Augusto, a native Spanish speaker, has over 18 years of experience and is a versatile practitioner advising on project development and non-recourse financing, as well acquisition financing, of energy, natural resources and infrastructure projects across Latin America, the Caribbean and the United States.
He regularly advises lenders, borrowers and sponsors across a broad spectrum of financing vehicles including public-private partnerships, secured and unsecured credit facilities, private placements and securitizations. Augusto understands the cultural nuances of doing work in Latin America and can help his clients navigate the commercial and regulatory challenges which often impact deal making in the region.
Experience
Representative matters
A consortium of banks in connection with the financing of the Codelco desalination plant in Chile. The reverse osmosis desalination plant is being developed by Aguas Horizonte SpA and will have an initial capacity of 840 liters per second with the potential for later expansion of up to 1,956 liters per second. Once built, the project will play key role in allowing Codelco to accomplish its sustainability development commitments by 2030 ("Project & Infrastructure Finance: Loan of the Year" (2023) by LatinFinance; (“Americas Infrastructure Deal of the Year” (2023), Project Finance International).
Chile’s five largest electricity generation companies (GenCos), AES Andes, Colbún, Enel, Engie Energía and Generadora Metropolitana, in a novel sale and subsequent securitization of certain securities (MPC Securities) issued by the Chilean Ministry of Finance, acting on behalf of the Chilean Electricity Tariff Stabilization Fund (FET), and secured by a state guarantee. The financing mechanism through the A/B Facility includes Facility A, which will be provided by IDB Invest with its own resources for $180 million, and Facility B, which will be financed through bond issues under Rules 4(a)(2) and 144A/Reg S for an amount of approximately $1.62 billion. (“Structured Financing of the Year” (2023), LatinFinance).
Allkem and its affiliates in connection with the up to $130 million (with the potential to increase to up to $180 million) limited recourse project financing provided by the International Finance Corporation (IFC) to support the development and construction of the first stage of Allkem’s Sal de Vida lithium project located in Catamarca, Argentina. The financing is IFC's first investment in lithium mining and is the first time a greenfield mining project's financing has been structured as a green and sustainability-linked loan.
Volcan Compañía Minera, as sponsor, in connection with the $975 million project financing of the multi-purpose port terminal of containers, solid, liquid, bulk and rolling cargo, as well as ancillary facilities being developed in Chancay, Perú by COSCO Shipping Ports Chancay Perú, a company owned by COSCO Shipping Ports and Volcan. This financing represents one of the largest project finance deals in Peru in recent years ("Project & Infrastructure Finance: Port Financing of the Year" by LatinFinance, 2023).
Pro bono
The Nature Conservancy (TNC) on its Belize Blue Bonds transaction, the largest sovereign debt restructuring for marine conservation to-date, which used techniques from sovereign debt restructurings, structured financings, political risk insurance and debt swaps. It is the first major financing under TNC’s Blue Bond for Ocean Conservation Program, a TED Audacious Project Big Idea. The transaction enabled Belize to refinance its external debt, make ambitious commitments to protect 30% of its ocean, strengthen governance for fisheries and establish a coastal blue carbon project framework through a unique collaboration among a government, an environmental NGO, an investment bank, the US’ DFC and parametric insurers (“Debt and Equity-linked Deal of the Year” (2022), IFLR Americas “Grunin Prize” (2022), NYU Grunin Center for Law and Social Entrepreneurship).
Published Work
- Ruiloba, Augusto, Co-Author, (2023) Critical Minerals Investment Opportunities and Challenges Discussion, Global Mining Review. Available at https://www.globalminingreview.com/magazine/global-mining-review/september-2023/editorial-comment/
- Ruiloba, Augusto, Co-Author, (2021) “Acquisition Finance in Latin America”, Latin Lawyer. Available at https://latinlawyer.com/guide/the-guide-mergers-acquisitions/second-edition/article/acquisition-finance-in-latin-america
- Ruiloba, Augusto, Co-Author, (2020) “ESG Loans a New Source of Mining Finance”, Mining Journal. Available at https://www.mining-journal.com/project-finance/opinion/1380588/esg-loans-new-source-of-mining-finance
Recognition
“The Shearman & Sterling team stands out for its in-depth knowledge of the key aspects of a transaction. This allows them to respond quickly and submit proposals tailored to the transaction. In my experience, the partner Augusto Ruiloba stands out, who understands commercial issues in depth, is always looking for solutions to unlock the normal impasses of a negotiation and who is always available. Among the best qualities I would highlight his knowledge, creativity and dedication to the client.”
Legal 500, 2024
Awards
- Recognized as an Up-and-Coming Lawyer in the 2024 Chambers Latin America: Project Finance – International Counsel category.
- Recognized as a Next Generation Partner in the 2024 Legal 500 Latin America: International Firms – Banking and Finance category and as Next Generation Partner in the 2024 Legal 500 Latin
- America: International Firms – Projects and Energy category.
- Named International Firm Rising Star of the Year, IFLR1000, 2021
- Named a Rising Star, Latinvex, 2020
Qualifications
Admissions
New York State (First Dept)-NY-State, 2014
Perú, 2006
Perú, 2006
Academic
Abogado - J.D. equivalent, Pontificia Universidad Catolica del Perú, 2006
L.L. M., Master of Laws, Columbia University, 2010
L.L. M., Master of Laws, Columbia University, 2010
Languages
English, Spanish
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.