Infrastructure Law Firm of the Year: Latin America & Southern Cone – Milbank

Milbank reinforced its position as one of Latin America’s leading legal advisors for energy and infrastructure financing in 2025, guiding some of the region’s most complex and transformative transactions. The New York-based firm stood out for the sheer breadth of its work, cutting across sectors and geographies, while bringing legal innovation to deals that are reshaping the region’s economic landscape.

For its unmatched role in shaping transactions across multiple jurisdictions and sectors—from water and energy to airports, mining, and digital infrastructure—Milbank takes home awards for Infrastructure Law Firm of the Year for both the Southern Cone and Latin America.

The firm’s lawyers played critical roles in a number of the region’s most important transactions recognized this year, among them: the $1.45 billion acquisition of Enel in Peru by China Southern Power Grid; the airport project financings for Aerodom in the Dominican Republic and Kingston Airport in Jamaica; and the R$750 million issuance of debentures by the Portocem LNG-to-power plant in Brazil.

Chile, however, was the stage for some of Milbank’s most significant activity. The firm advised on the $2 billion project financing of the seawater pipeline that will supply Antofagasta’s Los Pelambres copper mine. It also played a pivotal role in the wave of battery energy storage system (BESS) projects in the country, including Atlas Renewable Energy’s Estepa I and II, and three projects by Grenergy totaling more than $1 billion in financing. These transactions highlight not only Milbank’s command of traditional project finance structures, but also its ability to adapt quickly to regulatory changes that are fueling growth in new asset classes.

“New regulation on BESS just provided some guidance and clarity, which is what the market was waiting for,” says partner Jaime Ramírez. “Batteries allow many projects to mitigate the effects of earlier regulations.”

Beyond Chile, Milbank continued to extend its reach across Latin America. In Argentina, the firm added to its track record in energy and infrastructure. In the Dominican Republic, it advised on Project Neptune—one of the largest transactions in the country’s history—showcasing its expertise in cross-border M&A and acquisition finance. And in Chile’s copper belt, it advised the financing of Sierra Gorda, one of the country’s largest copper reserves, underscoring its role in deals tied to the global energy transition.

Environmental responsibility also featured prominently in Milbank’s portfolio. he firm supported the financing of seawater impulsion systems for the Minera Centinela mine in Chile, Project Charquicán, a structure designed to reduce dependence on scarce freshwater in one of the world’s driest regions. The deal reflected Milbank’s ability to craft solutions that address both regulatory and social expectations while supporting industrial growth.

For Ramírez, energy remains the primary driver of activity in the region, but new sectors are opening opportunities. “Digital infrastructure will become an increasing source of activity in the region, primarily in Mexico and Brazil,” he says.

Milbank’s Latin America practice today draws on a bench of more than 15 energy and infrastructure partners, including five who focus exclusively on project finance in the region. The team has grown rapidly in step with an expanding pipeline of mandates, from hydrogen and ammonia projects to first-of-their-kind digital infrastructure financings. The challenge of managing deal flow while staying ahead of emerging technologies has only strengthened the group’s reputation for innovation.

Ramírez notes that regulatory and political developments will remain decisive factors for investors in the coming year. “We are gearing up for elections in Colombia,” he says. “Hopefully it will unlock more activity there. There probably is a backlog of infrastructure activity in Colombia.”