Photo, Margarita Oliva Sainz de Aja

Margarita Oliva Sainz de Aja

Baker & McKenzie LLP


Margarita Oliva is a partner in Baker McKenzie's New York office. She advises financial institutions and corporations with regard to financing and commercial transactions across Latin America. She serves as chair of the Latin Finance Practice from North America.

Practice Focus

Margarita has over twenty years of extensive experience in project finance matters, particularly in helping major multilateral agencies, commercial financial institutions, sponsors, project companies and ECAs to structure and negotiate complex, multijurisdictional infrastructure and energy transactions. She also advises clients on a variety of general bank finance, capital markets and corporate transactions, including cross-border mergers and acquisitions, restructurings and outsourcings.

Representative Legal Matters

  • Represented Ergon Peru S.A.C. on its refinancing of existing debt for an off-the-grid solar project in Peru pursuant to a 4(a)(2) private placement in the capital markets.
  • Represented the issuer and a European energy company sponsor, Parque Eolico Kiyu and Zero-E Dollar Assets, S.L., on the restructuring of its debt for a wind plant project in Uruguay. The project was refinanced through a 4(a)(2) private placement purchased by Allianz Global Investors U.S. LLC (acting on behalf of its clients), acted as sole purchaser of the notes (through certain of its funds in Europe) and placed by Credit Agricole Securities.
  • Represented IBT Health S.A.C., a Spanish sponsor in the infrastructure sector, on the refinancing and increase of its credit facility guaranteed by Peruvian authorities receivables from hospital concessions Villa Maria del Triunfo Salud and Callao Salud in Peru.
  • Representing a consortium of European sponsors on the bidding, development and financing of a P3 cruise port project with the Puerto Rican Ports Authority. The deal is being financed through a combination of tax exempt bonds and PABs.
  • Represented a group of European and Uruguayan sponsors, Sacyr Concesiones, NGE Concessions, Saceem and Berkes, on the bid, project development and financing for the construction, repair and maintenance of the Ferrocarril Central Project in Uruguay. The total investment in the project amounted to USD 1.1 billion with a combination of senior debt over USD 800 million and sponsor equity. The financing was provided by a group of multilaterals and commercial banks.
  • Represented Bow power on the restructuring of its debt for a transmission line Cajamarca Project in Peru under a 4(a)(2) private placement with Natixis as underwriter of the notes issuance and lender under a mirror credit agreement.
  • Represented Natixis, a global French bank, on a multi-jurisdictional banking regulatory project. The project initially encompass more than 27 jurisdictions.
  • Represented a Spanish transportation sponsor on its bid for the Costera Cartagena Barranquilla concession in Colombia.
  • Represented a Spanish transportation sponsor on its certain due diligence matters for the acquisition of the Concesion Santana Mocoa Neiva project in Colombia.
  • Represented Bow Power and a group of Chinese and Mexican sponsors on their financing of the Peninsula wind farm project in Mexico with Natixis and Credit Agricole.
  • Represented China Development Bank on the proposed financing of a 4G project in Colombia with Chinese and Colombian sponsors.
  • Representing a European sponsor on the refinancing and new financing of the Autopista del Norte Project in Peru, pursuant to a vigencias futuras structure through a PPP concession structure. 
  • Represented SolaireDirect in its financing for an approximately 54 MW merchant solar project near Copiapo in Northern Chile, with the Inter-American Development Bank and Proparco, the French export credit agency as lenders.
  • Represented IFC in connection with an approximately USD 420 million loan to Axion Energy Argentina to expand and upgrade its Campana Refinery in Argentina. 
  • Advised a major multilateral agency on its bank loan to a Paraguayan financial institution for the financing of agricultural and other projects in Paraguay.
  • Represented InterBank, Itaú, Bancolombia and COFIDE in the USD 120 million financing for Grupo Gloria's acquisition of an ethanol plant and 13,000 square hectares of land in Peru previously owned by Maple Energy.

Professional Honors

Professional honors 

  • Recognized as one of the Top 100 Female Lawyers in Latin America, Latinvex, 2013-2020
  • Recognized in project finance and Latin America, The Legal 500, 2012-2015
  • Founder, Women in Leadership in Latin America (WILL)
  • Chair of the Board of Directors of the Spain-US Chamber of Commerce, 2009-2010 

Transaction awards 

  • Etileno XXI ethylene plant in Mexico - Latin America Petrochemical Deal of the Year by PFI Magazine
  • Quiport, airport in Ecuador - Airport Deal of the Year award by Euromoney


  • New York~United States (1998)
  • Spain (1996)


  • IESE Business School (Senior Executive Program (SEP) Women in Business Scholarship) (2013)
  • Harvard Law School (LL.M. Fullbright Scholar, honorary scholarship from Real Colegio Complutense) (1995)
  • Universidad de Granada (J.D.) (1992)
  • Universita degli Studi di Bologna (International and European Law Erasmus Program Scholarship) (1991)


  • English
  • Spanish
  • Portuguese
  • French
  • Italian