The first thing that stands out about Santander in Latin America is its ubiquity across energy and infrastructure financings.
In the period covered by the 2025 awards, Santander left its imprint on almost every corner of the region, closing deals in Chile, Peru, Colombia, Mexico, Brazil and even Argentina. Its presence extended across the infrastructure spectrum: renewable energy, electricity grids, water pipelines, toll roads, data centers, telecom transactions, schools and hospitals.
In each domain, the bank managed to combine scale, sophistication and sustainability, redefining what it means to be a leading infrastructure bank in the region. Whether a sponsor needed to issue a local currency bond, place debt in global markets, securitize receivables, or raise funding to close an acquisition, Santander was there to provide the structure—and the capital when necessary. Among its landmark roles were the $1.18 billion financing of the Charquicán seawater pipeline in Chile, the $1.45 billion acquisition of Enel Peru by China Southern Power Grid, and the $2.4 billion long-term financing for the RioSP toll road concession connecting Rio de Janeiro and São Paulo.
Benoit Felix, the Global Head of Structured Finance at Santander CIB, says the bank’s omnipresence is by design, but the bank’s Brazil franchise in particular has been a powerhouse. “Levels of activity in Brazil have been impressive,” he says. “Between June 2024 and May 2025, we advised 33 projects for a total of R$29.3 billion in financing. More importantly, it encompasses all sectors, from renewable energy and transmission to waste recycling, roads, airports and social infrastructure.”
Against a backdrop of macroeconomic volatility and tighter credit, the bank structured and executed transactions of unprecedented scale and sophistication. These included the Casa dos Ventos hybrid solar projects, the Atlas Draco solar project, Eneva’s Azulão gas power financing, and Aegea’s Corsan wastewater concession—a landmark that will expand sanitation coverage to millions of underserved Brazilians. In parallel, Santander also led the financing of the V.tal telecom infrastructure bond, a complex deal emblematic of its ability to blend innovation with flawless execution.
That execution record is hard to match. Market reception for its deals has consistently been strong, with oversubscriptions, pricing achievements, and robust secondary performance across transactions such as those for Origo distributed generation, Ibitu renewablesand Igua sanitation. Santander has acted not only as financial advisor and mandated lead arranger, but also as global coordinator and credit provider, giving it unmatched breadth across roles and sectors.
At the same time, sustainability has been more than an add-on to Santander’s project finance business. ESG integration has become a cornerstone of its strategy. Every project undergoes ESG due diligence from origination through post-closing monitoring, aligned with the Equator Principles, IFC Performance Standards and the UN Sustainable Development Goals. The bank has set portfolio-wide decarbonization targets under the Net Zero Banking Alliance and incorporates biodiversity, community benefit and social inclusion KPIs into its financings.
This ESG backbone is visible in deals such as green transmission lines to unlock renewable generation in underserved regions, sanitation projects like Aegea’s Corsan concession, and social infrastructure transactions like the Aedifica Oeste SP school PPP. Beyond execution, Santander collaborates with DFIs, ECAs and ESG-focused funds to mobilize blended finance—critical in sectors such as water and clean transport where public-private alignment drives outcomes.
Looking beyond Brazil, Felix notes that Chile and Peru are poised for higher activity. “A huge road program will be developed in Chile in 2026 and beyond, and it will require enormous amounts of local currency. The industry will have to be very creative there,” he says. “And we are feeling more positive about Peru today than we have been in recent years.”
Santander is also extending its reach into Paraguay, Ecuador and Panama, where it has no on-the-ground presence but sees growing opportunity. An internal reorganization now connects local bankers with global experts in data centers, battery storage and other emerging sectors.
For Felix, that regional breadth is critical in understanding infrastructure’s future trajectory. “The project finance market started 2025 strongly but took a pause in April due to volatility. Volumes have been recovering, though upcoming elections in Argentina, Chile, Colombia and Brazil could affect activity in late 2025 and into 2026,” he says.