White & Case Advises on the Three Largest Project Finance Deals of 2011
White & Case advised on the top-three largest global project finance deals of 2011, and four of the top five, according to data compiled by Dealogic.
"Despite the sluggish economy in the US and the debt crisis in Europe, we continue to win and advise on some of the biggest project finance transactions in the world," said Art Scavone, head of White & Case's Global Project Finance Practice. "As a Firm, these are the kinds of deals in which White & Case excels: global transactions that best leverage our international platform and our cross-border practice capabilities advising both deal sponsors and lenders."
The deals acted on by White & Case that top Dealogic's league tables are:
(1) Barzan Gas Project – In first place, the largest project finance deal to close in 2011 was the US$10.3 billion Barzan Gas Project in Qatar, the largest such project in Qatar to date. White & Case represented the sponsors, Qatar Petroleum and ExxonMobil. The financing was awarded "2011 Middle East Oil and Gas Deal of the Year" by Project Finance International.
(2) Tours-Bordeaux High-Speed Rail – Placing second, this project was one of Europe's most important infrastructure investments in the past 20 years. White & Case advised nine commercial banks, the European Investment Bank and the French State-owned Caisse des Dépôts et Consignations on the project, which will connect the French cities of Tours and Bordeaux through a high-speed rail link. The project was awarded "2011 Europe Rail Deal of the Year" by Project Finance International.
(3) Nord Stream Gas Pipeline – Ranking third and fifth, with a combined project value of €8 billion, was the Eastern European Nord Stream Pipeline phase one repricing and phase two. The Firm advised Nord Stream and five of the largest European sponsors – Gazprom, BASF/ Wintershall, E.ON Ruhrgas, Gasunie and GDF SUEZ – on all aspects of the construction and financing on this groundbreaking project, which comprises two 1,220-kilometer subsea offshore pipelines that will link Russia and the European Union via the Baltic Sea.
"Our unique position, advising the top-three project financing transactions in the past 12 months, reflects the strength of our global project finance practice," said Philip Stopford, partner and head of White & Case's Energy, Infrastructure, Project and Asset Finance Practice in Western Europe, the Middle East and Africa. "We're proud to have been part of these landmark transactions and that our clients trust us to bring to fruition their most important, high-value transactions."