Project Development and Finance
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.
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
Ranked Band 1: Projects & Energy (14th consecutive year)
Chambers Global 2019
Best Project Finance Law Firm
EMEA Finance 2014 – 2017
Seaport Finance Law Firm of the Year
Global Transport Finance 2017
Multilateral Deal of the Year
Logistics Deal of the Year
Nacala Project Finance International 2017
Project Finance Team of the Year
IFLR European Awards 2016
MENA Midstream Oil & Gas Deal of the Year
MENA Petrochemical Deal of the Year
Liwa Plastics IJGlobal 2016
Law Firm of the Year: Projects
Chambers Latin America 2016
Best Law Firm in Africa
EMEA Finance African Banking Awards 2013 – 2018
"Regarded as a first port of call for project financings with extensive experience acting for lenders. Held in high regard for its expertise acting on all manner of projects from offices in Europe, the Americas, the Middle East, Africa and Asia. Increasingly engaged in the oil and gas arena, with mining and power remaining key areas of focus for the firm."
Chambers Global 2017: Projects & Energy
"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
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.
Landmark joint venture in energy sector
Representation of Tokyo Electric Power Company (TEPCO), the largest electric power company in Japan, and Chubu in their formation of a comprehensive alliance through a joint venture called JERA Co., Inc. (JERA). JERA plans to become a global energy company with a strong competitive position in international energy markets, and to provide its customers with a stable supply of energy on an internationally competitive basis.
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.
Gas-fired power generating stations in the United States
Representation of the lead arrangers in the project financings of the 990 MW CCGT Panda Mattawoman combined-cycle project in Maryland; the 1,124 MW Panda Hummel combined cycle project in Pennsylvania ("North American Merchant Deal of the Year" by IJGlobal 2015); 829 megawatt natural gas-fired, combined-cycle Panda Patriot project in Pennsylvania; 778 MW Panda Stonewall gas-fired power station in Virginia ("North American Merchant Deal of the Year" by IJGlobal 2014); 829 megawatt natural gas-fired, combined-cycle Panda Moxie Liberty project in Pennsylvania; 758 MW natural gas-fired, combined-cycle Panda Sherman project in Texas; and 758 MW natural gas-fired, combined-cycle Panda Temple I and II projects in Texas (together with Panda Sherman, the "North American Merchant Deal of the Year" by Project Finance 2012). These eight power projects sponsored by Panda Power Funds were successfully closed between 2012 and 2016.