Holland & Knight Advises Termotécnica on COP$781 Billion Financing for Cartagena Airport Expansion Project
BOGOTÁ (April 3, 2026) – Holland & Knight advised the sponsor Termotécnica Coindustrial S.A.S., a member of the Grupo Ethuss S.A.S., on the financing of the Cartagena Airport Expansion Project, a strategic infrastructure initiative aimed at increasing capacity and improving operational efficiency at one of Colombia's most important air transport hubs. The financing for the project was approximately COP$781 billion (US$212.7 million), and the transaction closed in March 2026.
The financing involved the participation of Itaú Colombia S.A., Banco Davivienda S.A., Fondo de Deuda Senior para Infraestructura CAF‑AM Ashmore II and Fondo de Capital Privado BONUS – Compartimento Infraestructura II as lenders.
Holland & Knight's engagement involved structuring a comprehensive financing solution to support the expansion works at Rafael Núñez International Airport, including the negotiation of key commercial and legal terms with the participating lenders and other stakeholders, as well as ensuring full compliance with applicable regulatory requirements under Colombian law. The transaction also addressed critical considerations such as risk allocation mechanisms and compliance with aviation and environmental regulations to ensure the project's successful execution and long-term sustainability.
The Cartagena Airport Expansion Project is expected to significantly strengthen Colombia's air transport infrastructure, supporting tourism and economic growth in the Caribbean region. By securing optimized financing terms, the project enables efficient capital deployment and enhances its overall viability and competitiveness, while mitigating legal and financial exposure throughout the project life cycle.
Holland & Knight's representation of Termotécnica was led by Partners María Juliana Saa and Juan Carlos Valencia, with the support of Associates Juan Sebastián Parra and Juan Felipe Alonso.
Structure Banca de Inversión served as financial structuring advisor to the sponsor, and the lenders were advised by Cuatrecasas.