Five White & Case Deals Named Project Finance International Deals of the Year
White & Case advised on five deals that won 2016 PFI Awards, as announced by Project Finance International on December 16, 2016.
The winning deals were:
LatAm Power Deal of the Year
White & Case represented Banco de Chile, Banco del Estado de Chile, Banco de Crédito e Inversiones, Banco Santander-Chile, Instituto de Crédito Oficial, KfW IPEX-Bank GmbH, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as senior lenders, and Prudential, as initial fixed rate note purchaser, in the long-term project financing for the development of a 600 km electricity transmission line and related substations connecting the Sistema Interconectado Central (SIC) and the Sistema Interconectado del Norte Grande (SING) of Chile, which will unify most of the country's power grid. The US$822 million multi-source, multi-currency deal involves an intricate financing and intercreditor structure, consisting of Dollar and Chilean Peso senior loan facilities and a US$50 million private placement under New York law, and a value added tax facility under Chilean law. The borrower is a joint venture of sponsors Engie Energia Chile S.A, a subsidiary of ENGIE, a global leader in energy, and Red Eléctrica Chile SpA, a subsidiary of the Spain-based Red Eléctrica Corporación.
PPP Deal of the Year
White & Case advised the Slovak Republic on the Public Private Partnership (PPP) project for the design, construction, finance, operation and maintenance of the country's D4 Highway and the R7 Expressway. The project involves the construction of the south eastern section of Bratislava's ring road and part of the southern expressway network that links eastern and western Slovakia, and the maintenance of these roads for 30 years. The total value of the concession exceeds €1.7 billion, making it one of Europe's largest PPP projects in 2016.
Petrochemical Deal of the Year
White & Case advised six export credit agencies—Atradius DSB, Euler Hermes, KEXIM, K-sure, SACE and UKEF—and a syndication of 19 international band regional banks in connection with the development and financing for the US$6.4 billion Liwa Plastics Industries Complex in Oman. The financing was one of the largest project financings in the region to reach financial close in 2016, with US$3.8 billion committed senior debt, and the largest project financing in Oman to date. The Liwa Plastic Industries Complex is owned by Oman Oil Refineries and Petroleum Industries Company SAOC (OPRIC)—which is, in turn, owned by the Government of Sultanate of Oman and Oman Oil Company.
Power Deal of the Year
White & Case advised Dubai Electricity and Water Authority (DEWA) in connection with the greenfield development and financing of the 2,400 MW Hassyan Clean Coal Power Project, an independent power project, which was procured on a competitive basis together with transshipment and coal handling facilities in the Emirate of Dubai—the first of its kind in the region. The project uses the IPP procurement model on a build, own, operate basis, with the bidder responsible for the fuel supply, and is supported by a 25-year power purchase agreement (PPA) with DEWA as offtaker. This IPP model differs from the usual model in the GCC region, where plants are typically procured on a tolled (energy conversion) basis, whereby the utility is responsible for the fuel supply as well as the power offtake. The Hassyan Clean Coal Power Project successfully combined the procurement of the power plant and the fuel supply into a single competitive process. This Project represents DEWA's first conventional fuel IPP, and will be the first coal-fired plant in the GCC region.
LNG Deal of the Year
We advised the sponsors on the US$990 million project financing of the Bahrain LNG import terminal. The sponsors were a consortium that included the Gulf Investment Corporation, Samsung C&T Corporation and Teekay LNG Partners L.P. The US$655 million debt financing was provided by a diverse group of regional and international banks including the following mandated lead arrangers: Ahli United Bank, APICORP, Banco Santander, CA-CIB, Korea Development Bank, Natixis, Société Générale and Standard Chartered Bank. Eighty percent of the debt was covered by K-sure. The build, own, operate and transfer project will consist of a floating storage unit (FSU), an offshore LNG receiving jetty and breakwater, and an onshore gas receiving and nitrogen production facility. Once operational, the terminal will have a capacity of up to 800 million standard cubic feet per day.