About

Number of years practice:

13

Principal practice areas:

Project Development and Finance

Bar admissions:

New York, Peru

Languages spoken:

English, Spanish

Augusto Ruiloba is a native Spanish-speaking associate in the Project Development and Finance Group, he has extensive experience in energy and infrastructure projects in Mexico. A key highlight for Ruiloba over the past year includes being involved in advising Bancomext, Natixis, and Société Générale, as lenders, agents, L/C issuing bank and hedge providers, in connection with the financing of the construction by ENR AGS, S.A. DE C.V., a subsidiary of Neoen (a subsidiary of Impala SAS), of a 300 MWac solar photovoltaic project to be located in the state of Aguascalientes, Mexico, and related transmission lines.

Based in New York, he previously worked in the team that advised borrowers and sponsors in connection with the $235m financing for the development, construction and operation of two solar photovoltaic projects in Mexico – Solem I and Solem II, 150 MWac and 140MWac solar photovoltaic power plants, respectively. He also worked as part of the team that advised Carso Energy, as sponsors, in connection with a $240m secured bridge financing for the development of a 610 km natural gas pipeline crossing the states of Chihuahua and Sonora to supply the power stations in the north and north-east of Mexico.

What differentiates your Mexico-facing practice from those of your US competitors and peers?

As a native of Latin America, my background and experience working on Latin America from New York allows me to better understand the culture of Mexican clients and manage the deal process. Further, Shearman & Sterling’s strong track record and continuous involvement on Mexican deals, allows me and the other members of the team to keep up-to-date with current market practice in Mexico.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?

Thanks to technology and a dedication to client service, there really is no downside to advising Mexico-based clients from the US. We work continuously in Mexico on a wide variety of matters, so we’ve built both strong relationships and a reputation for excellent and efficient service regardless of where we are. Additionally, our close proximity to Mexico in both New York and Houston has allowed and continues to allow us to visit our clients both proactively and for specific transactions whenever necessary. We are present and our clients have always appreciated that we are readily available
to do so. Our office in New York is also a significant advantage, as we are able to act as a bridge to New York bankers and international sponsors with a significant benefit for our clients and the Mexican-based firms with which we work.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?

Given the upheaval in national and global political and economic landscapes, we can expect continuing change within the Mexican market, and are seeing those changes unfold before our very eyes. The Mexican market will be a dynamic one in the year ahead and the ability to nimbly provide legal advice will be key to clients and stakeholders. Despite the major reforms of 2013 – and, in part, because of the abrupt halt of portions of the implementation thereof – key financial and development players will need to be actively involved in the market and keenly aware of each development. As we anticipate a dynamic set of circumstances in the political, social, industrial, financial and macroeconomic arenas, being well-informed and able to “cut through the noise” will be essential to the success of any endeavor.

We expect to see more debate in the power and oil and gas sectors, and infrastructure generally, and will continue to pay close attention to, and participate in the dialog surrounding, any new legislation, and judicial and executive branch activity.

What influence will legal technology have on US/Mexico working practices in the future?

Legal technology will serve to enhance our already strong ability to work collaboratively and efficiently across borders. Co-counsels will be in a position to work more seamlessly together in a more integrated manner and efforts are already being made at a technological level to work electronically in real
time.

What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?

In our experience when working with in-house counsel, it is clear that they prioritize in no particular order and rather in a holistic manner:

• Cost-effective solutions where value for money (and not cheap) is the key parameter on which outside counsels work is measured;
• A fundamental understanding of the Mexican regulatory landscape and up-to-date knowledge of political and legislative developments;
• “Cultural awareness” and understanding of “doing business” in Mexico;
• A willingness to collaborate and to help create and foster solutions;
• Excellent interpersonal skills and relationships with in-house counsel;
• Vertically integrated bilingual (preferably natively) teams;
• Awareness of the particular goals of each client at a transactional and at a corporate level and the ability to execute on those goals on a transaction to transaction basis.