International Financial Law Review - Euromoney

Energy & Infrastructure


Guyer & Regules is the largest energy and natural resources’ team in Uruguay. The firm took part in the drafting of the framework for the construction and operation and maintenance of the natural gas pipe line that connects Argentina with Uruguay as well as in the drafting of ANCAP’s – the state-owned oil and gas company – privatisation law passed by the Parliament but annulled by a referendum. Federico Susena and Juan Manuel Mercant are the partners in charge of the energy team.

Clients are generally pleased with the firm’s work. “The services were very satisfactory, not only in general knowledge on the specific subjects but regarding the personal interaction and due compliance of work”, a client says. Another adds: “The team provided thorough analyses, although there were some delays when responding to our requests and deadlines”.

Peers consider the firm a strong player in the market. “You see them quite a lot in some very relevant projects”, one says. “They have a really good and strong team and are very traditional. Simply put, they’re one of the best in town”.

The firm advised Gasoducto Cruz del Sur on its day-to-day business and in the negotiations with the government regarding the amendment to the concession agreement due to the entering into effect of the LNG regasification plant and its impact over the pipe line under concession.

Guyer & Regules counselled Corporación América on the design, development and implementation of two wind farms in Maldonado, Uruguay, with a total output of 90MW, including PPA negotiation with UTE, EPC and OyM together with all permits and authorisations related thereto. The firm also helped the client with obtaining a $176 million senior loan under a project finance structure as well as an additional equity investment for its wind farms.

The team was counsel to Spain’s Fotowatio Renewable Ventures in the country’s first large-scale solar energy power purchase agreement with UTE. The 30-year PPA will allow the client to construct a $100 million, 50MW solar farm in the north-western department of Salto in exchange for fixed-rate purchase costs.