Robert O’Leary
Robert O'Leary

Robert O’Leary

Partner

Robert regularly advises on a variety of domestic and international limited recourse, corporate and acquisition financings, as well as project development matters, in the energy, infrastructure and natural resources sectors.

His clients include commercial, multilateral and development banks, and investors and sponsors from around the globe. He is fluent in Spanish and is a member of our Latin America Practice Group, specializing in transactions in the region. Robert takes pride in assisting his clients on their more complex and first-in-kind transactions.

Additionally, Robert maintains an active pro bono practice, assisting with immigration matters, including a recent defensive asylum victory. He also sits on the firm’s Recruiting Committee and Diversity, Equity, and Inclusion Committee.

Expertise

Experience

Representative matters

  • El Espino SpA, a joint venture between Chilean miner Pucobre and investment firm Resource Capital Funds (RCF), in connection with a $375 million secured loan from a syndicate of international banks to complete the construction of the El Espino mine and processing facilities in the Coquimbo region of Chile.
  • DOE in connection with the $2.26 billion loan to Lithium Nevada Corp. for Phase I of the Thacker Pass Project in Humbolt County, Nevada which will consist of a sulfuric acid plant and a lithium processing facility with feedstock from an adjacent open pit mine to be used for the development of lithium batteries. The Thacker Pass project, the largest-proven lithium reserve in North America, is expected to produce an initial 40,000 tonnes per annum of battery-quality lithium carbonate and support the production of up to 800,000 electric vehicles annually.
  • Grupo IDC’s subsidiary, Fondo BPS -- the Guatemalan branch of a Panamanian fund, in connection with the secured project financing provided by IDB Invest, IDB Invest Fund and Banco Industrial for the construction of a private 30 km toll road from San Antonio Suchitepéquez to San Andrés Villa Seca, Guatemala. The financing includes a senior tranche of up to USD54m and a subordinated tranche of up to USD1m made available by IDB Invest, a sustainability-linked senior tranche of up to USD1m and a sustainability-linked subordinated tranche of up to USD9m made available by IDB Invest Fund, and a 711 million quetzales (~ USD91m) tranche made available by Banco Industrial. The toll road is 100% privately owned by the Borrower. Grupo IDC is a multi-fund platform based in Guatemala and this toll road is its first greenfield project in the infrastructure sector. Named IFI Loan Deal of the Year 2024 by Global Banking & Markets.
  • IFC on the $40 million green loan financing to Origo Energia, a pioneer in distributed solar generation in Brazil, for the construction of a portfolio of distributed solar generation projects in Brazil consisting of 22 small, ground-mounted distributed generation projects across four states with an aggregate installed capacity of 90 MWp.
Power and energy
  • IFC on the $40 million green loan financing to Origo Energia, a pioneer in distributed solar generation in Brazil, for the construction of a portfolio of distributed solar generation projects in Brazil consisting of 22 small, ground-mounted distributed generation projects across four states with an aggregate installed capacity of 90 MWp.
  • Brookfield Asset Management and its affiliates in connection with the financing of a portfolio of community solar projects located in the State of New York. The portfolio is owned and developed by ClearPath Energy and will allow ClearPath to expand its existing 2-gigawatt pipeline further while accelerating the progression of late-stage development assets into construction and operation.
  • Bladex and Banco Popular in connection with the $120 million secured credit facility made available to AES Dominicana Renewable Energy (ADRE) as borrower, for the refinancing of the existing project finance debt of ADRE’s affiliate, Agua Clara – the owner of an approximately 50 MW wind farm in the Dominican Republic.
  • Bladex in connection with the $40 million credit facility made available to AES Andres for the partial refinancing of the acquisition of Agua Clara, the owner of an approximately 50 MW wind farm in the Dominican Republic.
  • DEG, FMO, PROPARCO and CIFI on the $110 million secured credit facility made available to Polaris Energy Nicaragua S.A. (PENSA) and San Jacinto Power International Corporation (SJPIC), as borrowers, for the refinancing of their existing project finance debt in connection with PENSA’s operating 72 megawatt (net) geothermal power generating facility and the 10 megawatt (net) in-development binary plant addition thereto located in Telica, Department of León, Republic of Nicaragua.
  • ENGIE and its affiliates on the limited recourse portfolio project financing and related interest rate hedging in respect of four solar parks and two wind farms in Mexico with a combined capacity of approximately 721 MW, which was ENGIE’s first green loan financing for renewables projects in the world Named Latin American Sponsor Deal of the Year by IJGlobal.
  • FMO and DEG on the senior and sub-senior financing of the construction of Pacific Solar Energy’s 50 MW solar-powered electric generating facility in Honduras.
  • Invenergy and BW Gas on a $128.3 million limited recourse project financing arranged by the Inter-American Investment Corporation, for the acquisition, development, conversion and operation of a floating storage and regasification unit (“FSRU”). The FSRU is being converted in Singapore and will ultimately be moored at the port of Acajutla, El Salvador and provide LNG regasification services to a 378 MW natural gas-fired power plant owned by Energía del Pacífico, a subsidiary of Invenergy. The FSRU will be the first regasification vessel deployed off the coast of El Salvador.
  • Initial purchasers on the issuance by AES Panama Generation Holdings (“FinCo”), a special purpose vehicle created and indirectly owned by the AES Corporation, of $1.38 billion of senior secured notes; also advised the senior lenders and administrative agent on the financing of a $105 million term loan facility and a $50 million liquidity facility by the FinCo.
  • FMO, DEG, PROPARCO on the $56.4 million financing for the completion and operation of an approximately 31.5 MW wind-powered electric generating facility in Jutiapa, Guatemala, owned and operated by Transmisión de Electricidad, which is part of Grupo Terra. This project forms part of the push to diversify Guatemala’s energy grid, which has significant renewable energy potential but is currently reliant on mostly conventional sources such as fossil fuel and coal.
  • Transelec Concesiones on the approximately $358 million loan facility and associated interest rate hedging for the portfolio construction financing of four transmission lines and four substations in Chile, with EDC, KfW IPEX-Bank and MUFG acting as mandated lead arrangers. This financing was provided to Transelec Concesiones through non-cross collateralized loans to each individual project on a standalone basis.
  • Y-GEN Eléctrica (Y-GEN) and Y-GEN II Eléctrica (Y-GEN II), each a joint venture formed by GE and YPF, on the limited-recourse financing for the construction of two gas-fired power stations located in the Argentine provinces of Neuquén and Tucumán. This was the first project finance loan to close in Argentina in more than a decade.
  • Transmisora Eléctrica del Norte (TEN), a joint venture between Engie and RED Electrica of Spain, on the financing of its transmission line connecting the two major electrical grids in Chile, involving an innovative and complex dual-currency (USD and CLP) multi-tranche financing. Named Latin America Power Deal of the Year by PFI and Latin America Transmission Deal of the Year by IJGlobal.
Mining and metals
  • El Espino SpA, a joint venture between Chilean miner Pucobre and investment firm Resource Capital Funds (RCF), in connection with a $375 million secured loan from a syndicate of international banks to complete the construction of the El Espino mine and processing facilities in the Coquimbo region of Chile.
  • DOE in connection with the $2.26 billion loan to Lithium Nevada Corp. for Phase I of the Thacker Pass Project in Humbolt County, Nevada which will consist of a sulfuric acid plant and a lithium processing facility with feedstock from an adjacent open pit mine to be used for the development of lithium batteries. The Thacker Pass project, the largest-proven lithium reserve in North America, is expected to produce an initial 40,000 tonnes per annum of battery-quality lithium carbonate and support the production of up to 800,000 electric vehicles annually.
  • Nevada Copper on its ongoing financing matters, including the $123 million restart financing package to support the restart and ramp-up of the Company’s Pumpkin Hollow underground copper mine, which included additional stream and royalty funding, an incremental credit facility, deferred senior project and working capital interest payments, debt consolidation and warrants, additional equity and an additional backstop facility.
  • Sweetwater Royalties on its ongoing financing matters in connection with its 4.5 million mineral acres and 1 million fee surface acres in Wyoming, Colorado and Utah, which holds the world’s largest known trona deposit.
  • Bluestone Resources on the development and proposed financing of the Cerro Blanco gold mining project in Guatemala.
  • Engie-led consortium on the bid for the proposed financing, development and operation of the Codelco Water Supply Project, a water desalination project that will provide services to Codelco's Radomiro Tomic mining operation in Chile.
  • Orion Mine Finance and Blackstone Tactical Opportunities with respect to intercreditor and collateral matters relating to the financing of Lundin Gold’s $1B+ Fruta Del Norte Project in Ecuador, which consists of a prepaid gold loan, stream and equity investment from Orion/Blackstone, a project financing from KfW and a club of commercial banks (with a guaranty from Finnvera), a cost overrun facility and a strategic equity investment by Newcrest, Orion and the Lundin Family trusts. This transaction was the first large scale mine financing in Ecuador. Named Project Finance Deal of the Year 2020 by IFLR1000, Latin American Mining Deal of the Year 2019 by IJGlobal, Latin American Mining & Metals Deal of the Year 2017 by IJGlobal, Mining Financing of the Year 2019 by LatinFinance and Best Mid-Cap Deal of the Year 2018 by Mines and Money.
Infrastructure and transportation
  • Grupo IDC’s subsidiary, Fondo BPS -- the Guatemalan branch of a Panamanian fund, in connection with the secured project financing provided by IDB Invest, IDB Invest Fund and Banco Industrial for the construction of a private 30 km toll road from San Antonio Suchitepéquez to San Andrés Villa Seca, Guatemala. The financing includes a senior tranche of up to USD54m and a subordinated tranche of up to USD1m made available by IDB Invest, a sustainability-linked senior tranche of up to USD1m and a sustainability-linked subordinated tranche of up to USD9m made available by IDB Invest Fund, and a 711 million quetzales (~ USD91m) tranche made available by Banco Industrial. The toll road is 100% privately owned by the Borrower. Grupo IDC is a multi-fund platform based in Guatemala and this toll road is its first greenfield project in the infrastructure sector. Named IFI Loan Deal of the Year 2024 by Global Banking & Markets.
Banking and finance
  • International Finance Corporation (IFC) in connection with a $60 million senior unsecured facility provided to Axtel, S.A.B. de C.V. The facility will be used by Axtel for the refinancing of existing debt and other capital expenditures.
  • Central American Bank for Economic Integration (CABEI) in connection with a $150 million senior unsecured facility provided for general corporate purposes by a syndicate of lenders arranged by CTBC Bank.
  • JPMorgan and the lenders on the $597 million financing for The Fresh Market, Inc. (TFM), a retail-grocery store, as borrower and Cencosud S.A., the largest Chilean retail company, as guarantor. This working capital facility was put in place immediately following Cencosud’s acquisition of TFM.
  • HSBC, Bank of America, Citibank, HSBC, Itaú BBA International and Mizuho in connection with a $250 million senior unsecured credit facility for Natura & Co Luxembourg Holdings, parent of Aesop and The Body Shop, as borrower, and Natura Cosméticos and Natura & Co Holding, each as a guarantor.
  • JPMorgan, Mizuho and Scotia Capital in connection with a Rule 144A/Reg S offering of $350 million 4.900 percent senior secured notes due 2026 by Electricidad Firme de México Holdings (EFM), holding company of Saavi Energia, the fourth largest private power company by generation in Mexico. Part of the net proceeds of the offering of the notes were used to (i) repay a $275.5 million bridge facility provided to the issuer by JPMorgan Chase Bank, Mizuho Bank, and The Bank of Nova Scotia as joint lead arrangers that was used by the issuer to repay a loan granted to it by GIP Spectrum Saavi Luxco, and (ii) partially pay for transaction costs associated with the notes offering. The remaining proceeds are expected to be used for general corporate purposes, including to make distributions to GIM EM Bronco Luxco, the sponsor of the issuer.
  • Scotiabank Mexico on the $60 million letter of credit facility provided to EFM for the debt service, operations and maintenance obligations of Cometa Energía under its existing bond financing. Cometa owns a portfolio of subsidiaries operating natural gas electric generation and related facilities in Mexico.
Acquisition finance
  • Lenders and joint bookrunners on a Rule 144A/Regulation S offering of $1.1 billion 4.550% senior secured notes due 2051 issued by Alfa Desarrollo (Alfa) (a newly formed company wholly-owned indirectly by Celeo Redes) and certain investment funds managed by APG to consummate the $1.35 billion acquisition of Colbún Transmisión. Named Americas Transmission Deal of the Year by Project Finance International.
  • JPMorgan Chase in connection with a $25.5 million acquisition loan facility granted to APG Energy & Infra Chile Expansion SpA, as borrower, for the acquisition of 80% of the share capital of Transquillota from Colbún and Enel Generación. APG acquired Transquillota in a joint venture with Celeo Redes which acquired 20% of Transquillota. Transquillota owns and operates the San Luis-Quillota transmission line and the San Luis substation in the Valparaíso region of Chile.
  • Joint lead arrangers and joint bookrunners on the senior secured notes issued by, and senior secured credit facilities made available to, Cometa Energía (Actis) with its $1.256 billion acquisition of the InterGen portfolio of energy assets in Mexico. Named LatAm M&A Deal of the Year by IJGlobal andBest Infrastructure Financing Deal of the Year by LatinFinance.

Pro bono

  • Robert maintains an active pro bono practice and has assisted dozens of immigrants to obtain immigration benefits.  He has recently represented asylum applicants such as a mother and daughter from El Salvador fleeing gang violence, a Haitian man fleeing political persecution and successfully obtained asylum for a woman from Ecuador fleeing extreme domestic violence.

Published Work

O’Leary, Robert, Co-Editor and Contributing Author, (2024) Latin Lawyer ESG Guide – Third Edition

O’Leary, Robert, Co-Editor and Contributing Author, (2023) Latin Lawyer ESG Guide – Second Edition

O’Leary, Robert, Co-Editor and Contributing Author, (2022) Latin Lawyer ESG Guide – First Edition

O’Leary, Robert, Co-Author, (2023) Critical Minerals Investment Opportunities and Challenges Discussion, Global Mining Review

Leadership Positions And Professional Affiliations

  • Board Member, North American Chilean Chamber of Commerce

Recognition

Robert O’Leary – always there when you need him, very good quality of work.
Legal 500 Latin America, 2024

Awards

  • Recognized as a Rising Star in Latinvex’s 2024 class of Latin America’s Rising Legal Stars.
  • Recognized in the Projects & Energy: International Firms by Legal 500 Latin America, 2023.
  • Recognized in the Banking & Finance: International Firms rankings by Legal 500 Latin America, 2023.
  • Named to the Legal 500 Private Practice Powerlist 2022: US-Mexico.

Qualifications

Admissions

Attorney-at-law, State of New York First Dept), 2012

Attorney-at-law, State of Illinois, 2010 (Inactive)

Academic

BA summa cum laude, University of Colorado, 2003

MS (Honors), The City College of New York, 2006

JD, New York University, 2010

  • Managing Editor, Journal of International Law and Politics

Languages

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.