Seven White & Case Deals Named PFI Deals of the Year
White & Case advised on seven deals globally that won 2017 PFI Awards, as announced by Project Finance International on December 18, 2017. The winning deals were:
Multilateral Deal of the Year: Egypt solar
As part of the Egyptian solar project program, White & Case advised the sponsors on one of the 50MW solar pV projects. The Firm represented the sponsor group consisting of Phoenix Power Ventures, Ib Vogt and Infinity Solar in connection with the development and financing of the 50 MW solar power generation plant in Aswan, Egypt as part of the Feed-in Tariff Program.
Transport Deal of the Year: Pedemontana
White & Case represented J.P. Morgan as arranger on the issuance of €1.655 billion senior notes and €200 million subordinated notes to finance the construction of the Superstrada Pedemontana Veneta toll road in the Veneto region of northeast Italy. The road will form part of the Mediterranean Corridor of the European TEN-T, linking Spain in the west and Hungary in the east, which is one of the priorities of the European Union’s “Investment Plan for Europe” (also known as the Juncker Plan).
PPP Deal of the Year: Ikitelli Hospital
White & Case represented the lenders and hedging banks, including JBIC, NEXI, SMBC, MUFG, Standard Chartered Bank, Nippon Life Insurance Company, Dai-ichi Life Insurance Company and the Iyo Bank, on the US$1.83 billion financing of the 2,682-bed Ikitelli Hospital public-private partnership (PPP) in Istanbul. The project is part of Turkey's €12 billion hospital PPP program, which was launched in 2011 and aims to improve the country's network of healthcare facilities. The consortium leading the financing, construction and operation of the Ikitelli Hospital campus includes Rönesans Health Investment and Sojitz. Ikitelli Hospital will be one the world's largest hospitals, creating 10,000 jobs and providing services to 23,600 patients daily.
O&G Deal of the Year: Chrysaor
White & Case represented Harbour Energy Ltd., the energy investment vehicle managed by EIG Global Energy Partners (EIG), on its agreement to lead the US$3 billion acquisition by Chrysaor Holdings Ltd. of a diversified portfolio of oil and natural gas assets in the North Sea from Shell UK and its affiliates. The Harbour Energy deal creates the United Kingdom’s leading independent oil and gas company focused on the North Sea. The assets include Shell interests in ten operated and non-operated fields, associated infrastructure and midstream assets and around 400 employees. Harbour Energy, together with funds managed by EIG, will provide Chrysaor with up to US$1 billion to support the acquisition and provide future growth capital.
Middle East and Africa category
Bond Deal of the Year: ACWA APMI One
White & Case advised Citibank as bond trustee, paying agent, registrar, offshore security agent and coordination agent on the issuance of a US$814 million bond with a 22-year maturity by ACWA Power Management and Investments One Ltd., a wholly owned subsidiary of ACWA Power. The Firm also advised Arab National Bank in its capacity as onshore security agent, holding security in the Kingdom of Saudi Arabia. The transaction is the first-ever investment grade private sector issuance from the Kingdom of Saudi Arabia since the government's inaugural US$17.5 billion debt issuance in October 2016, a groundbreaking transaction on which White & Case also advised.
Logistics Deal of the Year: Nacala
White & Case represented Vale S.A. and Mitsui & Co., Ltd. on the development and US$2.73 billion financing of the landmark Nacala Corridor Railway and Port Project, an integrated and transformative infrastructure project supporting growth along a regional corridor shared by Mozambique and Malawi. This major cross-jurisdictional infrastructure project comprises the construction of a 912km railway line to transport coal from Vale's and Mitsui's mine in Moatize, Mozambique across Malawi (including 682km of brownfield land) to a new coal port in Nacala-à-Velha on the eastern coast of Mozambique. The project, which also includes the construction of a deep sea port and associated terminal infrastructure at Nacala-à-Velha, required an agreement to be entered into between the Government of Mozambique and the Government of Malawi. Once completed, the landmark Nacala Corridor Railway and Port Project and its financing will provide a template for other significant resource-based infrastructure projects in Africa.
Infra Deal of the Year: Melbourne Metro
White & Case, in conjunction with Herbert Smith Freehills (HSF), advised on the successful contractual close of the Tunnels and Stations PPP package of the AUD 11 billion Melbourne Metro Tunnel Project. The AUD 6 billion Tunnels and Stations PPP is the largest contract on the biggest public transport project ever delivered in Victoria. The contract was signed with Cross Yarra Partnership, a consortium including Lendlease, John Holland, Bouygues Construction and Capella. It comprises the design and construction of twin nine-kilometer tunnels and five underground stations, as well as the provision of maintenance and other services during the operating term. White & Case, also in conjunction with HSF, advised on the AUD 1.1 billon contractual close of the Rail Systems Alliance package, which was awarded to CPB Contractors and Bombardier Transportation to start work on the rollout of high-capacity signaling on the Metro Tunnel. Undertaking the rollout of this technology on an existing network in Australia will be an Australian first and will allow trains to move in the same direction every two to three minutes.