Developers planning to compete in PEG-6 will need to incorporate a new front of work even before submitting their bids.
The entry into force of Decree 15-2026 , scheduled for September, incorporates new requirements for the prevention of money laundering that require the review of corporate documentation, due diligence forms and PPA models used in tenders for the supply of power and energy.
The regulations are part of Guatemala's update to its anti-money laundering framework to align with the standards of the Financial Action Task Force (FATF) ahead of the international evaluation scheduled for 2027. However, beyond the institutional objective, the new regime introduces changes that directly affect the contracting of electrical projects and the preparation of future tenders.
For Edgar Rigoberto Grotewold de León , a Guatemalan lawyer and notary specializing in regulatory and energy law, the challenge lies not in modifying legislation, but in adapting processes and documents that still adhere to the previous system. "The necessary adjustment is not legislative, but rather documentary and procedural," he summarized.
The warning is especially relevant because the PEG-6 plan is already taking shape . During the Future Energy Summit (FES) Guatemala , the director of the National Electric Energy Commission (CNEE) , Marcela Peláez , announced that the country is working on launching a tender to incorporate more than 300 MW of firm energy. With this timeline underway, adapting the PPA (Power Purchase Agreement) framework and models to the new anti-money laundering regulations will be key to preventing the process from being published with outdated documentation.
Rather than modifying the commercial conditions of the contracts, Grotewold considered that the Bidding Boards should review the methodology used to evaluate the corporate information of the bidders.
The main change involves incorporating the concept of effective control , moving away from the criterion that only identifies shareholders based on their percentage of ownership. "The due diligence form required with the offer must incorporate the concept of effective control, both direct and indirect, not just the capital participation threshold," he explained.
The future regulations should also include the identification of Politically Exposed Persons (PEPs) among shareholders, legal representatives, and board members, as well as establish a specific timeframe for updating this information during the term of the contract. While the models used until now establish a general obligation to report corporate changes, the new Decree requires notification of certain changes within 10 business days .
The specialist also highlighted an opportunity that, in his opinion, is often overlooked in bidding processes: the clarification stage. Asking questions about the new due diligence regime, contractual annexes, or the handling of future shareholder changes would allow bidders to obtain formal criteria from the Bidding Committee before submitting offers and reduce uncertainty during contract execution.
For developers, the adaptation process begins long before the bids are opened. Grotewold recommended conducting an internal audit to identify who truly controls the company, updating the share register in accordance with Article 113 of the new law, and reviewing the origin of the project's funds—equity, debt, and guarantees—to meet the new due diligence standards.
"The company should arrive at the presentation of the offer with that information already documented, instead of reacting when it is required during the evaluation of an offer," he stated.
One of the most relevant changes in Decree 15-2026 modifies the way of identifying the final beneficiary , an aspect that will especially impact projects with holdings, investment funds, trusts or foreign shareholders.
The new regulations maintain the 15% shareholding threshold, but also include anyone who exercises effective control over the company, even if they are not formally listed as shareholders. In practice, companies will have to reconstruct the ownership chain to identify who truly controls or benefits from the project.
"We have to get to the individual who ultimately controls or benefits from that chain, whether through capital participation or any other control mechanism," explained Grotewold, who warned that the main challenge will arise in international structures established in jurisdictions where that information is not always accessible through public records.
Maintaining forms created under the previous system could generate observations during the technical evaluation of bids and even affect the developers' rating.
"A form that does not collect the information required by the new law may generate comments, requests for clarification, or even rejections," he warned.
The impact will not be limited to tenders. The new regulations impose greater obligations on financial institutions, so it is expected that requirements regarding the origin of funds, identification of beneficial owners, and traceability of international transfers will increase—a common aspect in renewable energy projects financed with foreign capital.
While he avoided predicting how much longer the financing approval process might take until the regulations issued by the Superintendency of Banks are known, Grotewold acknowledged that "it is reasonable to anticipate greater documentary requirements" for developers.
The regulations implementing Decree 15-2026 may be published several months after the law comes into effect. While the financial system already has established compliance structures, many generating companies will still need to adapt their internal processes to meet the new requirements.
For this reason, Grotewold believed the sector should not wait for the regulations to be published before beginning to adapt. "My recommendation to the sector, both to generators and those who design the framework, is not to wait for the regulations to begin adapting, precisely to reduce that transition risk," he concluded.