Is an investment banking boutique specialized in infrastructure projects, serving the financial advisory needs of the public and private sectors. Our main services include financial structuring, project finance, refinancing, and mergers and acquisitions (M&A). Since founded in 2006, Structure BI has been involved in the most important transactions across the Latinamerican and Caribbean region, covering every single stage of the asset’s cycle.
We are number 1 in Financial Advisors Ranking
As a financial advisor, Structure has raised more than US$ 5.000 million in debt for infrastructure projects including operations with local commercial banks, development banks, international capital markets (Rule 144A/Reg S) and private equity funds. Structure has vast experience with the biggest international commercial and investment banks.
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Project Finance

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Corporate Finance

OUR TEAM

Hector Ulloa
Managing Director

Hector (Founder and President of Structure Banca de Inversión) holds a Master in Finance from Universidad de Los Andes and a Bachelor in Law from Pontificia Universidad Javeriana. 

His practice includes Project Finance, Mergers & Acquisitions and Structuring infrastructure assets in Colombia, Peru, Panamá, Costa Rica, Argentina, and other Latin American countries. His most important and recent advisory service include the financial structuring of Metro de Bogota (US$4.5 billion) on behalf of the Colombian government;  the acquisition of “Concesión Costera Cartagena Barranquilla”and “Concesión Pacífico Tres” on behalf of ISA;  the financing of four 4G toll road projects in Colombia (US$ 1.9 Bn);Financing  of power assets, such as Termonorte and TCE (transmission line) in Colombia and a Gas to Power asset in Panama. Hector has been Project Finance and International Capital Markets’ professor in multiple universities in Colombia and is the author of “Fuentes de Recursos en los Mercados Financieros Internacionales”. 

Carlos Díaz Granados
Director

Carlos holds a Master in Finance and a Bachelor in Business Administration from the School of Advanced Management Studies (“C.E.S.A.”), in Bogota, Colombia.

 He has more than 9 years of experience in the investment banking industry in Project Finance and M&A’s. Carlos has also led projects of structuring, financing, and purchase/sale of companies for more than USD 6.000 million which involve resources in the traditional banking markets as well as in capital markets. Since 2011, Carlos is part of the Structure team, he has served as Director for the structuring and financing of projects such as toll roads, airports, ports, mass passenger transport systems and the energy sector in Colombia and Latin America. Among its most outstanding achievements are: (i) Financing of the 4G Project “Autopista al Mar 2”, with an estimated value of COP $ 2 trillion; (ii) Award and financing of the 4G Project “Concesión Pacífico Tres”, with an estimated value of COP $ 1,8 trillion; and (iii) the financial structuring of the Energy Transmission Line Project “La Virginia – Nueva Esperanza”.

Vanessa Villanueva
Director

Vanessa holds a Master in Finance from Universidad de Los Andes and a Bachelor in Business Administration from the same university. Since 2015, Vanessa is part of the Structure team as a Project Director and has led projects such as the structuring and financing of the “Concesión Costera Cartagena – Barranquilla”; M&A process in the purchase of the “Concesión Costera Cartagena – Barranquilla” by ISA; financial structuring of multiple PPP airport projects; and “Primera Línea del Metro Ligero de Barranquilla”. She has also led financial structuring in Argentina, Perú, Panamá and Costa Rica. Prior joining Structure, Vanessa was Financial Manager in “Concesionaria del Desarrollo Vial de la Sabana – DEVISAB”, which is a company dedicated to the construction of civil works, road maintenance, and operation of the Chía – Mosquera – Girardot highway, focused on structuring and financial modeling of the projects of the Consortium. Before that, Vanessa was Operational and Financial Director in “Mercado y Bolsa”, a member of the Colombian Mercantile Exchange where she was responsible for the coordination and execution of the purchase and sale operations carried out by the firm and for conducting the financial review of the business, and the financial projections of the company.

Julián Marquez Aguel
Director

Julian holds an MBA from London Business School, a Master in Economics from Universidad de Los Andes, and a Bachelor in Economics from the same university.

Prior joining Structure, Julian was Director at the Infrastructure Deal Advisory team at KPMG where he led the financial structuring of concession/PPP projects such as the First Line of the Bogota’s Metro, San Rafael Park and Cable Car Project, Cartagena Cable Car unsolicited proposal and M&A process in renewable energy, among others. Before that, Julian was external Advisor for the Inter-American Development Bank, focused on the development of private participation in the development of public infrastructure in Latin America. Previous to IADB, he was the Head of the Public-Private Partnership Unit at the National Planning Department where he led policy and regulatory changes to the PPP law, feasibility studies of infrastructure projects and approval of financial legal and technical valuation and risk allocation for 20 toll-roads (4 Generation Program), airports (Barranquilla) and fluvial navigation project (Magdalena River) for US$ 12 Bn.

Silvana Mac Allister
Senior Analyst

Silvana holds a Bachelor degree in Business Administration and Industrial Engineering from the Universidad de Los Andes.

Silvana started working in Structure in 2016 and has been working in different projects as analyst in the infrastructure sector in Colombia and Panama. Her main focuses have been in (i) M&A of toll road concession (4 Generation Program) in Colombia, such as “Concesión Costera Cartagena – Barranquilla” and “Concesión Pacífico Tres”, and an airport concession which was “Aeropuertos del Oriente”; and (ii) financial structuring of multiple PPP unsolicited proposal: Cartagena, San Andres and Providencia, and Cali, Neiva and Buenaventura airports. Additionally, Silvana participated in the financing of a Power Generation project in Panamá.

Felice Grimoldi
Senior Analyst

Felice holds a Master of Science in Finance degree from the University of Rochester (Rochester, NY, United States) and an Industrial Engineering degree from Universidad de Los Andes.

Felice joined Structure in 2017, where he led the financial modeling of the First Line of the Bogota’s Metro, the biggest Project Finance in Colombia. Recently, Felice led the financial structuring of the Project “Tren de Cercanias de la Sabana de Bogota” – Regiotram, which was recently awarded to China Civil Engineering Construction Corporation. Felice has also worked as financial advisor to 4G toll concession Projects and power generation and transmission companies. Prior to joining Structure, Felice worked in mergers and acquisitions of low-mid markets companies in NYC.

Iván Fandiño
Junior Analyst

Iván holds a Bachelor degree in Industrial Engineering with an emphasis in economics from the Universidad de Los Andes.

Iván joined Structure in 2019, supporting the financing and refinancing of 4G toll concession projects, power transmission lines, and rail projects, such as the most recent Project “Tren de Cercanias de la Sabana de Bogota” – Regiotram. Ivan is in charge of the energy, metallurgical, financial and economic research, with special analysis of the advantages and disadvantages of the different debt instruments in infrastructure projects under PPP schemes.

Alejandro Peña
Junior Analyst

Alejandro holds a Bachelor degree in Industrial Engineering with an emphasis in finance and economics from the Universidad de los Andes.

Alejandro joined Structure in 2020 and has supported the implementation of Value for Money methodology and the risk valuation for infrastructure projects under the PPP scheme. Alejandro also conducts research on financial markets, multiple industries, and applicable laws and regulations for infrastructure projects in Colombia.

RANKING

Financial Advisors Ranking in Colombia

(June 2010 - June 2020) – Number of Transactions

No.
Company
Transactions
1
Structure Banca de Inversión
13
2
Bonus Banca de Inversión
9
3
Banco BTG Pactual
6
4
Bancolombia
5
5
Deloitte
4
6
Inverlink
4
7
Goldman Sachs
3
8
BNP Paribas
2
9
Corficolombiana
2
10
Sumitomo Mitsui Banking Corporation
2

Financial Advisors Ranking in Colombia

(June 2010 - June 2020)– Total Value

No.
Company
Total (USD M)
1
Structure Banca de Inversión
6,361
2
Bonus Banca de Inversión
6,145
3
Bancolombia
3,605
4
Deloitte
2,379
5
Banco BTG Pactual
2,230
6
BNP Paribas
1,874
7
Goldman Sachs
1,862
8
Corficolombiana
1,841
9
Sumitomo Mitsui Banking Corporation
1,649
10
Inverlink
1,509

We are ranked as leading financial advisors in the colombian infrastruture sector.

As a financial advisor, Structure has raised more than US$ 5.000 million in debt for infrastructure projects including operations with local commercial banks, development banks, international capital markets (Rule 144A/Reg S) and private equity funds. Structure has vast experience with the biggest international commercial and investment banks.

Top: 1

AWARDS

Primera Línea del Metro de Bogotá was awarded Gold Winner as the Best Transit Project by P3 Awards in 2020.

According to P3 Awards:

“The First Line of the Bogotá’s Metro is a project that surprised the judges due to its complexity and its excellent financial structure. In addition, it takes place in one of the most congested cities in the world, which will help make life easier for Bogota citizens.»*

* Source: www.metrodebogota.gov.co

“The way in which the planning of a financial structure unites with the needs of the citizenry, taking into account that it will move more than one million passengers per day, creating a revolutionary transport option for Bogota».**

** Source: www.bogota.gov.co

Structure acted as financial advisor for Empresa Metro de Bogotá

Structure acted as financial advisor for Empresa Metro de Bogotá

2020
Best Transit |Project

Concesión Costera Cartagena Barranquilla won the “2020 Latin American Transport Deal of the Year” granted by Project Finance International (PFI).

Concesión Costera Cartagena Barranquilla :

The concession has also been recognized with other awards such as the Pan American Prize for Sustainable Development, the National Engineering Prize and the National Environmental Prize, among others, for its minimal intervention on the Mangrove and minimal occupation of the Ciénaga.

“This road project has also generated a reduction in travel times, a reduction in operating costs associated with public transport, strengthening tourism and economic development in the area of influence, as it employs about 1,052 people from the region”.*

* Source: www.ani.gov.co

Financial Advisory for the Purchase of the Concession

Financial Advisory for the Purchase of the Concession

2020
Latin American Transport Deal of the Year

Concesión Pacífico 3 Toll Road was the first 4G toll road to achieve financial close and first senior debt disbursement. Due to the high standards in the financing and by issuing the first project bond in international markets (144a / Reg S) for a toll road concession in Colombia, Concesión Pacífico 3 won as the “Best Road Financing“ granted by LatinFinance magazine in 2016.

Structure acted as financial advisor for the transaction.

According to the magazine:

“Goldman Sachs and local investment bank Structure arranged a unique package to fund the highway concession, putting together the equivalent of $650 million in long-term financing through a combination of bank loans and bonds. The elaborate arrangement makes Pacífico 3 a clear choice for Best Infrastructure Financing: Andes and Best Road Financing.”

“The cheapest tranche in the financing package was the UVR bond, which was priced with a 7% coupon to yield 7.8%. The other UVR-denominated debt, a loan from the Credicorp-Sura fund, carried a rate of 7.5% over the inflation-linked units, while the dollar bond priced with an 8.25% coupon to yield 8.5%.”

Best road financing
Pacífico 3-2016

Concesión Pacífico 3 also won “2016 Latin American Deal of the Year” granted by Project Finance International (PFI).

According to the magazine:

“A number of key factors (…) allowed banks, like Goldman, to get comfortable with lending to the deal (…), Goldman was saying to the market that the projects were bankable and that it would be willing to make a US$ 1,2bn bet on that fact. Structure Banca de Inversion was acting as financial adviser to the sponsors and Goldman Sachs was tapped as global co-coordinator and lead arranger for the financing efforts.”

“The Proceeds of the US dollar bonds, UVR bonds and peso A and B loans will be used by the project company to pay for all financing-related expenses, pre-fund all the required accounts – including the debt services reserve accounts (DSRAs) and O&M reserve accounts (OMRA) – and finance a portion of the total project cost.” 

* Source: PFI Yearbook 2017.

2016
Latin American Deal
of the Year

MAIN PROJECTS

HONEfinanciera desarrollo nacional

Bogotá’s Metro

Metro Line

Financial Structuring of Bogotá’s Metro

proyect description

Project Description:

It focuses mainly on the Financial Structuring for the First Line of the Bogotá’s Metro, which covers approximately 24 km and is set to have 15 stations, 10 of which will have an integration system with TransMilenio. It also include the construction and procurement of the rolling stock.

Recurso 23

Contract Structure:

27-year concession structured under Law 80 of 1993. (DFBOMT).

HONEgraniting entity 2

Graniting Entity:

Empresa Metro de Bogotá - EMB.

estumated operation value

Estimated CAPEX:

COP$ 12,9 billon (US$ 4,3 billion). – Constant December 2017.
The value of the contract is COP$ 13,8 billion (US$ 4,62 billion).

estumated operation value

Estimated CAPEX:

COP$ 12,9 billon (US$ 4,3 billion). – Constant 2017.
The value of the contract is COP$ 13,8 billion (US$ 4,62 billion).

HONEgraniting entity 2

Graniting Entity:

Empresa Metro de Bogotá - EMB.

structure's role

Structure’s Role:

Structure BI was appointed by FDN as Financial Advisor for the Financial Structuring of Bogotá’s Metro Project.
After a prequalification process with 6 participants, only 2 submitted economic proposals. As a result, the China Harbour Engineering Company Limited and Xi’an Metro Company Limited consortium was awarded the Project.

logo proyecto Ruta del Sol – Sectors I, II & III_1

Ruta del Sol – Sectors I, II & III

Road Infrastructure

Financial Structuring of the 3 Sectors of Ruta del Sol

proyect description

Project Description:

It connects Bogotá with the Caribbean Coast by developing a new doble roadway and improving the existing road corridors between Villeta (Cundinamarca) and Ciénaga (Magdalena) municipalities.
1,082 km divided into 3 different sectors (independent contracts).

Recurso 23

Contract Structure:

Concession structured under Law 80 of 1993.

estumated operation value

Estimated Value of the Contract:

Sector 1: COP $962.000 million (US$ 500,24 million).
Sector 2: COP$ 2,09 billion (US$ 1,09 billion).
Sector 3: COP $2,08 billion (US$ 1,08 billion).

HONEgraniting entity 2

Granting Entity:

National Infrastructure Agency - ANI.

estumated operation value

Estimated Value of the Contract:

Sector 1: COP $962.000 million (US$ 500,24 million).
Sector 2: COP$ 2,09 billion (US$ 1,09 billion).
Sector 3: COP $2,08 billion (US$ 1,08 billion).

HONEgraniting entity 2

Granting Entity:

National Infrastructure Agency - ANI.

structure's role

Structure’s Role:

Between 2009 and 2010, Structure BI was appointed by the IFC for the financial structuring of the 3 sectors of the Ruta del Sol Project.

logo proyecto Corredores Arteriales de_1

Corredores Arteriales de la Competitividad

Road Infrastructure

Financial Structuring of 17 Road Corridors of the “Corredores Arteriales de la Competitividad” Program

proyect description

Project Description:

It is a group of road corridors located in different regions of the country that aimed to optimize the mobility, connectivity, production and merchandising among several Colombian regions.
It comprises a total of 19 road corridors with a total length of 1.650 km.

Recurso 23

Contract Structure:

Most of the road corridors were structured as concessions.

estumated operation value

Estimated CAPEX:

COP $2,5 billion (US$ 1,2 billion).

HONEgraniting entity 2

Granting Entity:

The National Roads Institute (INVÍAS - Instituto Nacional de Vías).

structure's role

Structure’s Role:

Structure BI was appointed by INVÍAS as Financial Advisor for the financial structuring of 17 corridors of the program.

logo proyecto Panamá’s Metro_1

Panamá’s Metro

Metro Line

Financial Structuring of Panamá's Metro

proyect description

Project Description:

The Project focuses mainly on the Financial Structuring for the First Line of the Panama´s Metro, which covers approximately 16 kilometers and its main function is to connect the bus terminal station, in Albrook, with the San Isidro station in the north of the metropolitan area of the city of Panama.

Recurso 23

Contract Structure:

Concession.

estumated operation value

Estimated CAPEX:

COP$ 2,8 billion (US$ 1,45 billion).

HONEgraniting entity 2

Granting Entity:

Metro de Panamá.

structure's role

Structure’s Role:

Structure BI was appointed as Financial Advisor by Cal & Mayor and Poiry for the financial structuring of the First Line of the Metro in Panama under the contract “Integrator Assessor of the Metro System in Panama” with the IDB and CAF.

HONEterpel corficolombiana

Rafael Núñez International Airport

Airports

Financial Structuring of Cartagena´s Airport Unsolicited Proposal-PPP

proyect description

Project Description:

It focuses mainly on the expansion of the current airport in Cartagena.
The project is going through the viability process with the Agencia Nacional de Infraestructura (“ANI”).

Recurso 23

Contract Structure:

8,5-year Unsolicited Proposal PPP structured under Law 1508 of 2012.

estumated operation value

Estimated CAPEX:

COP$ 500.000 million (US$ 150 million).

HONEgraniting entity 2

Graniting Entity:

National Infrastructure Agency - ANI.

main projects sponsors 2

Sponsors (SACSA):

AENA    Corficolombiana    Terpel

structure's role

Structure’s Role:

Structure BI has been mandated by SACSA as Financial Advisor for the financial structuring of the Project.

logo proyecto Sur Occidente Airports_1

Sur Occidente Airports

Airports

Financial Structuring of the Unsolicited Proposal-PPP of 3 Airports

proyect description

Project Description:

It focuses mainly on the expansion operation and maintenance for the International Airport of Alfonso Bonilla Aragón in Cali, as well as the National Airports of Benito Salas in Neiva and Gerardo Tobar López in Buenaventura.

Recurso 23

Contract Structure:

30-year Unsolicited Proposal PPP structured under Law 1508 of 2012.

estumated operation value

Estimated CAPEX:

COP$ 893.000 million (US$ 300 million).

HONEgraniting entity 2

Granting Entity:

National Infrastructure Agency - ANI.

main projects sponsors 2

Sponsors (Aerocali):

AENA    Corficolombiana

structure's role

Structure’s Role:

Structure BI has been mandated by the Concessionaire and the Sponsors as Financial Advisor for the financial structuring of the Project.

logo proyecto Aerocivil_1

Aerocivil

Airports

Structuring of the Concession of 6 Airports in Colombia

proyect description

Project Description:

It consists of the financial, legal and technical structuring and implementation of the integration and concession process of José María Córdova Airport in Rionegro and Olaya Herrera Airport in Medellín. Also involves the execution of an study that determines the financial, legal and technical feasibility to include in the concession, Los Garzones Airport in Montería, Caraño Airport in Quibdó and Antonio Roldan Airport in Carepa.

Recurso 23

Contract Structure:

Concession structured under Law 80 of 1993.

estumated operation value

Estimated CAPEX:

COP$ 780.000 million (US$ 390 million).

HONEgraniting entity 2

Granting Entity:

Aeronautica Civil.

structure's role

Structure’s Role:

In December 2006, Structure BI was awarded by Aeronautica Civil for the financial, legal and technical Structuring for the process of integration and concession of the mentioned Colombian airports.

logo proyecto San Andrés and Providencia _1

San Andrés and Providencia Airports

Airports

Financial Structuring of the San Andrés and Providencia Airports Unsolicited Proposal-PPP

proyect description

Project Description:

It consists in the expansion, operation and maintenance of two Colombian airports:
Gustavo Rojas Pinilla Airport on the San Andrés Island; and
El Embrujo Airport on the Providencia Island.

Recurso 23

Contract Structure:

30-year Unsolicited Proposal PPP structured under Law 1508 of 2012.

estumated operation value

Estimated CAPEX:

COP$ 262.000 million (US$ 80 million).

HONEgraniting entity 2

Granting Entity:

National Infrastructure Agency - ANI.

main projects sponsors 2

Sponsors:

SP Ingenieros.

structure's role

Structure’s Role:

Structure BI has been mandated by the Concessionaire and the Sponsors as Financial Advisor for the financial structuring of the Project, which within the schedules, it is expected to be awarded in 2021.