Image: Maria Leonor Tobia

Maria Leonor Tobia

Associate, Corporate Department
New York
200 Park Avenue
New York, NY
United States

Fax: 1(212) 230-5186


Maria Leonor Tobia is an associate in the Latin America practice and the Infrastructure and Energy practice at Paul Hastings.  She is based in the firm's New York office.  Ms. Tobia is admitted to practice in New York, Spain, and Uruguay.  Her practice covers sectors such as power, oil and gas, and infrastructure.  Ms. Tobia has represented sponsors and lenders in cross-border financing and M&A transactions throughout Latin America.  In Spain she focused on the tax aspects of these transactions.


  •  LL.M., Harvard Law School, 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

  • J.D.(Doctor en Derecho), Universidad de Montevideo, Uruguay, 2006

Recent Representations

  • SMBC and other Lenders: We are representing SMBC and other lenders in the ongoing project financing of an off-grid PV solar project in Peru.

  • The Lenders in the financing of a portfolio of approximately 32 solar-power electric generating facilities with a total net capacity of approximately 85 megawatts for Exelon across four states in the United States.

  • The Lenders in the aborted refinancing of two solar power plants owned by Atlas Renewable Energy with an aggregate capacity of 74.5MW (each a Plant and collectively the Project) located in Salto province, northern Uruguay. 

  • The developers in connection with a 20 MW battery storage facility in Marengo, Illinois.

  • The Lenders in the development and financing of a 907 MW CCGT power plant to be located in Ciudad Juarez, Mexico that will sell capacity and energy to the Comisión Federal de Electricidad (CFE) under the "old generation" PPA.

  • The Project Sponsors in the development and financing of a 900MW CCGT power plant in Jalisco, Mexico that will sell capacity and energy to Comisión Federal de Electricidad (CFE) under the new generation PPA regime.

  • The Lenders in the ongoing financing of the development and construction of a 666MW power plant and LNG receiving terminal in Panamá.

  • Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) in connection with a US$ 1 billion multicurrency letter of credit facility.

  • The Lenders in the ongoing development and financing of a 265km refined products pipeline in Mexico and related dock and receiving and storage terminals.

  • Enel Brasil Participações Ltda. in connection with a corporate credit facility  of approximately US$ 130 million in Brazil. 

  • The sponsors in the aborted US$6 billion, 1,000km Gasoducto Sur Peruano (GSP) pipeline project in Peru in which Macquarie was a bidder

  • The Lenders in the stalled project financing of the Vía Expresa Sur highway concession in Perú.

  • The Sponsors in the combined loan-and-bond CPAO backed financing of the expansion of the Lima metro in Peru.

  • Sociedad Concesionaria Autopista Central S.A., project company, in post-closing and ongoing matters related to its US$250 million and CLF13 million bond issuances to finance the Autopista Central toll road project in Santiago, Chile.

  • Autopista Río Magdalena S.A.S. in the ongoing financing of the design, development, construction, commissioning and operation of the Concesión Autopista al Río Magdalena 2 road project in Colombia (involving both USD and COP tranches).

  • The Lenders in the ongoing financing of a liquefied petroleum gas storage unit in a salt cavern located in Shalapa, Ixhuatlan del Sureste, Veracruz, Mexico.

  • Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A. - OPAIN S.A., in USD500 million refinancing of the credit obtained from three international development institutions for the development and expansion, operation and commercial development of the El Dorado International Airport in Bogotá, Colombia.

  • A major Spanish sponsor in its bid for two pipelines in Mexico with estimated project costs of USD 900 million and USD 400 million, respectively.

  • Credit Suisse AG as lender and administrative agent, on the USD400 million loan financing of Suriname's state oil company (Staatsolie) in the Merian gold project partnership with Suriname Gold Company. 

  • A consortium of Spanish banks lead by BBVA in Uruguay's largest bank financing, USD1.9 billion, of a pulp and paper processing plant on the Uruguay River (with Grupo Empresarial ENCE as sponsor).

  • The development banks, including DEG and FMO, on the Uruguayan legal aspects of a loan to Argentine pulp and paper producer, Celulosa Argentina.

  • The sellers in the sale of a stake in one of Uruguay's leading construction companies (and a smaller investment in its electrical engineering affiliate) to a Brazilian private equity fund.

  • Vale in the acquisition of mining assets in Brazil, Argentina, Paraguay and Uruguay for US$ 1.6 billion.

  • Navios Maritime Holdings, a Greek bulk transportation company, in the formation of a South American logistics business by combining its existing operation in Uruguay with the barge and upriver port businesses operated by the Horamar Group.

  • Weyerhaeuser and Global Forest Partners in spin-off and other corporate restructuring transactions for the dissolution of the major forestry join venture in Uruguay.

  • Domestic and multinational privately and publicly held companies in international, European Union and Spanish corporate tax matters, including the tax aspects of M&A, restructuring and finance transactions.

Practice Areas

Latin America
Infrastructure and Energy
LIBOR Transition




New York Bar
Uruguay Bar


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

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