Ecuador’s historic debt-for-nature swap was awarded “ESG Finance Deal of the Year” at the Latin Lawyer Deal of the Year, 2023.  Dentons advised the Ministry of Economy and Finance of the Republic of Ecuador on this winning deal, which has been praised as the largest transaction of its kind in the world to date.

This landmark transaction involved the exchange of $1.628 billion of Ecuador’s sovereign debt for approximately $656 million in new sovereign debt, allowing the country to redirect approximately $323 million to comply with certain agreed sustainability commitments intended to enhance the conservation of the Galápagos Islands and their marine ecosystems.

Partners Jesús Mardomingo (Madrid), Yun Ma (Paris), and Rubén Eduardo Luján (Toronto) led Dentons’ multi-jurisdictional legal team on the deal with the participation of partners Walter van Dorn (Nueva York) and Luis F. Torres (Washington DC), of counsel Carolina Barzola (Prague), and associates Lola Noguera (Madrid), Amy Morin (London) y Annabel Hodge (London).

The awards ceremony took place in Sao Paulo, Brazil on May 9, 2024.