Project Development and Finance | White & Case LLP International Law Firm, Global Law Practice
Project Finance
Project Finance

Project Development and Finance

About

Large-scale projects are subject to a range of challenges, including: structuring and financing issues; government regulations; construction, feedstock, offtake and other contractual issues; local law coordination; and other elements that cross national and international boundaries including critical elements of political risk. Clients rely on us to help them achieve their most ambitious project goals.

When we work with our clients on these projects, we provide more than just international and, in many cases, local legal advice. We provide business, strategic and cultural advice in assisting our clients in structuring, negotiating and documenting the full array of project and financing agreements tailored to each client's needs and the customs of the local jurisdictions.

We are the preeminent global law firm for project development and project finance transactions. Our global project development and finance group possesses the wherewithal, foresight, flexibility and experience to deliver results under the most challenging conditions. We provide New York, English, Islamic and local law advice and insight into local markets. With more than 230 project development and finance lawyers, our global footprint means we have lawyers on the ground not only where the projects are being financed, but also in the developing markets where they are being built. Our clients benefit from our on-the-ground in-depth knowledge about local business customs and conditions.

 

Client focus

Our team develops innovative ways to solve problems and tackle complex matters. We provide practical and commercial advice for our clients, bringing even the most intricate transactions to completion. Our knowledge base is ever-evolving–a combination of skills and experience drawn from lawyers and transactions from around the world—tempered by strategic perspective and business acumen.

We have an outstanding worldwide reputation for delivering on complex domestic and cross-border transactions, and regularly advise sponsors and developers on matters that span the full life-cycle of projects – from acquisition or development to financing and hedging to construction, completion and operation. We have a long and storied history that is deeply rooted in the early days of project finance and have been at the forefront of the development of all manners of project financings, including commercial bank loans, export credit agency and other bilateral/multilateral facilities, term loan B financings, mezzanine and holdco financings, project bonds, and Islamic financings.

Our clients benefit from our deep understanding and experience in all of the major sectors such as power generation and transmission (including thermal power, nuclear energy and all forms of renewable energy), oil and gas (including liquefied natural gas (LNG) and petrochemicals), infrastructure (including roads, airports, bridges, railways, ports and social infrastructure), mining and metals, water and wastewater treatment, and telecommunications (including towers, wireless, landline and satellites).

 

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AWARDS & RECOGNITION

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

Airport Finance Law Firm of the Year
Road Finance Law Firm of the Year
Seaport Finance Law Firm of the Year
Global Transport Finance 2018

Transportation and Infrastructure Team of the Year
African Legal Awards 2018

Energy and Infrastructure Team of the Year
The Lawyer 2018

Project Finance Practice Group of the Year
Law360 2018

Ranked Band 1: Projects & Energy (13th consecutive year)
Chambers Global 2018

Best Project Finance Law Firm
EMEA Finance 2014 – 2017

Project Finance Team of the Year
IFLR European Awards 2016

Law Firm of the Year: Projects
Chambers Latin America 2016

Best Law Firm in Africa
EMEA Finance African Banking Awards 2013 – 2018

Global Legal Adviser of the Year
IJGlobal Awards 2015

Law Firm of the Year
Project Finance International 2015

MENA Legal Adviser of the Year
IJGlobal 2015

"Retained by lenders and sponsors on a wide variety of project financing and development. Particularly adept at managing large and diverse sets of interests in LNG, conventional oil and gas and power work. Very well thought of on downstream oil and gas. Active on international work, particularly in Latin American markets."
Chambers USA 2017: Projects

"This powerhouse practice excels in energy matters across the Latin America region. The team is noted for its expertise in oil and gas and renewables matters, and is a go-to group for large-scale project finance work."
Chambers Global 2017: Energy & Natural Resources

"Always impressive and insightful, work is done very quickly and to a high quality."
Chambers Asia Pacific 2017

Experience

"Best Transit Project" and "Americas P3 Deal of the Year"
Representation of ACS, Balfour, Fluor and Hochtief (collectively, "LINXS") in their bid for and financial close of the Automated People Mover (APM) project of the Los Angeles International Airport (LAX) Landside Access Modernization Program. Project Finance International's "Americas P3 Deal of the Year" and P3 Bulletin's "Best Transit Project" 2018.

"Project Finance Deal of the Year" and "Latin America Renewables Project Finance Deal of the Year"
Issues out of Uruguay are rare, which makes this sophisticated financing structure for the Campo Palomas wind project particularly impressive. With an innovative A/B bond structure under the IIC's umbrella, a stunning 20-year tenor, and a green certification, the investment-grade project bond opened new doors for the renewable energy market in Uruguay, where a fifth of energy produced comes from sustainable sources. Bonds & Loans' "Project Finance Deal of the Year" and Power Finance & Risk's "Latin America Renewables Project Finance Deal of the Year" 2018

"LatAm Power Deal of the Year"
Representation of Goldman Sachs & Co. LLC, Inter-American Investment Corp., International Finance Corp. and Swiss Export Risk Insurance on the structuring of the financing for the design, construction and operation of Centrais Elétricas de Sergipe S.A. (CELSE), the project company's 1,516 MW thermoelectric power plant and related liquefied natural gas (LNG) receiving and gas transportation infrastructure in Brazil. At approximately BRL 5 billion (US$1.8 billion), it was the largest LNG-to-power financing in Latin America to date. Project Finance International's "Latin America Power Deal of the Year" 2018.

"Telecomms Deal of the Year"
Representation of Open Fiber S.p.A., an Italian company which installs, supplies and services fibre optic high speed electronic networks across Italy, on its €3.5 billion financing. The deal is the largest ever financing for a fibre optic network in the EMEA region. Project Finance International's "Telecomms Deal of the Year" 2018.

"African PetChem Deal of the Year"
Representation of International Finance Corp. and a syndicate of around 20 development financial institutions and commercial lenders on the financing of the US$1 billion expansion of a world-scale urea fertilizer production facility near Port Harcourt, Nigeria. This new financing will enable Indorama Eleme Fertilizer and Chemical Nigeria Ltd. to double the capacity of the existing facility from 1.4 million tons per year to 2.8 million tons, moving production further into the international export market and making it the world's largest single train urea fertilizer plant. "The Indorama Eleme Complex has been a success story of public-private partnerships in Nigeria," according to PFI. Project Finance International's "African PetChem Deal of the Year" 2018.

"Solar Deal of the Year"
Representation of John Laing Group on its purchase of the 255 MW Suraysia Solar Farm from Maoneng Group. The asset was purchased to coincide with financial close and commencement of construction. The Sunraysia Solar Farm was the largest solar farm to commence construction in Australia during 2018, and upon completion will be one of the largest in the world. PFI called the Sunraysia transaction "a carefully choreographed completion for a simultaneous equity investment, land acquisition and debt close." Project Finance International's "Solar Deal of the Year" 2018.

Landmark US$2.73 Billion Nacala Corridor Project
Representation of 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 two countries, Mozambique and Malawi. The Firm developed an agreement between the two governments, negotiated direct agreements and associated documents with each of the Government of Mozambique and the Government of Malawi and prepared submissions to the central banks of both countries in order to obtain approval for an innovative account structure which was essential for the bankability of the transaction. IJGlobal's "Africa Transport Deal of the Year" and Project Finance International's "Logistics Deal of the Year" 2017.

The largest fully non-recourse construction project financing in history
Representation of Freeport LNG on the development and financing of its multi-train natural gas liquefaction complex in Texas. Current debt and equity commitments are greater than US$16 billion. Earned "standout" ranking in the category of Enabling clients' business by FT North America Innovative Lawyers 2015 Report.

Groundbreaking refinery and petrochemical projects in Southeast Asia
Representation of Saudi Aramco on its potential US$14 billion joint venture with Petronas to develop and finance Petronas's Refinery and Petrochemical Integrated Development (RAPID) in Malaysia and US$5 billion joint venture with Pertamina to revamp and finance Pertamina's Cilacap refinery in Indonesia as part of Pertamina's Refinery Development Master Plan (RDMP).

"LatAm Power Deal of the Year"
Representation of the senior lenders, and Prudential, as initial fixed rate note purchaser, in the long-term US$822 million multi-source, multi-currency project financing for the development of a 600 km electricity transmission line and related substations connecting the Sistema Interconectado Central (SIC) and the Sistema Interconectado del Norte Grande (SING) of Chile, which will unify most of the country's power grid. Awarded "LatAm Power Deal of the Year" by Project Finance International 2016.

The largest project financing in Oman to date
Representation of six export credit agencies and a syndication of 19 international and regional banks on the development and financing for the US$6.4 billion Liwa Plastics Industries Complex in Oman, one of the region's largest project financings in 2016, with US$3.8 billion committed senior debt, and the largest project financing in Oman to date. Awarded "Petrochemical Deal of the Year" by Project Finance International 2016 and "MENA Petrochemical Deal of the Year" by IJGlobal Awards 2016.

The largest foreign investment in Guinea in recent years
Representation of BNP Paribas, Crédit Agricole, IFC, ING, Natixis, OPIC, Société Générale and two Guinean banks in the financing of Compagnie des Bauxites de Guinée's Sangaredi bauxite mine expansion in the Republic of Guinea. The financing is part of the largest foreign investment in Guinea in recent years, with a debt in the hundreds of millions of dollars committed for the mine expansion. Awarded "African Mining Deal of the Year" by IJGlobal Awards 2016.

US$1.3 Billion financing for new subway lines in Chile
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.

The largest airport financing in the world
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. Awarded "2015 Best Project Finance Deal of the Year", "2015 Best PPP Deal" and "2015 Best Infrastructure Deal of the Year" by EMEA Finance.

The first of its kind power project in MENA
Representation of Dubai Electricity and Water Authority (DEWA) on the greenfield development and financing of the 2,400 MW Hassyan Clean Coal Power Project, an independent power project, which was procured on a competitive basis along with transshipment and coal handling facilities in the Emirate of Dubai—the first of its kind in the region. Awarded "Power Deal of the Year" by Project Finance International 2016 and "MENA Power Deal of the Year" by IJGlobal Awards 2016.