María José Descalzo

  • Partner
  • Plaza de la Independencia 6
  • 28001 Madrid
  • Spain
  • T +34.91.791.5106


María José Descalzo is a partner in Latham & Watkins’ Madrid office and a member of the firm's Corporate Department. Ms. Descalzo has extensive experience representing domestic and international companies, investors, and private equity firms on a variety of energy-related M&A, joint ventures, IPOs, and project finance matters.

Ms. Descalzo has significant expertise advising on renewable and conventional energy projects, among a variety of other energy sub-sectors, including the production of electricity, natural gas and oil (production, transportation and distribution assets), and LNG. She regularly counsels clients on complex contractual and regulatory matters, including proceedings and reviews before the National Commission on Markets and Competition (CNMC), where she worked for five years.


Ms. Descalzo´s experience includes advising:

  • RIC Energy in the sale of a 1 GW Solar PV greenfield portfolio to Lightsource BP
  • US power company on the sale of two concentrated solar power plants located in Extremadura*
  • Elecnor in the acquisition of a stake in Wayra, an Ecuadorian company with local oil exploitation interests*
  • APG in the joint venture with Elecnor regarding the development of power transportation lines in Brazil and Chile and Elecnor’s solar PV business in Spain*
  • A foreign fund in the acquisition of a wind and solar PV greenfield portfolio of c. 700 MW*
  • Repsol in the acquisition of the low-emission generation assets and supply of power and gas retail business of Viesgo España, a Spanish company engaged in generation and distribution of electricity*
  • CNIC and GT Fund in the acquisition from infrastructure funds managed by Goldman Sachs of a stake in Redexis Gas and Redexis Finance, Spain’s second largest gas transportation and third largest LPG distribution company*
  • Allianz Capital Partners and Canada Pension Plan Investment Board (CPPIB) on its acquisition of a 20% stake in Gas Natural Fenosa’s natural gas distribution business in Spain*
  • ContourGlobal in:
    • The acquisition of Acciona’s 250MW CSP portfolio, made up of five CSP facilities*
    • The sale-down of a 49% stake in the 250 MW CSP portfolio acquired from Acciona to Credit Suisse Infrastructure Partners*
    • The acquisition of a 800 MW combined cycle from Naturgy*
  • Isolux in the sale of T-Solar, the largest solar PV portfolio in Spain to I-Squared Capital*
  • Morgan Stanley Infrastructure Partners in:
    • The acquisition of a natural gas distribution business from Gas Natural SDG, S.A. through a competitive tender*
    • Its disposal of Madrileña Red de Gas, S.A.U. to a consortium formed by Gingko Tree, PGGM and EDF in 2015*

*Matter handled prior to joining Latham

Thought Leadership

  • Spain Approves a New Remuneration Regime for Renewable Energy (REER) -  November 19, 2020
  • Spain Adopts a New Royal Decree-Law Promoting Renewable Energy and Economic Reactivation -  June 26, 2020
  • Spain Amends Again New Foreign Direct Investment Screening System -  April 02, 2020
  • Spain Approves Additional Measures to Mitigate the Social and Financial Impact of COVID-19 -  April 02, 2020
  • Spain Imposes Recoverable Paid Leave for Workers in Non-Essential Services -  April 01, 2020
  • Spanish Government Approves Additional Labor Measures to Mitigate the Impact of COVID-19 -  March 28, 2020
  • Real Decreto-ley 9/2020 por el que se adoptan medidas laborales adicionales para paliar los efectos del COVID-19 -  March 28, 2020
  • Spain Develops First €20 Billion of Guarantee Line to Help Spanish Businesses -  March 26, 2020
  • New System for Screening Foreign Direct Investments in Certain Sectors in Spain  -  March 18, 2020
  • Gobierno de España aprueba medidas urgentes y extraordinarias para hacer frente al impacto del COVID-19 -  March 18, 2020
  • Spanish Government Approves Urgent and Extraordinary Measures to Mitigate the Impact of COVID-19 -  March 18, 2020
Bar Qualification
  • Spain (Abogado)
  • LL.M. in Finance and the Stock Exchange, Instituto de Estudios Bursátiles, 1999
  • LLB Law in Law, Universidad Complutense de Madrid, 1999
  • Energy & Infrastructure
  • Technology
  • English
  • Mergers & Acquisitions
  • Project Development & Finance
  • Private Equity
  • Energy Regulatory & Markets
  • Latin America Practice