Infrastructure

About

“Known for advising on complex M&A, project development and infrastructure financing deals, White & Case LLP acts for a range of clients in the field, including financial sponsors, banks, utilities, corporates and government entities. The firm handles transactions across the spectrum of the infrastructure sector, from regulated and core utilities through to core plus infrastructure assets.”

Legal 500: Projects, Energy and Natural Resources - Infrastructure 2021

“White & Case LLP has an impressive 'one stop shop' offering, which covers advising clients on capital markets, financing/ refinancing of brownfield infrastructure, M&A and PPP-related work.”

Legal 500: Infrastructure (including PFI and PPP) 2020

White & Case is a leader on infrastructure projects around the globe. Whether project development and financing, acquisition or privatization, infrastructure projects demand an in-depth sector understanding and knowledge, combined with the skills to analyze and allocate complex, and often, cross-border risks. In addition, comprehensive experience with public sector regimes through concessions or regulated licensing regimes is crucial. These qualities and knowledge set us apart and enable us to deliver results for our clients in both developed and emerging economies.

 

A one-stop shop for infrastructure

Our practitioners bring a rare 360-degree perspective to the table, having advised sponsors, lenders, institutional investors, infrastructure and pension funds, commercial banks, corporations, developers, insurance companies and government entities in the full life cycle of transactions across the spectrum of infrastructure asset classes including:

  • Airports
  • Digital
  • Energy Transition
  • Oil & Gas
  • Ports
  • Power & Transmission
  • Roads & Bridges
  • Rail
  • Social
  • Telecoms
  • Water & Waste  

 

Delivering domestic and international PPP models

We have one of the deepest and most successful P3 practices among the world's major law firms – evidenced by our extensive track record of awards for innovation and the delivery of precedents that are at the forefront of the market. Our value is that we have represented every market participant—public authorities, sponsors and lenders—in the tender, financing, sale and acquisition of greenfield and brownfield infrastructure projects. Simply put, P3 projects are firmly in our wheelhouse.

Our top-tier, multi award winning team offer unmatched experience in the most significant deals over the last four decades on some of the most complex and challenging P3 transactions in the market. We have earned a reputation for excellence in infrastructure matters, which has been recognized by a number of industry publications and awards, and notably Chambers Global, who have ranked our team Band 1: Global Projects & Energy for the past 17 years.

 

Infrastructure finance – bank and bond

Our global infrastructure finance team advises and guides clients on innovative, and often first-of-a- kind finance structures with complex, integrated intercreditor bank/bond covenant packages. The rare combination of skills and experience that we possess in the infrastructure finance market means we are prepared to assist no matter the financing structure chosen for a project.

We can deliver, and have a deep bench of longstanding expertise, no matter which financing solution is contemplated by your transaction. Our team is renowned for advising on numerous capital sources including leveraged finance, term loans, equity and mezzanine financings, bond solutions (Section 144A offerings, high-yield offerings and private placements), bank term loans, TIFIA loans, ECA financings and any combination of the above. Our US and English law capabilities, coupled with experience in finance and securities laws of many other jurisdictions, enable us to guide clients on the nuanced challenges of each situation.

 

Full service

In addition to our development and finance teams, we regularly represent both buyers and sellers in competitive auctions and we possess the know how to ensure that our clients successfully navigate the auction process. Our lawyers have extensive experience devising creative deal structures, designing disposition and acquisition programs, and planning and implementing strategies for sellers, acquirers, acquisition targets and joint venture partners. The Financial Times has recognized our regulatory team's innovation, skills and experience assisting clients in managing governmental and commercial issues pre- and post-transaction. Our antitrust lawyers can advise on key triggers and filing patterns across jurisdictions as well as lead the filing and clearance process by liaising with relevant competition authorities. We also have capital markets and acquisition finance teams who assist in "through life" support for infrastructure assets including financing, refinancing or restructuring of existing assets, or an exit through an IPO. Our full-service offering also includes advising on tax structuring, employment and pension issues, real estate matters and management equity arrangements.

 

Download our Infrastructure brochure

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AWARDS & RECOGNITION

Band 1: Projects & Energy
(17th consecutive year)
Chambers Global 2022

#1 Firm for Global Infrastructure and Energy
#1 Firm for Global PPP
Infralogic 2021 – by deal value

#1 Firm for Transport, Social and Defense 
Infralogic 2021 – by deal value

#1 Firm for Global Social Infrastructure
Inframation 2020 – by deal value

Band 1: Infrastructure
Chambers UK 2022

Band 2: Projects & Infrastructure
Chambers Asia-Pacific 2022

Band Three: Projects: PPP – Nationwide
Chambers USA 2021

Infrastructure Law Firm of the Year: Latin America
LatinFinance 2020

Project Finance Team of the Year
(3rd consecutive year)
Law360 2020

Project Finance Team of the Year: Asia-Pacific
IFLR1000 2020

Australian Law Firm of the Year: Project Finance and Development
Best Lawyers 2019

Airport Finance Law Firm of the Year 2015, 2018 Road Finance Law Firm of the Year 2012, 2014, 2018
Seaport Finance Law Firm of the Year 2012, 2017, 2018
Global Transport Finance Awards

PPP Deal of the Year: Brazil Public Lighting System
Solar Deal of the Year: Solar Photovoltaic Plants in Colombia
Mining Deal of the Year: Serrote Copper-Gold Mine
Proximo Latin America Awards 2021

Americas
North America Petrochemicals Deal of the Year: Alberta Propane Dehydrogenation/Polypropylene Project
North America Refinancing Oil & Gas Deal of the Year: Freeport LNG Train 3 Refinancing
North America Refinancing Power Deal of the Year: Linden Cogeneration
North America Renewables Geothermal Deal of the Year: Geysers Facilities Project
North America Water Deal of the Year: San Antonio Water Vista Ridge P3 Refinancing
Latin America Mining Deal of the Year: Project Serrote
Latin America Renewables Solar Deal of the Year: Javiera/Sol del Desierto US Private Placement
Latin America Transport Vehicles Deal of the Year: Project Condor

Europe & Africa
Europe Digital Infrastructure - FTTH Deal of the Year: THD Loire-Atlantique
Europe Mining Deal of the Year: Project Taishet
Europe Refinancing Transport Port Deal of the Year: Antwerp Gateway
Europe Refinancing Telecoms / Digital Infrastructure - Fibre Deal of the Year: Open Fibre
Europe Refinancing Telecoms / Digital Infrastructure - Transport Communications Deal of the Year: SYNERAIL
Europe Refinancing Energy Storage Deal of the Year: Enerjisa Enerji Üretim
Europe Telecoms Deal of the Year: Project Astérix
Europe Telecoms Towers Deal of the Year: Phoenix Tower
Africa Oil & Gas Deal of the Year: Nigeria LNG Train 7
Editor's Choice Award: Atinkou CCGT

Asia Pacific (APAC)
Asia Pacific Project Finance Deal of the Year: Changfang and Xidao Offshore Wind Farms
Asia Pacific DFI Deal of the Year: Mazar-e-Sharif Gas-Fired Power Plant IPP
Asia Pacific Transport Primary Financing Deal of the Year: Almaty Ring Road PPP

MENA
MENA Power Deal of the Year: Fujairah F3 IPP
MENA Refinancing Mining Deal of the Year: Ma'aden Wa'ad Al Shamal Phosphate Company Refinancing
MENA Renewables Solar Deal of the Year: Al Dhafra Solar PV
MENA Transport Deal of the Year: Cairo Monorail
IJGlobal Awards 2021

Global Deal of the Year: Jazan
Global ESG Deal of the Year: Vineyard Wind
Americas Transmission Deal of the Year: Alfa Desarrollo
Asia Pacific Telecom Deal of the Year: Satria-1
Asia Pacific PPP Deal of the Year: Footscray Hospital
European Data Deal of the Year: Data4
European M&A Deal of the Year: Open Fiber
European PPP Deal of the Year: D4
African Deal of the Year: OML 17
Project Finance International Awards 2021

Experience

Americas

San Antonio Vista Ridge Water P3 Refinancing
Representation of Ridgewood Private Equity Partners in connection with their acquisition of a majority equity interest in Vista Ridge LLC, the concessionaire for a 142-mile water pipeline in Texas, the offtaker of which is the San Antonio Water System. We have negotiated several amendments to the Water Purchase Agreement, navigated the Project through successful achievement of COD and advised on a $1.05 billion refinancing of the Project 's construction financing at the end of 2020, implemented as a US private placement. The refinancing was recently awarded "Americas Water Deal of the Year" by IJGlobal 2020. The original project was awarded "North America Water Deal of the Year" by IJGlobal 2017 and PFI 2017, and "Water Deal of the Year" by Global Water Intelligence 2017 and "Best Utilities Project, Gold Award" P3 Bulletin 2017.

Los Angeles International Airport Automated People Mover
Representation of ACS Infrastructure Development, Balfour Beatty Investments, Bombardier Transportation, Fluor Corporation and Hochtief PPP Solutions in their successful bid for and financial close of the APM project of the LAX Landside Access Modernization Program. The financing consisted of a combined bank bond structure with US$1.2 billion of private activity bonds, which were rated investment grade by Fitch combined with a US$270 million, five-year construction facility provided by commercial banks. Awarded "Best Transit Project" by P3 Bulletin 2018, "Americas P3 Deal of the Year" by PFI 2018 and "North American PPP Deal of the Year" by IJGlobal 2018.

Rutas 2 and 7 Project
Representation of Sacyr Concesiones S.L. and Ocho A S.A., as sponsors, Rutas del Este S.A., as borrower, and Rutas 2 and 7 Finance Limited, as issuer, in the US$458 million zero coupon Rule 144A/Regulation S bond arranged by Goldman Sachs & Co. LLC, acting as sole global coordinator and a US$200 million working capital and long-term project finance facilities provided by the Inter- American Development Bank, in each case for the design, construction, operation and maintenance of the 2 and 7 Road Project in Paraguay. This was the largest private investment in the history of Paraguay to date and Paraguay's first public-private partnership (PPP). Awarded "Latin America PPP Deal of the Year" by Proximo and "Infrastructure Financing of the Year: Southern Cone (Argentina, Chile, Paraguay, Uruguay)" by LatinFinance Project & Infrastructure Finance Awards and "Project Finance Deal of the Year (Energy)" by Latin Lawyer.

Asia Pacific 

Changfang and Xidao Offshore Wind Farms
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 & Xidao offshore wind project located off the coast of Changhua County, Taiwan. Awarded "Asia-Pacific Project Finance Deal of the Year" by IJGlobal 2021. 

Footscray Hospital P3
Representation of the lenders to the Plenary Health consortium, comprising Plenary Group (financial sponsor, 70 percent equity investor and asset manager), Multiplex (construction contractor), Honeywell and Compass Group (facility services providers) and Sojitz Corporation (30 percent equity investor), on all aspects of the project financing of the AUD$1.5 billion new Footscray Hospital, the single largest health infrastructure investment in Victoria, Australia, to date. Awarded "Asia-Pacific PPP Deal of the Year" by PFI 2021.

Melbourne Metro Tunnel
Representation of the Melbourne Metro Rail Authority on the AU$11 billion Melbourne Metro Rail Project, the largest transport infrastructure project ever undertaken in Australia. Our team members advised, in conjunction with Herbert Smith Freehills, on all legal aspects of the project including drafting and advising on the legal early works contracts, PPP documentation, alliance and other procurement documents and processes, as well as on environmental and property issues. Awarded "Asia-Pacific Transport Deal of the Year" by IJGlobal 2017 and "Asia-Pacific Infrastructure Deal of the Year" by PFI 2017.

Europe

Data4 Centers
Representation of Deutsche Bank, Société Générale and SMBC as mandated lead arrangers and original lenders on the €620 million financing of the Data4 data center business. The Data4 group includes 19 data centers with a further six under construction in France, Italy, Luxembourg and Spain, and an intention to expand into Germany. Awarded "European Data Deal of the Year" by PFI 2021.

SNYRAIL 
Representation of SYNERAIL on the refinancing of the Global System for Mobile Communication – Railways (GSM-R). Global concessions player and construction group VINCI Concessions, and the number two French telecommunications operator SFR, have refinanced the public-private partnership (PPP) GSM-R, which was entered into with SNCF Réseau and initially financed in 2010, via their joint subsidiary SYNERAIL. Awarded "Europe Refinancing Telecoms / Digital Infrastructure - Transport Communications Deal of the Year" by IJGlobal 2021.

Superstrada Pedemontana Toll Road
Representation of J.P. Morgan as global coordinator and liquidity management transaction provider, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction comprises the issuance of €1.221 billion variable rate senior secured amortizing notes and €350 million step-up subordinated secured notes and a related structured repo transaction. Aawarded "Europe Road Deal of the Year" by IJGlobal 2017, "Europe Transport Deal of the Year" by PFI 2017 and "Europe PPP Deal of the Year" by Infrastructure Investor Global Awards 2018.

MENA

Cairo Monorail P3
Representation of the National Authority for Tunnels (NAT), an entity affiliated to the Ministry of Transportation of Egypt, on the €1.886 billion financing for the development of the Cairo Monorail project in Egypt. The US$4.5 billion monorail project is the first of its kind in North Africa and Egypt and includes two lines: a 43 km-long rail line set to extend from 6th of October City to Giza, and a 54 km rail line connecting Cairo's New Administrative Capital to Nasr City. Awarded "MENA Transport Deal of the Year" by IJGlobal 2021.

Fujairah F3 Power Generation
Representation of 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. Awarded "Middle East Power Deal of the Year" by PFI 2020 and "MENA Power Deal of the Year" by IJGlobal 2021

Nacala corridor project
Representation of Vale S.A. and Mitsui & Co., Ltd. in connection with 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 two countries, Mozambique and Malawi. Awarded "Africa Transport Deal of the Year" by IJGlobal 2017 and "Middle East and Africa Logistics Deal of the Year" by PFI 2017.