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Project Finance International

Seven White & Case Transactions Named PFI Deals of the Year

Global law firm White & Case LLP advised on seven deals globally that won 2020 PFI Awards, as announced by Project Finance International (PFI) magazine. PFI Awards winners are selected by the PFI editorial staff from submissions made by companies engaged in the transactions. 

"We are very pleased to be recognized by PFI magazine for a record number of awards, which caps off an extraordinary year for the global team," said White & Case Global Head of Project Development and Finance Mark Castillo-Bernaus (London). "This year has been significantly challenging for all; however, our team continues to support our clients on the largest and most innovative projects around the globe.”

The winning deals on which White & Case advised were:

Global Multilateral Deal of the Year: Mozambique LNG
White & Case represented the financiers on a landmark US$20 billion project financing of Mozambique's first onshore LNG development, Mozambique LNG. The project is the largest ever foreign direct investment into Africa and is transformational for the oil & gas industry in Mozambique and will have broader socio-economic benefits for the country.

Asia-Pacific Renewables Deal of the Year: Changfang and Xidao
White & Case represented Copenhagen Infrastructure Partners through its funds Copenhagen Infrastructure II (CI II) and Copenhagen Infrastructure III (CI III) on the US$3 billion (NT$90 billion) project financing of the 589 MW Changfang and Xidao offshore wind project located off the coast of Changhua County, Taiwan. Scheduled to be completed by 2024, the Changfang and Xidao offshore wind project will provide clean energy to more than 600,000 households in Taiwan.

African LNG Deal of the Year: Nigeria LNG
White & Case represented the financiers on a landmark US$3 billion first in class hybrid corporate financing to Nigeria LNG Limited (NLNG), a joint venture owned by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni to develop the NLNG Train 7 Project. The large and complex financing is the first time that the development of an LNG project has been financed using a multi-sourced corporate loan structure, and sets the benchmark for future LNG facility financings globally. 

Europe Fibre Deal of the Year: Asterix 
White & Case represented the lenders and bondholders on a joint venture strategic agreement between Bouygues Telecom and Vauban Infrastructure Partners for the operation of FTTH (Fiber To The Home) lines in medium-density areas, deployed and privately-funded by Orange. The purpose of the joint venture, in which Vauban Infrastructure Partners will be the majority shareholder, is to acquire long-term access rights from Orange to contribute to the co-financing of optical fibre alongside the main French operators.

Europe Transport Deal of the Year: BAKAD 
White & Case represented an international consortium of sponsors, Alsim Alarko Sanayi Tesisleri ve Ticaret A.Ş, Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş., SK Engineering & Construction Co., Ltd. and Korea Expressway Corporation on the development and financing of the US$750 million Big Almaty Ring Motor Road (BAKAD). The project is the first infrastructure public-private partnership of its type and magnitude in Kazakhstan and Central Asia and is also the first significant privately financed project outside the oil and gas sector in Kazakhstan.

Middle East Power Deal of the Year: Fujairah 3
White & Case represented Emirates Water and Electricity Company (EWEC) on the development of the US$1.14 billion Fujairah F3 power generation plant having a net capacity of 2,400 MW together with a grid station and associated facilities. The plant will be located in the Fujairah water and electricity complex, between the existing Fujairah F1 and Fujairah F2 water and electricity plants. When completed, the Fujairah F3 plant will be the largest gas turbine power plant in the UAE and will be able to power the equivalent of 380,000 households.

Middle East Solar Deal of the Year: Al Dhafra 
White & Case represented the Emirates Water and Electricity Company (EWEC) on the US$886 million development of the 2 GW Al Dhafra solar photovoltaic (PV) power project in Abu Dhabi. Once operational, the Al Dhafra Solar PV IPP will be the world’s largest single-site solar power plant, using approximately 4 million solar panels to generate enough electricity for approximately 160,000 homes across the UAE. This project is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million metric tons per year, equivalent to removing approximately 470,000 cars from the road, and is key to Abu Dhabi’s Energy Transition goals of halving power generation related carbon emissions by 2024 and meeting at least 50 percent of its power demand from renewables by 2050. The Al Dhafra project also benefits from the lowest solar tariff ever recorded.