Image: Maria Leonor Tobia

Maria Leonor Tobia

Of Counsel, Corporate Department


Maria Leonor Tobia is an Of Counsel in the Latin America practice and the Global Project Finance practice at Paul Hastings. She is based in the firm’s New York office. Ms. Tobia is admitted to practice in New York, Spain (Madrid), and Uruguay. Her practice covers development and financing of large, complex, capital intensive projects in Latin America. Ms. Tobia has represented sponsors and lenders in cross-border financing transactions throughout Latin America, covering the infrastructure, power, and oil and gas sectors. Her experience has included the tax aspects of these transactions. Ms. Tobia is a native Spanish speaker, fluent in English and she speaks Portuguese.


  • Chambers Latin America, International Counsel, Project Finance (2023)


  • Harvard Law School, LL.M., 2014
  • Centro de Estudios Garrigues, Executive Master’s Degree in Business Law, Spain, 2011
  • Universidad de Alcala de Henares, Spanish Law for Foreign Attorneys (required for admission in Spain), Spain, 2011
  • Universidad de Montevideo, J.D.(Doctor en Derecho), Uruguay, 2006


  • The Sponsors and Lima Airport Partners (LAP) in the ongoing US$1 billion expansion of the Jorge Chavez International Airport in Lima, Peru.
  • The Lenders (senior and mezzanine) in the ongoing financing of the development and construction of a 666MW power plant and LNG receiving terminal in Panamá.
  • The Mezzanine Lenders (including a multilateral bank) in the US$150 MM financing of a rail project in Uruguay with capital costs of approximately US$1 billion.
  • The 4(a)(2) investors in the refinancing of two pet-coke power plants in Mexico with AES as sponsor.
  • The Lenders, led by Natixis and SMBC, in the financing of the Norte III 900MW combined-cycle gas-turbine power facility in Mexico that will sell capacity and energy to CFE under the last of the "classic" CFE PPAs.
  • The Sponsors (Odebretch, Enagas and Graña & Montero) in the aborted US$6 billion, 1,000km Gasoducto Sur Peruano (GSP) pipeline project in Peru.
  • Blackstone, and their portfolio company, Fisterra Energy, in securing $600 million in financing for the 875MW Tierra Mojada combined-cycle gas turbine power plant in Guadalajara, Mexico, that will sell capacity and energy to Comisión Federal de Electricidad (CFE) under the new generation PPA regime.

Practice Areas

Latin America
Energy and Infrastructure
LIBOR Transition




New York Bar
Uruguay Bar


Harvard Law School, LL.M. 2014
Universidad de Montevideo, J.D. 2006

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