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Agenda Overview

Day 1: Tuesday, March 12, 2019

8:00AM Registration & morning refreshments
8:45AM Chairperson’s opening remarks
Javier Fidalgo, Head of Project Finance Advisory, BBVA
8:50AM Market Analysis

IJGlobal’s welcome address and analysis of the Latin American market: Indispensable data for the
region’s investors and financiers

To open the conference, a senior member of our editorial team will provide a detailed analysis of the Latin American energy and infrastructure finance market, based on IJGlobal’s exclusive data to frame and contextualize the following discussions.

9:15AM The Big Debate!

Experts in the markets and region will take to the stage to discuss the “Big Question” in everyone’s mind:

“Is debt capital market financing heralding the death of traditional project finance in Latin America?”

Disclaimer: The views expressed in this debate by both sides are not necessarily the views held by those participating or the institutions they represent.

Moderator: Claude Serfilippi, Partner, Winston & Strawn LLP
Aitor Alava, Managing Director - Head Infrastructure Finance Latin America, Natixis
10:00AM Financiers’ Discussion

Financing Latin America: Analysing the new dynamics of the region’s debt markets and evolved
financing solutions available to project sponsors

• To what extent is there tension between the bond and loan markets? How much opportunity for cooperation is there?
• How are commercial banks adapting to the evolving needs of project sponsors to remain competitive to provide financing?
• Enabling and educating sponsors on the most appropriate financing option for their projects
• What are the greatest challenges lenders are facing to deploy capital in the region, and how are they looking to overcome these obstacles?
• Public bonds vs. private placements: Understanding the benefits for sponsors of both solutions
• Speeding up financing processes: What can be learnt from the experience of more developed markets?

Moderator: Christopher Erckert, Partner, Mayer Brown LLP
Eric Wittleder, Vice President, Brookfield
Tobey Susan Collins, Managing Director, Astris Finance LLC
Ralph E Scholtz, Managing Director, Project Finance, MUFG
Leonardo Osorio, Executive Director, Group Head Natural Resources, Project Finance – Latin America, SMBC
10:45AM Institutional Investors panel

With their role in the market taking on an increasing significance, what is the outlook of
institutional investors for Latin America and where are they looking to capitalise?

• How do investment opportunities in Latin America compare to that of the US and Europe for institutional investors?
• How can banks best collaborate with institutional investors to fund deals?
• Questioning the appetite of institutional investors to finance deals on a long term basis: What doors might this open?
• Are institutional investors here to stay or will we see a step back when opportunities in more stable markets re-emerge?
• Comparing approaches taken by different institutional investors

Moderator: Bruno Soares, Partner, Allen & Overy
Ernesto Mata Mayrand, Investment Executive, Infrastructure, InfraRed Capital Partners
Juan Pablo Raffetto, Director, MetLife Investments
Ricardo Diaz, Managing Director, Head of Americas, Cubico Sustainable Investments
Paul David, Head of Americas, Allianz Global Investors
Sam Langleben, Director, Infrastructure Investments, Public Sector Pension Investment Board
11:00AM Morning refreshments
11:45AM Post-Election Shake down

The post-elections shake down: What implications do the results of the 2018 Latin American
elections have for energy and infrastructure development in the years to come?

• Should we expect to see a major alternation in deal flow and project pipelines in the new
political landscape and, if so, how soon?
• Scrutinizing how investor confidence in the region has been effected by the election results
• How committed are the new administration’s to engaging in new large scale PPP’s?

Moderator: Sean Goldstein, Partner, White & Case LLP
Mauricio Teixeira dos Santos, Founding Partner, Cescon, Barrieu, Flesch & Barreto Advogados
Senior Representative, S&P Global Ratings
12:30PM Keynote Address: Colombia’s Renewable Program

Evaluating the success of the upcoming auction and future plans for the development of Colombia’s renewables program

1:00PM Networking lunch

STREAM A

2:15PM Brazil’s financing paradigm

A closer look at the unique financing paradigm in Brazil: Is the market deep enough to allow for BNDES to take a step back from the table?
• Has the presidential change in Brazil altered BNDES’s overall strategy? How is the country’s political situation perceived internally and externally?
• How successful have debentures proved as a source of alternative financing in Brazil? Is their scope to expand the purchasing pool of those buying debentures?
• Exploring the co-financing options being promoted by BNDES and the benefits this brings
• Is there scope for international banks to take an active role in the development of Brazil’s energy and infrastructure?

Eduardo Klepacz, Managing Director, Head of Brazil Infrastructure, GTIS Partners
Pablo Sorj, Partner, Mattos Filho
Senior Representative, Capital Markets Division, BNDES
3:00PM Risk and return in Latin America

Addressing risk and return in Latin America: To what extent has investor confidence been impacted by fresh corruption inquiries in 2018?
• What should we expect to happen to projects mentioned in the notebook scandal?
• What have we learnt from overcoming Lava Jato in the past, and how can we put this into practice again now?
• What modifications are needed to qualm investor concerns on corruptionrisk and move projects to financial close?
• Moving on beyond corruption scandals: Looking towards the swift action of governments to mitigate the impact of corruption and avoid its emergence in the future
 

Alberto Estefan, Principal, Actis
3:45PM Mexican Energy Debate

Can the Mexican power market continue to develop and grow at such an impressive rate?

  • Expectations for/analysis of power auctions
  • Examining the increasing trend towards the development of gas-to-power projects in Mexico
  • How can we move winning projects from the renewable energy auctions to financial close more efficiently?
  • Exploring the evolving relationship between PEMEX and the private sector in Mexican oil and gas
  • How busy should we expect the secondary market to be for Mexican power assets, with a number of investors reaching the conclusion of the invest cycles?
Moderator: Raquel Bierzwinsky, Partner, Norton Rose Fullbright
Benigno Villarreal Del Rio, Director General, Vive Energia
Rafael Villergas, Director, ING
Jose Arosa, Chief Executive Officer, AES Mexico
4:30PM Refreshments and networking
5:00PM M&A Outlook

Scrutinising increased M&A activity and the influence of continued Chinese investment across Latin America
• Should we expect to see M&A activity continue at the same rate or, indeed, accelerate as sponsors reach the end of their invest and flip cycles?
• Working with investors who are new to the region: Understanding the need for education on the intricacies and complexities of the Latin American market
• What are Chinese investors looking for in project profile, and what impact does their very long term have on this?
• Where are the greatest opportunities for those looking to grow, and which players should we expect to see as the most active in the secondary market?

Rafael Valdez Mingramm, Managing Director Of Latin America & The Caribbean, Envision Energy
Vinicius Nishioka, Deputy Chief Finance Officer, Xingu Rio Transmissora de Energia (State Grid)
Jinping Tang, Finance Director, Autopistas Uraba
Juan Angoitia, Senior Managing Director, Ardian
Oscar Arrus, Partner, Garrigues
5:45PM Green Financing

Green Financing in Latin America: Are green bonds delivering value for project sponsors and should we expect the deployment of green loans as an alternative source of financing?
• How much demand is there for green financing from an investor perspective?
• Exploring whether meeting the prequalification standards to attain certification is worth the investment oftime and resource
• How do green bonds compare to green loans as financing solutions for investors?
• Which projects are best suited to access green financing?

Marcos F. Meireles, Chief Executive Officer, RioEnergy

STREAM B

2:15PM Colombia’s renewables ambitions

A light at the end of the tunnel? Is Colombia able to move on from Ituango through the development of its ambitious renewables programme?
• How confident is the market that the renewables programme will succeed and projects will be bankable?
• Is there scope for the development of thermal solutions to meet the country’s power requirements?
• What regulatory reform is needed to enable the renewables program to flourish?
• Evaluating whether USD financing is needed to facilitate the scale of planned development
• What lessons can be taken from 4G to best implement another major program of development in Colombia?

Mauricio Posse, Head of Project Finance Colombia, BBVA
3:00PM Transportation

How can investment in transportation attain similar levels of success as we have seen for energy in recent years?

• Highlighting key transportation developments across Latam?
• What can countries do from a regulatory perspective to facilitate more efficient infrastructure development?
• What are the most important considerations in terms of project structuring?
• Reaction of international players to project cancellations, such as of the new Mexico City Airport
• What is considered a good investment environment for European sponsors?
• Challenges for financing transport PPPs
• Advantages/Preference for financing for PF deals (bonds vs banks)

Moderator: Pedro García Morales, Partner, Garrigues
Jaime Crosby, Gerente General, ALEATICA
Michael Schuett, VP and Head of Finance, Fraport AG
Senior Representative, S&P Global Ratings
Oscar Laureano Rosero Jimenez, Gerente GIT Financiero 2, Vicepresidencia de Gestión Contractual, ANI
3:45PM Pushing Peru’s infrastructure pipeline

What can be done to reinvigorate Peruvian energy and infrastructure and bring the proposed development pipeline to market?
• Lifting political roadblocks to reestablish investor confidence
• Changes in the PPP model and the new way the government is looking to manage project risk
• How much positivity and momentum can be taken from Peru’s secondary market activity
• How great of a need is there to reform regulation on renewables to enable investment?
• Exploring the steps to relaunch the Southern Peruvian gas pipeline project

Juan Pablo Noziglia, Head of Research & Fund Selection, Profuturo
Carlos Lopez Rabadan, Head Project Finance Peru, BBVA
4:30PM Refreshments and networking
5:00PM Chilean infrastructure financing

Does Chile provide the blueprint for other countries in the region looking to maximise local currency funding for projects?
• Why has Chile had such success in implementing long term financing?
• How is the administration forwarding the ‘Infrastructure Plan’ and what projects take priority?
• Assessing the appetite of foreign investors for Chilean infrastructure assets: How do they perceive the market and what are their strategies for participation?
• Details of the ‘Infrastructure Fund’ and expected impact on the market

Myriam Barahona, Partner, Morales & Besa
5:45PM Perspective on the Latin American market

Does Latin America offer the best alternative for European and US players looking to deploy capital, with limited investment opportunities available in their own regions?
• Understanding the mind-set of foreign investors as they assess the risk/reward dynamic of working in the region
• How are Latin American countries looking to attract foreign investment?
• Do governments and regulators need to do more to adjust frameworks to enable foreign investors to enter the market?
• Analysing the need for internationalplayers to help fill the region’s financing gap
• Educating new market participants on the particularities of working in individual countries in Latin America

Moderator: Dan Bartfeld, Partner, Milbank, Tweed, Hadley & McCloy
Ana Maria Vidaurre, Regional Director, Investments - Latin America Infrastructure, CDPQ
Mario Fernandez, Managing Director, Macquarie
Alex Yew, Managing Director, Latin America, John Laing
6:30PM Stream Chairperson’s closing remarks
6:35PM Cocktail Reception

Day 2: Wednesday, March 13, 2019

9:00AM Morning refreshments
9:15AM Chairperson’s opening remarks

STREAM A

9:30AM Argentina on the Offensive

Exploring the benefits of the government’s approach to continue to drive forward the county’s energy and infrastructure program

  • To what extent is Argentina’s macroeconomic outlook on the rise thanks to the IMF’s involvement?
  • Whilst government trust financing has ensured construction continues on projects as an interim solution, how quickly can these projects be brought to financial close?
  • How effectively has the government dealt with investor concerns?
  • Renewables outlook: Expectations surrounding Renovar3
Marcelo Bretón, Financial Director, Ventus Energia
Gonzalo Martin Ranea, Head of Corporate and Project Finance, Distrocuyo
Lynn Tabernacki, Deputy Vice President Sme Finance & Head Of Global Energy, Overseas Private Investment Corporation (OPIC)
Gregory Cardenas, Senior Director, Project & Structured Finance – Latin America Energy Group, Canadian Solar Inc.
10:00AM Stimulating renewables development

Stimulating the development of renewables: Which countries are best placed to accomplishtheir MW targets?
• Having seen arguably aggressive bidding from projects sponsors for the past few years, have returns got too low and do we expect pricing to rise again in the coming year?
• What role do corporate PPAs play in renewables strategy regionally?
• What is going to happen to the planned renewables projects that can’t get financed?
• A closer look at the Colombian market: Is this the most exciting country for investment in the sector at present?
• How much investment is needed in transmission infrastructure to sufficiently upgrade the network and facilitate the development of renewables?

Bartley Doyle, Chief Operations Officer, Mainstream Renewable Power
Francisco Diez Quiralte, Head Of Business Development, LATAM, Energy Group, Canadian Solar
Dorian Calderon, Executive Director – Group Head Power & Renewables, Project Finance, Latin America, SMBC
10:45AM Refreshments and networking
11:15AM Energy Matrix Outlook

What does the long-term power matrix look like for Latin America?
• Assessing the likelihood of meeting renewable energy targets over the coming years
• Could gas-to-power offer a suitable solution to intermittency issues in the region or is energy storage the necessary option? Which option is most attractive for investors and financiers?
• Comparing areas of focus for power development on a country by country basis
• Generation or transmission: Which needs to be the development priority to promote the effectiveness of the Latin American power matrix?

12:00PM Privatizing Brazilian Assets

Privatizing Brazilian assets: Assessing investor confidence and considering the future for Eletrobras and Petrobras
• Assessing the implications of Petrobras and Electrobras’ divestment activities for the Brazilian energy market
• International versus local buyers: Who is looking to buy these lucrative assets and how will changes in local content requirements influence this?
• Adjusting the bidding processes to account for transparency and encourage competition
• Will we see further privatisation of assets across Latin America?

Moderator: Marina Anselmo Schneider, Partner, Mattos Filho
Ricardo Brandao Silva, General Council, Eletrobras

STREAM B

9:30AM Driving the Mexican Infrastructure Agenda

In this presentation, Banobras’s Head of Investor Relations will outline the long term objectives and proposed strategy for thedevelopment of Mexican infrastructure in the coming years. This is a particularly interesting opportunity for developers looking understandand plan for upcoming project pipelines in
Mexico.

Alejandro Blasco Ruíz, Head Of Investor Relations, Banobras
10:00AM Perspectives of the Mexican market

How confident is the market that that the proposed Mexican infrastructure programme can be successfully implemented?
• What impact do we expect the new administration to have on forwarding the Mexican infrastructure agenda?
• What are the most pressing areas for infrastructure investment?
• With Various renewables projects in the country struggling to reach financial close, how can this situation be avoided from an infrastructure perspective?

• Local vs. international finance: Evaluating the most appropriate financing methods

Diana Muñozcano, Vice President, Infrastructure, Grupo Indi
Jorge F Moguel González, Chief Infrastructure Officer, GIA Infraestructura
Ariel Ramos, Partner, Mayer Brown LLP
10:45AM Refreshments and networking
11:15AM CELSE Porto de Sergipe I CCGT Power Plant

Case Study:
Key participants involved in this deal will outline the journey to financial close, including some of the key challenges and learns they took from the experience. This deal is of great importance, as the first private LNG regasification plant in the country. The innovative financing structure is also of particular interest, with the capital markets playing a key role supporting the project through the construction phase, as well as being independent of BNDES involvement.

12:00PM Multilateral discussion

Digging into the role and significance of multilateral, development bank and state supported funding across Latin America
• How are multilaterals looking to unlock the potential of countries that need their support the most?
• Assessing the scale and availability of development banking financing in the coming years
• Are development banks impacting commercial lenders’ ability to participate in deals due to aggressive pricing?
• Promoting increased co-operation: Exploring IDB’s evolved product offering of providing guarantees and how it can boost international investment
 

Paul Centeno Lappas, Regional Head, Mexico, Central America And Caribbean, Proparco
Miguel Toledo, Chief Investment Officer - Infrastructure, International Finance Corporation
12:45PM Stream Chair closing remarks
12:50PM Networking lunch
1:45PM Deep Dive Roundtables (Invite Only)

Led by an expert moderator, these invite-only roundtables will bring together the most senior thought leaders in the Latin American market to debate and discuss key sector issues, with topicstailored to the specific concerns of those in the room.


Deep Dive case study: Relaunching the Ituango Hydroelectric Dam
This Deep Dive will take a close look at the events surrounding the Ituango hydroelectric project and how construction was able to be successfully restarted.
• What went wrong? Could the problems encountered during construction have been avoided?
• What steps needed to be taken to relaunch the project?
• Can the project still offer reasonable investment returns?
• Will we ever see new hydroelectric project development in the region again?


Basel IV Deep Dive: Analysing the implications for commercial banks and their ability to finance projects
This Deep Dive will assess the upcoming impact of the implementation of Basel IV regulation for commercial banks looking to continue to play a significant role in project finance. What steps are the banks taking to get ready for the implementation and to what extent will Basel IV restrict how competitive they can be alongside DCM financing?


The Developers Deep Dive

This Deep Dive will be made up exclusively of project developers with an interest in Latin America to address the topics that matter the most to them and learn from one another’s experience. The exact discussion points will be defined by the particular areas of focus for those attending.
• Partnering with other developers
• Assessing auction processes
• Unlocking long term financing solutions
• Managing construction risk

4:00PM Infrastructure Leadership Council (invite only)

As part of our commitment to support public sector and quasi-public sector institutions, we are delighted to have established the Infrastructure Leadership Council. The aim of the Council is to bring together key players from these institutions to share knowledge and information, facilitating and enabling infrastructure financing and development in the region. Discussion points will be defined by the particular areas of focus for those attending.