Scotiabank has been recognized in the 2024 LatinFinance Project & Infrastructure Finance Awards for its significant contributions to regional development through major infrastructure projects that aim to advance crucial economic and social development priorities in Latin America and the Caribbean. These awards underscore Scotiabank’s capabilities in delivering local, multi-product services and global, cross-border financing solutions in both the bank and institutional, capital markets, and across power, energy, infrastructure, and sustainable finance sectors.
Back Left-to-right:
Christian Sarmiento, Vice President at Global Infrastructure Partners “GIP”; Andres Diaz, Associate Director, Infrastructure and Project Finance “IPF” at Scotiabank; Carlos Gomez, Director, IPF at Scotiabank; Bryan Murphy, Partner and President at Glenfarne Group LLC; Marc Chouchani, Managing Director and Head, IPF Americas at Scotiabank; and Ernesto Castro, Senior Associate at GIP.
Front Left-to-right:
Carlos Bogaert, Director, Corporate Banking at Scotiabank Dominican Republic; Viktor Stafiychuk, Senior Director, Treasury Corporate Finance at AES; Rafael Soliaman, Director, Fixed Income Derivative Solutions at Scotiabank; Nicole Escudero, Associate Director, Global Loan Syndications at Scotiabank.
As part of LatinFinance’s annual awards program to recognize the best in Latin America’s energy and infrastructure finance and investment during the period June 1, 2023 - May 31, 2024, the publication’s editorial team announced:1
- Infrastructure Financing of the Year - Mexico: US$2.5 billion for ENGIE’s Energía Mayakán gas pipeline expansion
- Port Financing of the Year: US$332 million for Sociedad Puerto Industrial Aguadulce in Colombia
- Infrastructure Financing of the Year - Caribbean: US$395 million for AES Dominicana Renewable Energy in Dominican Republic
- Renewable Energy Financing of the Year: US$1.06 billion for EnfraGen’s renewable asset acquisition Panama and Costa Rica and refinancing
- Infrastructure Financing of the Year - Southern Cone: US$817 million for Aguas Pacifico’s Aconcagua Desalinization Plant project in Chile
- Power Financing of the Year and Infrastructure Financing of the Year - Latin America: US$6.2 billion power asset portfolio acquisition by Mexican Infrastructure Partners (MIP) in Mexico
“We are pleased to share this high industry praise with our clients, because it acknowledges how Scotiabank delivers comprehensive solutions across the LatAm region,” remarked Jose Jorge Rivero, Senior Vice President, Corporate Banking and Capital Markets, International Banking. “Our strong local capabilities, complemented by our global expertise, make us a one-stop shop for complex deal needs, as well as satisfying primary banking and operational requirements for multinational companies with cross-border activity.”
“These awards reflect the strength, breadth and depth of our LatAm platform, and how we deliver on that commitment for clients in often uncertain market conditions,” commented Marc Chouchani, Managing Director and Head, Infrastructure and Project Finance. “In infrastructure and project finance, understanding local economies, regulations and challenges and leveraging our global relationships and industry best practices is crucial to connecting clients with investors and solutions.”
Delivering a holistic approach to Mexico’s largest project finance
The ‘Infrastructure Financing of the Year - Mexico’ title recognizes the US$2.5 billion project financing for ENGIE to expand the Energía Mayakán Pipeline in the Yucatan Peninsula. This project represents a significant milestone in the country, providing the only natural gas infrastructure system connecting Mexico’s South-East region to the country’s main natural gas supply. Scotiabank served as Joint Lead Arranger, Joint Bookrunner, Hedge Provider, On-shore Collateral Agent, Co-Syndication Agent and Swap Provider on the deal, involving senior secured credit and letter of credit facilities. This financing aims to significantly increase natural gas transportation capacity between the U.S. and Mexico, thus ensuring a reliable energy supply to southern Mexico.
“We provided a holistic solution to our client by offering all the requisite services, and leveraging our deep local understanding of all participants, investor and government perspectives to structure the agreement effectively,” described Julia Borgo, Director, Corporate and Structured Finance, in Mexico City. “Then, we were able to deliver the multiple services needed to execute successfully, from syndication relationships and hedging to local banking and collateral agency capability.”
In the ‘Infrastructure Financing of the Year - Caribbean’ category, Scotiabank acted as Joint Lead Arranger, Joint Bookrunner, Letter of Credit Provider and Hedge Provider on the US$395 million transaction for AES Dominicana Renewable Energy S.A. (ADRE) in the Dominican Republic, to finance the design, construction, and operation of three new renewable projects and refinance debt of three additional renewable energy projects. The transaction financed the largest portfolio of solar and wind power projects in the country. Scotiabank leveraged its local and regional expertise to achieve the financing objective, resulting in the largest financing for renewable energy projects for a Caribbean economy.2
Scotiabank’s multi-product solutions were also decorated in the category of ‘Port Financing of the Year,’ on the US$332 million transaction for Sociedad Puerto Industrial Aguadulce S.A. (SPIA), to expand its shipping terminal capacity, boosting Colombian foreign trade and regional development. Serving as Joint Arranger, Letter of Credit and Hedge Provider, and On-shore Collateral Agent, on the term and letter of credit facilities, Scotiabank deployed its deep knowledge of the local market along with its technical social and environmental experience, to structure a successful financing solution.
Supporting transformational infrastructure across LatAm
Scotiabank was also recognized for its pivotal roles in sizable project financings that aim to enable sustainable regional infrastructure and foster innovative partnerships.
In the ‘Renewable Energy Financing of the Year’ category, Scotiabank played a key role as Joint Lead Arranger and Joint Bookrunner on the US$1.06 billion acquisition and refinancing transaction by EnfraGen LLC, as this multinational developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses acquired 188MW of renewable energy assets in Panama and Costa Rica from Celsia S.A. The transaction garnered attention both for its complexity and creativity and for effectively expanding EnfraGen’s portfolio of assets in those countries to help advance crucial energy transition.
Scotiabank also upheld its reputation as a solid, trusted participant in Mexico’s energy infrastructure development, in the categories of ‘Power Financing of the Year’ and ‘Infrastructure Financing of the Year – Latin America.’ The awards, relating to one of the largest energy deals ever signed in Mexico,3 recognize the US$6.2 billion sale of power assets by Spanish utility Iberdrola S.A., representing 8,539 GW of power generating capacity, to the Mexican Infrastructure Partners (MIP), to be operated by Mexican state-owned utility CFE. Scotiabank, acting as Hedge Provider, facilitated this transaction, which combined bridge and term loans with long-term financing alternatives to help Mexico advance its power sector objectives.
Connecting multinational company ambitions across borders
Scotiabank distinguished itself in the ‘Infrastructure Financing of the Year - Southern Cone’ category by serving as Mandated Lead Arranger and Hedge Provider for the US$817 million green loan financing package for the Aconcagua Project. This water desalination and water transport infrastructure development in Chile, led by Patria, through Aguas Pacifico SpA and Acueducto San Isidro SpA, addresses the water crisis in central Chile. The consolidated project includes a seawater desalination plant, aqueduct, and pipeline to meet industrial and residential demand, with Anglo American Sur S.A. and Colbún S.A. serving as anchor off-takers of plant capacity.
“We demonstrated our local and global capabilities,” said Sofía Schülbe Martinez, Director, Structured Finance, Power and Infrastructure, in Santiago, Chile. “Our local presence enabled us to have a deeper understanding of the project goals, recognizing the importance of this project for local communities as well as to our clients indirectly involved.”
Your trusted partner in Latin America’s growth
Reflecting on the LatinFinance awards, Jose Jorge Rivero emphasized, “We admire the determination, innovation, and energy these private and public sector organizations and investors possess, bringing impactful economic and social development to Latin America and the Caribbean, and we are honoured to support these initiatives and to contribute our strength and abilities.”
Mr. Rivero concluded that, “With Latin America and the Caribbean facing an estimated US$2.2 trillion infrastructure investment gap to meet the UN’s Sustainable Development Goals by 2030, the projects highlighted today are extremely important. Scotiabank is proud of our longstanding history and commitment to the region, and we look forward to continuing our role as a trusted, valued, and significant partner in this region’s development in the years ahead.”
Learn more about our recent awards
More on Banking the Americas
Jose Jorge Rivero
Senior Vice President, International Banking, Corporate Banking and Capital Markets
Phone: 52-000-36037
Marc Chouchani
Managing Director and Head, Power and Infrastructure Finance – Latin America & Caribbean
Phone: 212-225-5711
