Alcogal advised the Consortium HPH Joint Venture, comprising Hyundai Engineering & Construction Co., Ltd., POSCO E&C and Hyundai Engineering Co., Ltd., in connection with the financing of the tunnel for Line 3 of the Panama Metro, a flagship infrastructure project that is central to the expansion and modernization of Panama’s public transportation network. The tunnel constitutes a critical component of the project and required the design and implementation of sophisticated project finance solutions to address the technical complexity of the works and the long-term operational requirements of the infrastructure. The transaction forms part of an overall financing structure of approximately USD 1.6 billion, reflecting the scale and strategic importance of the project.