Luis Torres is counsel in the Washington, D.C. office of Latham & Watkins. Mr. Torres represents investment funds, global sponsors, commercial and multilateral lenders, and sovereign entities in the structuring, development, and financing of power, oil and gas, transport, and other infrastructure projects in the US, Latin America, and other emerging markets. In addition to his project finance experience, Mr. Torres has substantial experience in leveraged and corporate bank financings.
Mr. Torres’ finance experience includes:
- Project financings
- Export credit facilities
- Acquisition financings
- Cash flow and asset-based loans
- Mezzanine and subordinated debt
- Debt restructurings
- Local currency financings
In addition to his work on the development and financing of US-based projects, Mr. Torres has worked on transactions in some of the most dynamic and challenging emerging markets, including Argentina, Brazil, Chile, Colombia, Jamaica, Kenya, Mexico, Nigeria, Panama, Peru, Turkey, and Venezuela. These transactions have involved sponsors, lenders, and other investors based in France, Germany, Italy. Japan, Singapore, Spain, South Korea, the UK, and the US.
Prior to joining Latham, Mr. Torres served on assignment at the Legal Department of the International Finance Corporation (IFC) in Washington, D.C. for almost three years. While at the IFC, he focused on financings for the infrastructure, banking, and financial institutions sectors.
In addition to his transactional practice, Mr. Torres is very active in Latham’s Global Pro Bono Committee efforts, serving as a frequent speaker for the International Senior Lawyers Program (ISLP). Mr. Torres also serves on the Board of Advisors of Kids in Need of Defense – KIND, is a member of the Board of Trustees of the Foundation for the Preservation of Historic Georgetown in Washington, D.C., and has recently been appointed to serve as a Board Member in the Board of Trustees of St. John’s Episcopal Preschool in Washington, D.C.
- Included in the 2012 inaugural edition of The Legal 500 Latin America, and recognized for his work in Projects & Energy by The Legal 500 Latin America 2012-2019
- Recognized for his work in Banking & Finance by The Legal 500 Latin America 2015-2018
Mr. Torres’ experience includes:
- ContourGlobal Solutions EMEA Power Portfolio. Represented ContourGlobal Solutions Limited Project Financing in connection with the development of a portfolio of 17 environmentally-friendly quad-generation and tri-generation plants located throughout Eastern and Western Europe, Nigeria, and Russia. This transaction was named EMEA Power Portfolio Deal of the Year by Project Finance magazine and European Project Finance Deal of the Year by IFLR.
- D.E. Shaw Renewables Investments (DESRI). Represented DESRI and its affiliates in a number of project financings in the renewables space, including the Alta Luna Solar Project, a 25-MW AC solar photovoltaic power plant in Luna County, New Mexico; the Balko Wind Project, a 300-MW wind electric generating facility in Beaver County, Oklahoma; and the Red Horse Wind 2 Project, a combined wind and solar power facility consisting of a 30-MW wind farm and a 55-MW AC solar photovoltaic power plant located in Cochise County, Arizona.
- DESRI Warehouse Facility. Advised DESRI, a leading renewable energy producer in North America, on a strategic financing arrangement with Credit Suisse and Zions Bancorporation N.A. (Zions) whereby the lenders will provide DESRI with long-term financing to support DESRI’s acquisitions. The financing closed in 2020.
- DESRI Rancho Seco II Project. Represented the sponsor on the financing of the 160 MW-ac Rancho Seco Solar II project, located in Sacramento County, California. The project has a 30-year Power Purchase Agreement in place with the Sacramento Municipal Utility District (SMUD) and will be built on the site of a decommissioned nuclear power plant. The financing closed in 2019.
- Deepwater Block Island. Represented Deepwater Wind, LLC in the project financing of the Block Island Wind Farm, a 30-MW offshore wind farm off the coast of Block Island, Rhode Island. This transaction was named Americas Renewables Deal of the Year by Project Finance International (PFI) and North American Wind Deal of the Year by IJGlobal.
- GE Power. Advised GE’s Power Services and its affiliates as equipment supplier, contractor, and services provider to various Mexican power projects, including the Norte 3, A3T, and A4T power generation projects.
- ICE Canyon, LLC. Represented ICE Canyon in numerous financing transactions, including the project financings of Albanesi Energia, Stoneway Capital Corporation, and DESA in regard to power projects in Argentina; the loan financings of Canacol, an oil company in Colombia, Petra Energia, an oil and gas company in Brazil, and HydroChile, a power generation company in Chile; and the public offering of Eneva, an integrated power generating company operating in Brazil.
- IENOVA. Represented IENOVA, Mexico’s largest private energy company, in a loan from the International Finance Corporation and the North American Development Bank, to finance five solar power plants with a total capacity of 501 MW in Mexico. These loans were followed by a green loan from the Japan International Cooperation Agency and another loan by the US International Development Finance Corporation. Loans closed in 2019 and 2020.
- Inter-American Development Bank (IDB). Represented IDB in various financing transactions, including the project financing of the ADELCA steel mill in Ecuador (co-financed by IIC and SACE); the project financings of the ATE II and ATE III transmission line projects in Brazil; the financing facilities made available to CIFI, a Panama-based infrastructure lender; and the restructuring of financing facilities for Argentina’s privatized water utilities.
- Kenya and Uganda/RVR. Represented the sponsors and the concessionaire in connection with the refinancing of two concessions to provide railway services in connection with the Rift Valley Railroad (RVR) project in Kenya and Uganda. The refinancing of the original project financing closed in 2011 with the participation of six direct lenders and a participating bank.
- Marubeni Corporation. Represented Marubeni and its subsidiary Marubeni Caribbean Power Holdings, Inc. (MCPH) in the acquisition of power generation assets located in The Bahamas, Curacao, Jamaica, and Trinidad & Tobago from Mirant Corporation, and the loan and bond financings relating to such acquisition. The acquisition closed in the summer of 2007 and the acquisition value exceeded US$1 billion.
- PSA Panama. Represented PSA of Singapore, a global ports operator, and its subsidiary PSA Panama in a multi-million Dollar-project financing for the expansion of a container, bulk cargo, and ro-ro terminal facility located at the former Rodman Naval Station on the Pacific side of the Panama Canal.
- Repsol S.A. and ENI SpA. Represented Repsol in the US$1.2 billion financing for the continuing exploration and operation of the Petroquiriquire oil and gas fields located in the Orinoco Basin in Venezuela (transaction closed in 2016). Also represented Repsol and ENI on the proposed multi-billion dollar financing for the exploration and production of the Cardón IV offshore block located in the Gulf of Venezuela.
As noted, prior to joining Latham, Mr. Torres served on assignment at the IFC Legal Department. As a result, he has represented and advised IFC on a number of transactions, including:
- Financial Institutions. Represented IFC in transactions with financial institutions, including Banco Davivienda S.A. in Colombia, Banco Banex S.A. in Costa Rica and Banco Industrial S.A. in Guatemala, Agricultural Bank of Mongolia (Agbank) in Mongolia, Habib Bank Ltd. (HBL) in Pakistan, Banco de la Microempresa S.A. (Mibanco) in Peru, and Milli Reasurans T.A.S. in Turkey.
- Oil and Gas Financings. Represented IFC in the financings of various oil and gas companies, including Perez Companc Venezuela and Techint S.A. in Venezuela.
- Petrochemical Financings. Represented IFC in the financings of various petrochemical companies, including Ipiranga Petroquimica S.A. and Copesul S.A. in Brazil, DCM Shriram Consolidated Limited in India, and Grupo Zuliano, C.A. in Venezuela.