Garrigues Peru celebrated its tenth anniversary in the country doing what it does best – closing deals.
A Spanish firm with a global footprint, Garrigues first settled in Peru in 2014. It was part of the parent company’s strategy to open offices in the four countries that form the so-called Pacific Alliance: Chile, Colombia, Mexico and Peru.
“Our tenth anniversary marks the consolidation of Garrigues’ presence in Peru and Latin America,” says Oscar Arrus, the partner in charge of the Peru office.
That consolidation meant having a hand in some of Peru’s watershed deals, including expansion of the international airport in Lima, the capital, and the new Port of Chancay, just north of the capital. These projects, together with the Port of Callao, form an up-and-coming logistics hub that will transform Peru and the rest of Latin America’s Pacific coast.
The firm played a critical role in the $765 million loan and exchange offer for the Volcan mining company and the nearly $200 million financing for the 300 megawatt San Martín solar project, which will be one of the largest renewable plants in the country.
Mining is Peru’s economic motor and energy is one of the country’s most vibrant sectors as it moves ahead with its energy transition strategy.
“In the past 10 years we have forged an important role in the Peruvian legal world, participating in the majority of the relevant transactions with sophisticated national and international clients,” says Arrus.
Garrigues currently has 10 partners in Lima, with the newest named last November. It is one of the most diversified firms, with 33 areas of practice, a fact which Arrus says separates Garrigues from other law firms.
“We provide counsel from all different angles of business law, but like any firm focused on business law, our core focus in Peru is corporate M&A and finance,” he says.
The firm was involved in the $2.1 billion acquisition of assets belonging to Italian power company Enel in Peru, as well as in transactions infrastructure and renewable energy.
Peru’s economy is expected to grow 3.2% in 2024 and inflation was under 2%, some of the better numbers in the region. Arrus says the improving economic climate should mean that 2025 will be even more active.
“The situation appears to be very positive, with important movements in renewables and some infrastructure areas. This is in addition to the surge in M&As, which are more relevant by the day,” he says.