A conversation with Federico Saravia Toledo, solicitor and consultant specialising in Energy and Mining  

‘Despite economic volatility, Argentina continues to attract interest because it has world-class resources and highly competitive renewable energy projects.’
 

Federico Saravia Toledo rejoined Marval O’Farrell Mairal in 2024 as an external consultant, strengthening the firm’s presence in the city of Salta and the NOA region. With nearly 14 years of previous experience as a senior associate at the firm, Saravia Toledo has extensive experience in the energy, mining, and oil and gas sectors.
Since 2010, he has practised law in the private sector, also advising on corporate governance and regulatory matters. His solid track record includes working on Héctor A. Mairal’s team, where he specialised in mergers and acquisitions, project finance and capital markets. In addition, he has managed public tenders and negotiated government agreements as a consultant on projects for the World Bank and the UNDP.
With a background that combines his law degree from the University of Buenos Aires and an Executive MBA from IE Business School, Saravia Toledo brings a comprehensive vision to legal practice. In this interview, we explore his career, his motivations and his perspective on the challenges and opportunities in a crucial context for the Argentine economy.

Latin Counsel: After spending 14 years at the firm as a senior associate, what motivated you to return to Marval O’Farrell Mairal as an external consultant?

Federico Saravia: In 2022, I moved to Salta and, based on that experience, I began to see clearly the need to build a bridge between the reality of the NOA (Northwest Argentina) and a firm with national and international reach such as Marval. That vision gradually took shape until it became a strategic alliance that now allows me to work from the region while leveraging the firm’s entire platform. My motivation is to transform the region’s enormous potential into concrete investments, bringing together companies, governments, communities and financing with solid legal support.

Latin Counsel: With experience in both the capital and northwestern Argentina, what key differences do you find in legal practice in the City of Buenos Aires compared to the provinces, especially in the industries you handle?

Federico Saravia: In Buenos Aires, practice is more transactional and relies on standardised processes. In the northwest, the dynamic is different, because personal relationships and proximity carry much more weight. Here, it is not enough to draft a sophisticated contract; you also have to understand the social reality, logistics and infrastructure of each project. The value lies in translating that local complexity into a language that investors and boards of directors anywhere in the world can understand.

Latin Counsel: Northwest Argentina is a region with high potential. What specific challenges do you foresee companies in the area having to overcome in the coming years?

Federico Saravia: There are four challenges that I consider central. The first is to streamline procedures and permits to provide certainty. The second is to improve the competitiveness of local companies and response times. The third is to close infrastructure gaps, both in roads and energy and in digital connectivity. And the fourth is to modernise the state so that it can keep pace with the speed at which mining is growing. If we make progress on these fronts, the region can take a huge leap forward.

Latin Counsel: The energy and mining sector is an economic driver in Salta. How do you think the current political and economic climate in Argentina is influencing investment in these industries?

Federico Saravia: Investment needs clear rules and a predictable framework. Despite economic volatility, Argentina continues to attract interest because it has world-class resources and highly competitive renewable energy projects. My approach is to work on well-designed contracts, good corporate governance and financing structures that mitigate risk. When that is assured, investment follows.

Latin Counsel: What is your vision for collaboration between Marval’s office and clients in the northwest?

Federico Saravia: We envision an integrated approach. From Salta, we offer proximity and knowledge of the terrain. From Buenos Aires, we have specialised teams and, when necessary, we connect with colleagues from other countries. For the client, this means having a single point of contact who coordinates everything and a multidisciplinary team behind them. In this way, we ensure that projects move forward with pace and certainty.

Latin Counsel: You have advised companies on mergers and acquisitions. In the current context in Argentina, do you think there will be an increase in this type of transaction in the mining and energy sectors?

Federico Saravia: I definitely think so. Since the emergence of the RIGI in Argentina, I have seen mergers and acquisitions, the consolidation of smaller companies into medium-sized companies, agreements on lithium and copper, and partnerships between technology providers and operators with industrial capacity. In energy, we will surely see contract restructuring and new alliances in renewables and storage.

Latin Counsel: How has the regulatory landscape for companies in the energy sector changed in recent years in Argentina?

Federico Saravia: The focus has shifted from expansion to integration. Today, the key issues are how renewables are dispatched, access to the grid, storage, and contracts between private parties. Environmental requirements and the digitisation of permits have also increased. The challenge remains to coordinate the national government, the provinces, and transporters so that investments are not slowed down by a lack of infrastructure.

Latin Counsel: Could you share some key advice you would give to a foreign company looking to invest in Argentina’s mining or energy sector today?
Federico Saravia: My advice is to focus on five things. First, choose the right province and local partner. Second, conduct a thorough review of titles, water permits, land and the environment. Third, work on building relationships with communities from the outset. Fourth, set up a contractual and exchange structure that protects investment flows. And fifth, apply corporate governance and compliance standards that are on par with those of publicly traded companies worldwide.

Latin Counsel: Your education includes an Executive MBA from IE Business School. How do you think this business training complements your experience as a solicitor when advising clients?

Federico Saravia: It gave me the ability to speak the same language as boards and investors. Today, I can analyse numbers, risks and project returns with them. This speeds up decision-making and enriches negotiations. It also allowed me to bring a global vision that I apply to NOA, ensuring that each contract makes sense in business terms and not just in legal terms.

Latin Counsel: You worked as a consultant on World Bank and UNDP projects. What are the differences between working for a multilateral institution and working in the private sector?

Federico Saravia: In institutions such as the World Bank or the UNDP, the emphasis is on standards, traceability and compliance with protocols. The timeframes are longer and everything must be documented very precisely. In the private sector, on the other hand, speed, personal responsibility and the optimisation of risks and costs are what matter most. Having experienced both worlds has given me discipline and the ability to execute with pragmatism.

Latin Counsel: In addition to your technical and legal skills, what personal skills do you consider crucial to being successful in your career, especially as an external consultant at a firm as important as Marval?

Federico Saravia: I would say that the most important is to build trust. That means knowing how to listen, understanding different interests and translating them into possible agreements. Consistency between what one says and what one does is also key. My clients know that if there is good news, it will come with clear figures, and if there is a problem, they will know about it in time. That transparency is the basis of a lasting relationship.

Latin Counsel: How does the process of attracting and retaining clients in a region like Salta compare to Buenos Aires?

Federico Saravia: In Salta and the NOA, relationships are built on closeness and keeping one’s word. In Buenos Aires, credentials and previous experience carry more weight. My strategy is to combine both worlds. I offer technical excellence, but also constant presence and clear communication. Ultimately, trust is the most valuable asset.

Latin Counsel: Infrastructure projects have a significant financing component. What has been your experience in financing projects in the Argentine context?

Federico Saravia: My job is to shape projects that are financeable. That means putting together adequate guarantees, designing purchase contracts that provide repayment security, and seeking the most efficient combination of financing sources. This can be with banks, the capital market, equipment suppliers, or multilateral organisations. The goal is always the same: to reduce risk and accelerate the investment decision.

Latin Counsel: What role does technology play in your legal practice, especially in project management and communication with clients in different locations?

Federico Saravia: A very important role. I use digital tools and artificial intelligence to review documentation and streamline time. Technology allows me to work faster and more accurately, although I always use human judgement when making decisions.

Latin Counsel: How has the global shift towards renewable energy impacted your work and the strategy of the companies you work with in Argentina?

Federico Saravia: The energy transition has opened up new opportunities and also new risks. Today, contracts must consider the possibility of storage, grid connection and energy prices in the market. It has also connected the renewable energy agenda with mining, especially lithium. My role is to ensure that there is legal certainty and that projects can attract financing.

Latin Counsel: In the mining sector, what are the main legal challenges facing companies, beyond regulation?

Federico Saravia: The biggest challenges are social licence, water use, land and easement management, integration with local suppliers, and conflict prevention. Compliance with environmental and traceability standards is also becoming increasingly important. The important thing is that all of this is considered from the initial design of the project and not as a last-minute fix.

Latin Counsel: Finally, what advice would you give to a young lawyer who is starting their career and aspires to specialise in an area as specific as yours?

Federico Saravia: My advice to young people would be to dare to look beyond Buenos Aires and bet on the interior with global standards. Build a solid foundation in corporate law, project finance and regulation. Learn technical English, train in finance and master technology and, above all, go out into the field and listen. Ethics and keeping your word are still the best calling card.

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