Infrastructure deals in the Andean region have been scarce in recent years, with politics and macroeconomic uncertainty weighing on investor appetite. Yet J.P. Morgan proved that market headwinds are not insurmountable. With a steady pipeline of cross-border and domestic transactions across Colombia, Ecuador and Peru, the bank distinguished itself with an impressive level of deal activity.
Over the past 12 months, J.P. Morgan, which wins Infrastructure Bank of the Year for the Andes, took leading roles in power oil and gas, telecom and transportation projects—several with ticket sizes above $1 billion and one approaching $3 billion.
From highways to ports and from power plants to telecom assets, J.P. Morgan proved over this period that it is uniquely positioned to execute deals of scale and complexity in a challenging region. In Peru, the bank played a pivotal role in the sale of Enel’s distribution and generation businesses, which marked the country’s largest utility M&A in decades. In June 2024, China Southern Power Grid International (CSGI) acquired Enel’s electricity distribution assets for $3.1 billion, the largest cross-border transaction in Latin America last year. The deal not only underscored J.P. Morgan’s structuring expertise, but also highlighted its ability to connect Asian capital with Andean infrastructure needs.
Meanwhile, Enel’s generation assets—rebranded as Orygen Energía—were acquired by Actis through its special vehicle, Niagara. That $1.45 billion operation included a $1.2 billion bond issuance, the largest ever private-sector bond out of Peru. J.P. Morgan’s work in these transactions showcased its ability to execute transformative, large-scale financings under challenging political and regulatory conditions.
In Ecuador, a market where project financings have been rare, J.P. Morgan secured a landmark mandate. The bank acted as sole lead arranger for a $150 million loan from the U.S. International Development Finance Corporation (DFC) to support the expansion and modernization of Puerto Bolívar, in El Oro province. Closed in October 2024, the transaction ensured long-term financing for one of Ecuador’s most strategically important ports. Puerto Bolívar handles around 25% of the country’s banana exports—critical for Ecuador’s economy as the world’s largest banana exporter. In the first half of 2024 alone, banana shipments generated over $2 billion in revenue, a reminder of how infrastructure financing is directly tied to trade flows and national growth.
“The deal highlights J.P. Morgan’s ability to deliver mission-critical financings under volatile market conditions with political uncertainty,” the bank states. “The transaction supports the expansion and modernization of Puerto Bolívar, a key infrastructure project in Ecuador.”
In Colombia, J.P. Morgan’s versatility was again on display, from energy to transportation. The bank was among the arrangers of Ecopetrol’s $1.2 billion bond issuance, helping the state oil company secure long-dated capital in volatile market conditions. But the standout was the Troncales del Magdalena highway project, which closed in September 2024. J.P. Morgan acted as joint lead arranger and sole hedge coordinator for a $331 million Colombian peso (COP) indexed term loan with a tenor of 7.4 years. The financing formed part of a more than $1 billion package to overhaul the country’s most important overland cargo corridor.
The Troncales del Magdalena project spans 339 kilometers of bypasses and new lane construction, benefiting an estimated 800,000 inhabitants. By connecting key production centers with the Caribbean coast, the project is set to dramatically reduce travel times and logistics costs, bolstering Colombia’s competitiveness.
“This deal represents a landmark achievement in infrastructure financing in Colombia,” J.P. Morgan says. “It showcases innovative financing structures and demonstrates the ability to mobilize significant capital for critical infrastructure development.”