Infrastructure projects, acquisitions, financings and privatizations demand an in depth sector understanding and knowledge combined with the skills to analyze and allocate complex and often cross-border risks. In addition, a comprehensive experience with the public sector regimes through concessions or regulated licensing regime is crucial. These qualities and knowledge set us apart and enable us to deliver results for our clients in both developed and emerging economies.
White & Case advises on some of the largest and most significant and complex infrastructure transactions in the world. We advise sponsors, lenders, pension funds, insurance companies and sovereign wealth funds, infrastructure funds, commercial banks, corporations, developers and governmental entities involved in the development and acquisition of large-scale projects globally, including:
Energy & Power Infrastructure
Telecommunications and Satellites
We provide a highly effective one-stop-shop for infrastructure. In addition to our infrastructure development and finance teams on the development of greenfield assets, we also have market-leading M&A, construction and construction disputes practices, which assist in "through life" support on infrastructure transactions as well as the financing, purchasing, refinancing or restructuring of existing assets.
With our unique combination of skills and experience, we provide clients with integrated services and guide them through difficult issues on the most complex transactions and disputes, bringing our global experience, insight and judgement to each situation.
Our infrastructure practice has an extensive track record of awards for innovation and delivering market precedents in domestic and international public private partnership (PPP) projects. Our lawyers' wide experience covers a range of sectors including accommodation, defence, aerospace and nuclear, education, health, justice and prisons, transport, waste and wastewater projects.
Our knowledge and track record of international PPP structures enables us to support our clients worldwide as they adapt the PPP model to successfully deliver their projects.
Our global infrastructure finance team advises and guides clients on the most complex and often first of a kind, innovative finance structures with complex integrated intercreditor bank/bond covenant packages. These involve numerous capital sources including export credit agency (ECA)-wrapped, monoline-wrapped and unwrapped private activity bonds, term B loans, and a wide variety of other structured products. Our US and English law capabilities coupled with experience in finance and securities law of many other jurisdictions enable us to guide clients on the nuanced challenges of each situation.
We have an outstanding worldwide reputation for delivering on innovative transactions in numerous jurisdictions, assisting clients to bring a number of 'firsts' to market with our commercial and pragmatic approach.
Clients benefit from our commercial and pragmatic approach assisting them to bring a number of 'firsts' to market and cementing our reputation for delivering innovative transactions around the world.
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AWARDS & RECOGNITION
"The team there are great; the partners have exceptional knowledge and are a great resource for us in a lot of different markets."
Chambers UK 2017, Infrastructure
"White & Case LLP often handles major international infrastructure and PPP transactions."
The Legal 500 2016
Band One for Projects & Energy (eleventh consecutive year)
Chambers Global 2016
Tier 1: Infrastructure
The Legal 500 – United Kingdom 2015
Road Finance Law Firm of the Year 2014
Global Transport Finance Awards
Port Finance Law Firm of the Year 2014
Global Transport Finance Awards
D4/R7 expressway PPP project
Representation of the Ministry of Transport, Construction & Regional Development of the Slovak Republic in the selection of the concessionaire for the PPP project for the design, construction, finance and operations and maintenance of the D4 highway and the R7 expressway. The €1.7 billion project involves the construction of the southeastern 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 a period of 30 years. This transaction was awarded "2016 PPP Deal of the Year" by Project Finance International and "2016 European Roads Deal of the Year" by IJGlobal.
Third Istanbul Airport
Representation of the lenders in the €4.5 billion financing of the Third Istanbul Airport Project. The consortium in charge of financing, design, construction and operation of the new airport comprises five Turkish construction companies: Cengiz, Mapa, Limak, Kolin and Kalyon. The total investment amount of the project is more than €10 billion. It represents the largest airport financing in the world. This transaction was awarded "2015 Best Project Finance Deal of the Year", "2015 Best PPP Deal" and "2015 Best Infrastructure Deal of the Year" by EMEA Finance.
Empresa de Transporte de Pasajeros Metro S.A.
Ongoing representation of Empresa de Transporte de Pasajeros Metro S.A., the owner and operator of the subway system in Santiago, Chile, in the structuring of multi-sourced facilities to be provided by export credit agencies and commercial banks under New York law for financing the more than US$2 billion expansion of its underground rail network, along with the acquisition of the corresponding equipment. This transaction was awarded “2015 Best Transport Financing” by Latinfinance.
Gruppo Investimenti Portuali S.p.A.
Representation of Infracapital, the leading European infrastructure investor managed by M&G Investment Management, the European investment management arm of Prudential plc, and InfraVia Capital Partners, an investment manager dedicated to the infrastructure sector, on the acquisition of Gruppo Investimenti Portuali S.p.A. (GIP). GIP is a leading container port operator in northern Italy, holding majority and minority stakes in several container terminal concessions in major Italian ports including Genoa, Livorno and Venice.
A8 Motorway Refinancing
Representation of a credit consortium consisting of mandated lead arrangers, banks and institutional investors on a new form of refinancing for the A8 motorway project in Germany. The project, implemented as a public-private partnership, was refinanced for a total of €440 million through project bonds, bank loans and a new type of credit support from the European Investment Bank (EIB). The new instrument, Senior Debt Credit Enhancement (SDCE), is provided by the EIB to strengthen the credit quality for financings of infrastructure projects in the form of a funded subordinated loan. The SDCE replaces guarantees and is designed in particular to reduce the traffic risks of the project for the benefit of the senior creditors.
A7 motorway PPP project
Representation of the joint lead managers, mandated lead arrangers, bond purchasers and lenders in connection with the €610 million financing for the construction, operation and maintenance of a 1,000 km segment of the A7 motorway. The financing is the first public-private partnership (PPP) project financed by project bonds with European Investment Bank (EIB) project bond credit enhancements and bank bridge financing in the German market. Moreover, it is the first combined bank/bond financing in Europe using the EIB project bond credit enhancement. This transaction was selected as "2014 European Project Bond Deal of the Year" by IJGlobal.
Representation of Terminal Internacional del Sur S.A. as borrower and Santa Sofia Puertos S.A. as sponsor in connection with the US$280 million non-recourse project financing of the expansion of the Matarani Port in the Islay district of Arequipa, Peru, which is being provided by a group of top-tier international commercial banks. The expansion project is expected to more than double the port's handling capacity through the development, construction and operation of dedicated mining concentrate storage, handling and shipping facilities supported by ship-or-pay agreements with major mining companies in Peru. This transaction was selected as "2015 Best Port Financing Deal of the Year" by LatinFinance and "2014 Latin American Transport Deal of the Year" by IJGlobal.
Zayed University Refinancing
Representation of the lenders in connection with the approximately US$850 million refinancing of the Zayed University New Campus Abu Dhabi PPP Development project. This deal was awarded "MENA Social Infrastructure Deal of the Year" by IJGlobal 2015. We also advised the lenders on the initial US$1 billion construction and financing of the project.
Adana Integrated Healthcare PPP
Representation of IFC, ERBD, DEG, Proparco, Korea Development Bank and a syndicate of commercial banks in the €550 million financing of an integrated healthcare campus public-private partnership (PPP) in Adana, Turkey. It is the first social infrastructure PPP project in Turkey to reach financial close.
I-69 Section 5 Project
Representation of Citigroup Global Markets Inc. and Jefferies LLC (as the underwriters) in connection with the public offering and sale of US$243.8 million in aggregate principal amount of Indiana Finance Authority Tax-Exempt Private Activity Bonds (I-69 Section 5 Project), Series 2014. The proceeds from the offering were loaned to I-69 Development Partners, a Delaware limited liability company controlled by Isolux Infrastructure Netherlands B.V. and Infra-PSP Canada Inc., to fund the I-69 Section 5 Project, which consists of the design, construction and financing (and, with respect to certain portions, the concurrent and subsequent operation and maintenance), of the upgrade of approximately 21 miles of existing State Road 37 - a four-lane median divided highway - between Bloomington, Indiana, and Martinsville, Indiana, to an interstate highway.
Representation of the infrastructure investors Arcus European Infrastructure Fund, Public Sector Pension Investment Board and AMP Capital Investors in the acquisition of 202 rolling stock assets from The Royal Bank of Scotland (RBS) in a combined asset and share sale transaction.
Nacala corridor project
Representation of Vale S.A. in connection with the development and financing of the Nacala Project. The project includes the construction and financing of a new rail line to connect the Moatize mine in Tete to the existing railway line in Malawi, the rehabilitation of the existing line in the Malawi rail network, and in Mozambique between Nkaya and Monapo, the construction of a new branch line, connecting the existing railway line and the port, and the construction of a new coal port terminal in Nacala-à-Velha.
Representation of the European Investment Bank (EIB) in the first "project bond" to be issued in France and the first in Europe to be issued for digital infrastructure. It is also the first project bond to be governed by French law and to be listed on the Paris Stock Exchange. The project bond refinances 11 French telecoms concessions that are owned by Axione Infrastructures, which will continue and extend its implementation of fast and super-fast digital infrastructure in sparsely populated areas. This matter was awarded "2015 European Telecoms Deal of the Year" by IJ Global.
China municipal water distribution
Representation of the Asian Development Bank in connection with its loan to a subsidiary of a water project company to invest in multiple project companies for the rehabilitation, expansion and operation of water treatment and distribution facilities throughout China. This project was selected as the "2012 Infrastructure and Energy Deal of the Year" by China Business Law Journal and received the "Development Impact Honors" award from the US Department of the Treasury.