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Agenda Overview

LAEIFF Day 1: Tuesday, March 13, 2018

8:00AM Registration & morning refreshments
8:45AM Chairperson’s opening remarks
Juan Jose Montoya, Head of Project Finance Colombia, BBVA
8:50AM Year of the elections: Latin America’s fluid geopolitical landscape and the effect on the energy & infrastructure market
  • How will upcoming elections across the region impact deal flow and project pipelines? Will political sentiment remain in favour of continued energy and infrastructure development?
  • What reforms can we expect in 2018 and how will these impact market dynamics?
  • The effect of political cycles on procurement and investment and mitigating uncertainty
  • Will governments be more reluctant to make commitments to large PPPs?
Marcello Estavao, Secretary for International Affairs, Ministry of Finance (Brazil)
9:30AM The LAEIFF 2018 macroeconomic outlook: Essential data for Latin American project investors and financiers
  • Scrutinising economic reforms and their influence on the region’s evolution
  • Regional economic growth projections for 2018 and the effect on investor appetite
  • How can the market facilitate conditions for balanced and co-ordinated growth?
  • What implications will this year’s slower market activity have for the region going forward?
10:00AM Lender perspectives: Assessing the commercial bank market’s ability to meet the demand for long-term funding and the shift towards creative financing solutions
  • Bridges to bonds & mini perms: What types of finance are banks considering and how are they managing their financing strategies to reflect risk and market demand?
  • What corporate governance requirements will banks have on deals going forward?
  • Will banks price political risk insurance into their debt transactions?
  • Creating a firewall: What additional levels of protection are banks asking for in documentation to guard them from reputation risk?
  • How can banks work together with institutional investors to fund deals?
Robert Kartheiser, Partner, Paul Hastings
Luis Fernando Perdigon, Managing Director & Head of Project Finance, SMBC
Lynn Tabernacki, Deputy Vice President SME Finance & Head of Global Energy, Overseas Private Investment Corporation (OPIC)
11:00AM Morning refreshments & networking break
11:45AM Lifting the roadblocks: What is currently challenging the development of projects and how can reform or financial structuring fix it?
Carlos Viana, Partner, White & Case
12:30PM How important will state-supported funding and multilateral money be in Latin American deals?
  • Will other development banks follow BNDES’ lead on pulling back their lending on deals? How will government policies impact their future?
  • Assessing the scale and availability of development bank funding going forward
  • Scrutinising the role of development banks in Latin America: What model should be used?
  • Are development banks impacting commercial lenders’ ability to participate in deals due to aggressive pricing?
Clemente Del Valle, President, FDN
Gema Sacristan, Chief Investment Officer, Inter-American Investment Corporation
Christopher P.B. Eckert, Partner, Mayer Brown
1:15PM Networking lunch

Stream 1

2:30PM Rebuilding lender confidence and attracting long-term funding: What developments are needed to make projects bankable in Argentina?
  • Overcoming difficulties to securing commercial debt on project finance deals 
  • Exploring the impact of the legislative election result on Argentina’s project plans and timelines
  • Assessing the government’s ambitious infrastructure pipeline: Where will the funding come from? 
  • A closer look at the structuring of renewables auctions and impact on the variety of energy sources: What does this mean for projects?
  • Ratings, risk and structuring deals: Assessing Argentina’s true ratings and level of risk to price accordingly and realise returns
Juan Pablo Saltre, Chief Executive Officer, Ventus
3:15PM Filling the infrastructure gap: The developing role of institutional investment as a source of capital in Latin American infrastructure projects
  • To what extent could institutional money help to move long-term projects along and fill the region’s demand for long-term funding?
  • Will we see pension funds increasing their debt financing in infrastructure PPPs? What will this mean for equity investments?
  • Are institutional investor perspectives on Latin American construction risk changing?
  • Which pension funds are looking to put their money to work in Latin America in 2018? How is local investor appetite changing?
Pablo Gonzalez Taberna, Global Head of Transportation Finance, BBVA
Javier Rodriguez de Colmenares, Chief, Infrastructure and Energy Division, IDB Invest
Elicia Ling, Partner, Paul Hastings
Stephan Rupert, Senior Director, Infrastructure Investments, InvestPSP
4:00PM Afternoon networking break
4:30PM What does the long-term power matrix look like for Latin America?
  • Is the real future of baseload power in gas-power, LNG or hydro?
  • Anticipating the balance between conventional and renewables
  • How are developers looking at LNG pipeline and terminal projects? What do the returns look like?
  • Could natural gas infrastructure projects feed the appetite of private equity players looking for big ticket transactions?
Fernando Calvillo Alvarez, President & Chairman of the Board, Fermaca
Andrew Ellenbogen, Senior Vice President, EIG Global Energy Partners
Brendan Duval, Managing Partner, Glenfarne Group, LLC
Daniel Bartfeld, Partner, Milbank Tweed Hadley & McCloy LLP
5:15PM Overcoming local currency constraints and seizing opportunities in Latin American energy & infrastructure projects
  • Will we see a shift towards projects being awarded in dollar-dominated revenues to open up predominantly locally-financed markets to international investors?
  • What creative solutions are international players considering to tap into high levels of local liquidity while mitigating risk?
  • Developing local FX markets further and bringing non-local investors into deals
  • Assessing the practicalities of shared FX risk and currency swaps
Jorge Moguel, Chief Infrastructure Officer, GIA Infraestructura

Stream 2

2:30PM Is the current pricing level on Mexican renewables auctions economically sustainable?
  • How low can prices go for sponsors to continue developing and for banks to continue financing?
  • Structuring for success: Ensuring PPAs are well-structured for imminent financing
  • Solar pricing and the impact on the development of other renewable energies
  • Insights into bidding strategies: How much are developers betting on costs? Will we see developers walk away from PPAs?
Javier Areitio, Director - Energy, Actis
Ricardo Diaz, Managing Director, Head of Americas, Cubico Sustainable Investments
Arturo Infanzon, Chief M&A and Planning Officer, SEMPRA / IENOVA
Guillermo Ortiz Ayala, Director, Project Finance, MUFG
3:15PM China’s growing stake in Latin American energy assets: A threat or a potential partner?
  • What is the extent of Chinese investment into Latin American projects and how is this impacting pricing and tenors?
  • Understanding Chinese developers investment and financing strategies in Latin America and the effect on the competitive landscape
  • How are the existing local and international investors viewing the increasing involvement of Chinese developers and financial institutions?
  • Assessing the role of multilateral finance platforms in facilitating deals
Bruno Soares, Partner, Allen & Overy
4:00PM Afternoon networking break
4:30PM Moving the 4G projects on to financial close and looking towards the fourth tranche of projects
  • Is FDN’s securitisation plan the way to move the projects forward and alleviate pressure on the local banks in financing?
  • The 4G structure and construction risk: Is the current structure keeping international financiers away?
  • Refinancing opportunities for secondary market players
  • Could FX financing solutions offer better options for 4G financing?
Luis Del Valle, Chief Financial Officer, Devimar
Miguel Pena Azpilicueta, Head of Project Finance Americas, BBVA
Alex Bertram, Managing Director, Head of Infrastructure Finance & Advisory Americas, ING
5:15PM Exploring BNDES’ changing role and the implications for funding of energy & infrastructure projects
  • Who will fill the long-term lending gap left by BNDES and when will we see a return of the commercial bank market? Do the local markets have capacity?
  • Understanding the banks’ perspective on BNDES’ changing role
  • How will international lenders overcome local currency issues in an increasingly localised market?
  • Analysing opportunities for capital markets development and investors
Marcos Meireles, Chief Executive Officer, Rio Energy
6:00PM Closing remarks followed by rooftop drinks reception

LAEIFF Day 2: Wednesday, March 14, 2018

9:00AM Registration and refreshments
9:30AM Chairperson’s opening remarks

Stream 2

9:45AM What market developments are still needed for Mexico’s oil & gas sector to reach its true post-reform potential?
  • A closer look at infrastructure needs to support the sector: How will these be financed?
  • Assessing the private market’s ability to meet these needs and the implications for security of supply
  • Will projects be developed on a concession basis?
Alejandro Blasco Ruiz, Head of Investor Relations, Banobras
10:30AM Keynote: Exploring the auction process under the new CFE paradigm
  • How will auctions and the tender process work with CFE post-restructuring?
  • Corporate off-takers: How will they fit into the matrix?
  • Assessing the scale of opportunities and risk in Mexico’s merchant market and the effect on credit and bond agreements
  • Local or international: Who is best suited to invest in Mexico’s merchant market?
11:00AM Morning networking break
11:30AM Return of the bond: Understanding increasing investor appetite for projects bonds across Latin America
  • Are bond issuers becoming more flexible on terms? Are they more willing to accept construction risk now?
  • Projects bonds or corporate bonds: Scrutinising the true nature of issuances
  • What role are private equity funds playing in the resurgence of the Latin American private placement market?
  • Is there tension between the bond and the loan markets?
Santiago Oraa Gil, Director of Economics & Finance, Elecnor Concessions
Cathleen McLaughlin, Partner, Allen & Overy
12:15PM Risk mitigation: Bringing the public and private insurance markets together in PPPs and what this means for investors
  • Will we see more partnerships between the public and private insurance markets? What does this mean for investors and financiers in managing political and credit risk?
  • What is driving this and how is it influencing investor appetite?
  • Examining the increasing involvement of public agencies in PPPs
1:00PM Concession cancellations: What structural changes to the procurement process are needed to prevent further project terminations?
  • What new concession structure and framework is the Peruvian government looking at? What will the retendering process look like?
  • Structuring projects to ensure economic viability and to attract private capital
  • Will sponsors be subject to more stringent government legislation? How will they respond to this?
  • Termination case study: Chinchero airport
Javier Amézaga, Director General, Cosapi
1:30PM Networking Lunch
2:45PM Asset divestment: Exploring the drivers behind Latin America’s M&A activity
  • Buyers and sellers: Who is eyeing up these assets and what returns can they expect to see? What new players will we see entering this market?
  • Where is funding coming from on these transactions and are how are they being managed?
  • Assessing Latin America’s capacity for acquiring the volume of assets entering the market
  • Will M&A activity be confounded by shifting political sentiment towards private investment?
Alessandra Marinheiro, Chief Executive Officer – Latin America, ContourGlobal
3:15PM The elephant in the room: How can the market move beyond corruption to encourage the development of projects?
  • Assessing the impact of recent corruption scandals on project procurement and pipelines across Latin America
  • Evolving the tender process: Moving on beyond the corruption scandals, manging reputation risk and increasing transparency
  • What modifications are needed to qualm investor concerns on corruption risk and move projects to financial close?
  • What changes to lender requirements will be factored into documentation?

Stream 2

9:45AM Toll roads to metros: Opportunities abound in Argentine transportation infrastructure
  • Argentina’s new PPP framework and what this means for the country’s transportation plan
  • How will the new framework impact pricing and project structures?
  • Toll road project expectations and expected timelines
  • ECA, DFI and multilaterals and their appetite for Argentine infrastructure deals
José Luis Morea, Head of PPP Unit, Ministry of Finance Argentina
10:30AM Privatization of Brazilian assets: A catalyst for increased competition and a return of the Brazilian market?
  • Exploring Brazil’s Investment Partnerships Program and the shift towards a market-based economy
  • Asset sales, auctions and transfer of rights: Assessing the implications of Petrobras’ 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?
  • How is the government dealing with investor concerns?
Marcelo Costa, Finance Director, Alupar Investimento S/A
11:00AM Morning networking break
11:30AM Understanding changes to the Brazilian procurement process and what this means for greenfield infrastructure projects
  • What is the expected timeline for the government to implement new PPP legislation and implement new controls to increase corporate governance standards?
  • Analysing the role of debentures as a source of capital and the need to attract institutional investors to improve liquidity
  • Implications for sovereign risk, investor costs and development timescales
  • Will increased transference of risk to investors make financing more difficult to secure?
12:15PM Are transmission projects the answer to manging the direction of Chile’s regional pricing issues?
  • How are disparities in power pricing between the North and South impacting the Chilean market?
  • Stable returns: Looking to the capital markets to meet the country’s transmission infrastructure needs
  • What does the future hold for power pricing in Chile? Will pricing continue to be as aggressive?
  • How much will the baseload grow before it causes problems?
Bart Doyle, General Manager, Mainstream Renewable Power Chile
Carlos Alberto Rodriguez Lopes, Vice President Corporate Finance, Interconexión Eléctrica
1:00PM Saved from the fire: Norte III case study
  • A look at the project’s acquisition and lessons learned for structuring future projects
Federico Barroetaveña, Chief Financial Officer, Techint
1:30PM Networking Lunch
2:45PM Examining the scope, scale and development of a green bond market in Latin America
  • Corporate governance and the drive towards sustainability: Understanding the drivers behind investor appetite for green bonds
  • Looking beyond renewables: What other ‘green’ non-renewable assets will see financed by the green bond market?
  • How is the Mexican government’s push for renewables impacting the amount of green paper issued in the market? Which countries will see the next issuances?
3:15PM Are we on the cusp of a mining super cycle in Chile?
  • What is driving renewed interest in Chile’s mining sector?
  • Ancillary infrastructure: Assessing the scale of Chile’s infrastructure needs required to support a boom in mining
  • The role of ECAs, DFIs and multilaterals in making mining projects happen
  • Assessing the project risk in mining projects
3:45PM Close of conference