lynch, Pierce, Fenner & Smith, Morgan Stanley and Santander

Cleary Gottlieb Steen & Hamilton LLP’s Buenos Aires and New York offices have helped the Uruguayan government raise USD 1.2 billion by reopening its global bond programme, which required new legislation allowing the country to adjust its incremental annual debt limit. Guyer & Regules advised underwriters Merrill Lynch, Pierce, Fenner & Smith, Morgan Stanley and Santander.

Corporación América

Guyer & Regules advised Corporación América obtain a USD 180 million loan to finance two wind farms in Maldonado, Uruguay, in its first of several planned investments in the wind energy sector.

Sura Asset Management

Guyer & Regules advised Sura Asset Management (SUAM), wgo has turned to firms in seven jurisdictions to tap the international markets for the first time, through a USD 500 million notes issuance.

HSBC and JP Morgan

Uruguayan government issue sovereign debt worth USD 2 billion. The dealer managers HSBC and JP Morgan were advised by Guyer & Regules.

Banco Hipotecario

Guyer & Regules helped state-owned mortgage provider Banco Hipotecario establish a USD 17 million debt securities programme.

Jacinta Solar Farm – Fotowatio Renewable Venture Group

Guyer & Regules assisted Jacinta Solar Farm, a Uruguayan company part of the Fotowatio Renewable Venture Group to obtain the financing for its 50.0 MW photovoltaic power station to be located in Salto, Uruguay for up to USD 71 million and an additional USD 24 million. It is the first financing for a Power Purchase Agreement to be executed with UTE (the National Electricity Company) for a photovoltaic power station. Once concluded it will be one of the major solar projects in Latinamerica.

Jacinta Solar Farm – Fotowatio Renewable Venture Group

Guyer & Regules helped Spain’s FRV obtain the first long-term credit facility for the Jacinta solar farm, valued at USD 94 million.

Compass Group

Guyer & Regules advised asset manager Compass Group on a share certificate offering made through a real estate development trust, where the take up was almost entirely by Uruguayan pension funds capitalising on the recent easing of their investment restrictions.

Cadonal – Abengoa

Guyer & Regules advised Cadonal, an affiliate of Spanish engineering group Abengoa, to obtained finance worth USD 90 million to build a 50-megawatt wind farm in southern Uruguay.


Guyer & Regules advised Canada’s EDC in a USD 20.000.000 loan granted to Scotiabank Uruguay, the largest private bank in Uruguay, to reinforce its general funding needs.


Guyer & Regules has helped the Uruguayan branch of Citibank provide a USD 75 million credit facility to Interconexión del Sur (ISUR) and Uruguay’s state-owned electricity company Administración Nacional de Usinas y Transmisiones Eléctricas (UTE) to finance the construction of an electricity conversion plant which will make Uruguay’s electricity cycle compatible with its Brazilian counterpart.

Grupo Sura

Guyer & Regules has helped Colombian financial conglomerate Grupo Sura launch an investment fund manager in Uruguay as part of the group’s aggressive drive to expand across Latin America. The new investment fund, which began operations at the beginning of March 2013, is Uruguay’s sole domestic retail investment fund manager.


Guyer & Regules assisted Palmatir (a subsidiary of Teyma / Abengoa) in the USD 120 million financing granted by the Inter-American Development Bank, the Export-Import Bank of the United States and Citibank, N.A. for the construction of its wind farm project in Tacuarembó, Uruguay.

HSBC Bank Uruguay

Guyer & Regules has helped HSBC Bank Uruguay provide a USD 15 million credit facility to Interconexión del Sur (ISUR).

Grupo Otegui

Guyer & Regules have helped Uruguayan conglomerate Grupo Otegui obtain USD 140 million worth of project financing as well as an equity investment for three wind farms, Luz de Mar, Luz de Loma and Luz de Río, – one of the first times the project finance structure has been used in the country. They will have a total installed capacity of 88 megawatts. The wind farms’ output will be sold to Uruguay’s state electricity company, UTE, through a 20-year off-take agreement.


Guyer & Regules assisted BBVA in its role of agent for the local guarantees in a financing obtained by Polesine S.A. from foreign lenders for the development, construction and operation of one wind farm in Florida with a total capacity of 50MW.