Photo, Margarita Oliva Sainz de Aja

Margarita Oliva Sainz de Aja

Baker & McKenzie LLP


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

Practice Focus

Margarita has extensive experience in project finance matters — particularly, in helping major multilateral agencies, commercial financial institutions, sponsors 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

Prior to joining the Firm, Margarita worked on the following matters:

  • Represented SolaireDirect in the USD 90 million 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.
  • Advised the lenders to a consortium in the bidding phase of the Arturo Merino Benitez International airport in Santiago, Chile.
  • Represented the group of lenders (led by Banco Santander) in the project financing for the first FARAC fund reprivatization of certain roads as well as their improvement, maintenance and operation.
  • Represented IDB, OPIC, US Ex-Im Bank and EDC in the financing of the construction, maintenance and operation of Quiport, a new airport in the city of Quito, Ecuador, and certain improvements to the existing airport.
  • Successfully represented Isolux Infrastructure Netherlands in its proposal and related financing for the concession to design, build, finance, operate and maintain Section 5 of the I-69 highway corridor in Indiana, pursuant to a public-private partnership.
  • 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.
  • Represented Banco Nacional De Comercio Externo, EDC, BNDES, IDB, IFC, Nacional Financiera, KFW IPEX-Bank and Intesa SanPaolo in the financing for the construction, operation, ownership and maintenance of the Etileno XXI ethane plant in Mexico.
  • Represented Azteca Communicaciones Peru, a subsidiary of TV Azteca, in connection with a USD 65 million bridge loan relating to the construction of a fiber optic network in Peru.

Professional Honors

  • Recognized as one of the Top 100 Female Lawyers in Latin America, Latinvex, 2013-2019
  • Recognized in project finance and Latin America, The Legal 500, 2012-2015


  • 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


Speaker, "Renewable Energy Workshop in Argentina, Buenos Aires," Argentina, 13 July 2016

Speaker, "Current M&A Trends in Latin America," Latin America Biannual International Bar Association Conference, São Paulo, Brazil, 9 March 2016

Speaker, "Accessing the Financing Markets in the Americas," Real Colegio Complutense at Harvard Executive Program Cambridge, MA, May 2015

Speaker, "9th Annual Latin American Energy & Infrastructure Finance Forum," Miami, FL, 10-11 March 2015

Speaker, WILL New York Launch, New York, NY, November 2014