Investment radar: PPPs in Latin America mobilize over US$ 75 billion in infrastructure

Latin America is experiencing one of the most intense infrastructure structuring cycles through Public-Private Partnerships (PPPs). According to BNamericas data, 149 major projects will enter the construction phase between the second quarter of 2025 and the first quarter of 2026, with an estimated capital investment of nearly US$ 75 billion. Mexico, Colombia, and Peru account for a substantial share of that flow, each with its own regulatory dynamics and bidding schedules that reshape opportunities for investors, developers, and operators.

This article focuses exclusively on Public-Private Partnerships oriented toward physical infrastructure—namely transport, energy, digital connectivity, and urban facilities. This distinction is worth making because the term "PPP law" has generated media confusion in Mexico and Colombia, where recent labor reforms regulate workers on digital transport and delivery platforms under similar acronyms. The following analysis addresses the institutional framework of infrastructure PPPs and the actors that determine their evolution.

Mexico: 38 projects and US$ 17.1 billion in the infrastructure pipeline

Mexico leads the region in the number of infrastructure projects in pre-construction or construction phases. BNamericas identifies 38 projects totaling US$ 17.1 billion in investment, positioning the country as the market with the highest volume of active initiatives in Latin America.

The road pipeline constitutes one of the central pillars of this activity. Within the Secretaría de Infraestructura, Comunicaciones y Transportes (SICT), two institutional figures concentrate decision-making on the structuring and development of road projects. Tania Carro Toledo, Undersecretary of Communications and Transport, leads the sectoral strategy from the SICT. Rafael Cervantes de la Teja, Director General of Highway Development within the same ministry, leads the planning and execution of the concessions and road construction program.

Both profiles represent the institutional points of contact for investors and developers interested in Mexico's transport infrastructure bidding cycle. Their decisions directly influence award timelines, financial structuring conditions, and the technical standards of projects.

In the energy sector, Manuel Calva Merino serves as General Counsel of the Comisión Federal de Electricidad (CFE), where he leads legal affairs and regulatory compliance for Mexico's principal state-owned electricity sector player. His role is central in a context where the expansion of electrical transmission will require substantial resources in the coming years.

Colombia: a pipeline of 18 projects worth over US$ 23 billion

Colombia has a pipeline of 18 major infrastructure projects that will drive investments exceeding US$ 23 billion, according to BNamericas data as of June 2025. The Puerto Internacional Las Américas exerts significant influence on the magnitude of this figure.

The Colombian pipeline surpasses Mexico's in total value, albeit with fewer projects. This reflects the concentration of capital in high-impact megaprojects, particularly in port infrastructure and multimodal transport. PPP structuring in Colombia has evolved from the experience accumulated across generations of road concessions (4G and 5G), giving the Colombian market a degree of institutional maturity recognized by international investors.

For sector participants, Colombia represents a jurisdiction where pipeline depth and the scale of individual projects generate differentiated opportunities compared to other markets in the region.

How does Peru's new PPP law transform the investment landscape?

Peru enacted Law No. 32441, regulated through Supreme Decree No. 316-2025-EF, which came into force on December 26, 2025. This legislation governs the promotion of private investment through Public-Private Partnerships and Asset Projects. The reform simplifies administrative processes, strengthens ProInversión's role as the governing body, and establishes new rules for project award, modification, and closure.

Law No. 32441 represents the most concrete and recent regulatory change in infrastructure PPPs in the region. Its implementation redefines incentives for private participation in sectors such as transport, sanitation, energy, and telecommunications in Peru.

Two elements stand out in the new regulation. The institutional strengthening of ProInversión centralizes the technical and financial structuring of projects, reducing the fragmentation that characterized the previous model. The simplification of award processes aims to shorten the timelines between project identification and financial close—a historic bottleneck in the Peruvian market.

Peru's reform sets a benchmark for other Latin American jurisdictions considering the modernization of their PPP frameworks.

What role does electrical transmission play in the regional infrastructure pipeline?

The Inter-American Development Bank (IDB) projects that between 2026 and 2030, the region plans total investment exceeding US$ 17 billion in national electrical transmission expansion plans. This figure reveals the magnitude of the energy infrastructure gap that Latin America must close to sustain the energy transition, transport electrification, and industrial demand growth.

Electrical transmission represents an investment segment with characteristics attractive to institutional capital: predictable cash flows, long-term contracts, and regulatory backing. In Mexico, CFE concentrates the operation of the transmission system, while Colombia and Peru operate schemes with greater private sector participation through tenders and concessions.

The US$ 17 billion in electrical transmission investment projected by the IDB for 2026-2030 will shape one of the most active segments in infrastructure PPPs across the region. Developers and infrastructure funds that establish early positions in this segment will find a market in sustained expansion.

Comparative outlook: three markets, one converging trend

A cross-cutting analysis of the three markets reveals a converging trend. Mexico contributes volume, with 38 active projects and US$ 17.1 billion in investment. Colombia contributes scale, with 18 projects exceeding US$ 23 billion. Peru contributes institutional renewal, with a new-generation PPP law that modernizes the rules of the game.

Together, the pipelines of Mexico and Colombia alone exceed US$ 40 billion in identified investment, without accounting for projects in early structuring phases in Peru or regional electrical transmission programs.

The Latin American infrastructure investment cycle is defined by the convergence of robust pipelines, regulatory reforms, and the need to close gaps in transport, energy, and connectivity. Markets that succeed in articulating clear institutional frameworks with predictable bidding schedules will capture the largest share of available capital.

Key decision-makers and engagement platforms

The GRI Institute has identified this structuring cycle as a priority thematic focus for its members. Discussion forums such as the Latin American infrastructure leadership clubs enable public sector decision-makers, institutional investors, and developers to evaluate opportunities in real time, compare regulatory frameworks, and build long-term relationships.

Profiles such as those of Tania Carro Toledo, Rafael Cervantes de la Teja, and Manuel Calva Merino represent the type of institutional interlocutors whose participation in these forums elevates the quality of dialogue between the public sector and private capital.

For GRI Institute members operating in Latin American infrastructure, the current moment combines three favorable conditions: identified project volume, ongoing regulatory reforms, and structural investment demand in critical sectors. Each market's ability to translate these conditions into effective financial closes will define the opportunity map for the next five years.

Sources: BNamericas (June 2025), Inter-American Development Bank, Government of Mexico, Government of Peru, GRI Institute.