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 also able to provide risk management advice to assist clients in their business strategies.

We are the preeminent global law firm for project development and project finance transactions. With more than 300 lawyers worldwide, providing New York, English, Islamic and local law advice, our global project development and finance group possesses the foresight, flexibility and experience to deliver results under the most challenging conditions.

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 (16th consecutive year)
Chambers Global 2021

Ranked third globally for project finance deals—and are the only law firm to rank in the top four in all regions—in Project Finance International's Survey 2020

Project Finance Group of the Year
Law360 2019 and 2020

Legal Services Provider of the Year
Petroleum Economist 2019 and 2020

Law Firm of the Year: Projects
Chambers Latin America 2020

Project Finance Team of the Year
IFLR Middle East Awards 2020

Project Finance Team of the Year
IFLR Asia-Pacific Awards 2020

Infrastructure Law Firm of the Year for Latin America
LatinFinance Project & Infrastructure Finance Awards

Global Multi-lateral Deal of the Year: Mozambique LNG
PFI Awards 2020

Project Finance (Energy) Deal of the Year (for Energía del Pacifico power plant)
Latin Lawyer 2020

Americas Deal of the Year: TAG Pipeline
Project Finance International (PFI) 2019

Europe Transport Deal of the Year: BAKAD
PFI Awards 2020

European Bond Deal of the Year: Brebemi
Project Finance International (PFI) 2019

European Onshore Wind Deal of the Year: Skinansfjellet and Gravdal wind farms
European Wind Investment Awards 2019

Middle East Power Deal of the Year: Fujairah 3
PFI Awards 2020

MENA water Deal of the Year: Taweelah IWP
IJGlobal 2019

MENA refinancing Deal of the Year: Ma'aden Debt-to-Equity Conversion and Capital Increase
IJGlobal 2019

Project Finance Deal of the Year (for RAPID)
ALB SE Asia Law Awards 2020

Asia Pacific Petrochemicals Deal of the Year: RAPID
IJGlobal 2019

Asia Pacific Energy Storage deal of the Year: Hornsdale Power Reserve
IJ Global 2019

Best Law Firm in Africa
EMEA Finance African Banking Awards 2013 – 2020

"Robust project finance practice with a wealth of experience in varied energy developments, including oil and gas, conventional and renewable power, as well as mining and infrastructure projects. Draws on its extensive global spread to advise on a host of significant LNG projects. Also possesses a robust capability for infrastructure matters, especially in road and rail. Popular choice for clients operating in emerging markets and regularly involved in matters in Europe, Africa, the Middle East and Asia."
Chambers Global 2020: Projects & Energy

"In working with this firm, we are sure that we will have a team of lawyers completely devoted to the success of the project. They consider the impact their advice has on the client from an operational perspective and take this into consideration."
Chambers Europe 2021: Projects & Energy

"They are fantastic across the board, they bring in the right resources and organize the teams very well. They are also very efficient in their work as well as very patient answering client questions."
Chambers USA 2020: PPP Projects

"The key thing about them is that they're very strong in their technical knowledge of the law and are commercial in practice."
Chambers Asia Pacific 2020: Projects & Infrastructure

"White & Case is a go-to firm for oil and gas. The partners staff matters appropriately and, importantly, know both the legal and commercial aspects of matters that they are involved in."

"The team provides a highly tailored service able to deal with unique commercial and legal circumstances, rather than a generic template to try to force into all situations."

The Legal 500 UK 2020

Experience

The largest ever foreign direct investment into Africa
Representation of the financiers on a landmark US$20+ billion project financing of Mozambique's first onshore LNG development, Mozambique LNG. Project costs were funded by a combination of equity, pre-completion cashflows and up to US$16 billion of senior debt facilities. The senior debt comprises a mix of ECA facilities and commercial bank facilities, and a loan facility with the African Development Bank. The large and complex financing will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 13.12 million tons per annum (MTPA) to support the development of the Golfinho/Atum fields located entirely within Offshore Area 1. The project has onshore and offshore components, costs associated with the construction of facilities to be shared with the adjoining Area 4 project, and financing costs.

The largest project financing in the Asian market
Representation of Saudi Aramco on its acquisition of a 50% equity interest in Petronas's Refinery and Petrochemical Integrated Development (RAPID) in the southern Malaysian state of Johor as well as ongoing advice in connection with the development and financing of the project. The multidisciplinary White & Case team has worked on all aspects of the transaction for more than four years. The equity closing occurred in 2018 and the US$9.6 billion project financing closed in November 2019. Total project costs are estimated to be US$15.3 billion. The RAPID project is part of Petronas' Pengerang Integrated Complex. This project received numerous awards, including "Asia-Pacific Petrochemical Deal of the Year" by Project Finance International 2019 and "Asia Pacific Petrochemicals Deal of the Year" by IJGlobal Awards 2019.

First of kind corporate financing in Nigeria
Representation of the financiers on a landmark US$3 billion first in class hybrid corporate financing to Nigeria LNG Limited (NLNG), a joint venture owned by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni to develop the NLNG Train 7 Project. The large and complex financing is the first time that the development of an LNG project has been financed using a multi-sourced corporate loan structure. The project closed in May 2020, during the most volatile period in the oil & gas sector in 40 years.

Scotland's largest wind farm
Representation of an international energy fund in relation to the financing of the Seagreen offshore windfarm in Scotland. With a capacity of 1,140MW, and project value of £3 billion, Seagreen will be Scotland's largest wind farm once complete and will generate enough electricity to power one million homes, furthering the UK's ambition to deliver 40GW of offshore wind by 2030.

The largest ever private investment in Paraguay
Representation in connection with the groundbreaking financing for the national routes 2 and 7 road project in Paraguay, the largest private investment in the history of Paraguay. White & Case advised Sacyr Concesiones S.L. and Ocho A S.A., as sponsors, Rutas del Este S.A., as borrower, and Rutas 2 and 7 Finance Ltd., as issuer, in the financing for the design, construction, operation and maintenance of the project. The project is Paraguay's first public-private partnership. Awarded "Latin America PPP Deal of the Year" at the Proximo awards 2019.

Award-winning infrastructure project in North America
Representation of the lenders in the senior secured financing of a consolidated rental car facility at the Newark Liberty International Airport. Underpinned by a lease agreement entered into by the borrower with the Port Authority of New York and New Jersey, the project comprises the development, construction and operation of a joint-use structured parking facility at Newark Liberty International Airport, part of which will be used as a public parking facility and part of which will be used as a consolidated rental car facility. Awarded "North America PPP Deal of the Year" by Proximo 2019 and "North American Airport Deal of the Year" by IJGlobal 2019.

The largest offshore wind farm in Asia
Representation of a consortium of ECAs (including Euler Hermes, EKF and Atradius) and international banks on the EUR 2,7 billion financing of 640 MW Yunlin offshore wind farm located 8 km off the coast of Taiwan and developed by German sponsor wpd. We advised on further construction progress payments and the entry of an equity investor EGCO (Thailand's first independent power producer (IPP), which is acquiring shares from wpd. This is the biggest multi-sourced financing of a Taiwanese offshore project comprising of ECA cover. It is also the largest offshore wind farm in Asia-Pacific to reach financial close to date.

Saudi Arabia's first independent sewage treatment plant
Representation of Saudi Water Partnership Company (SWPC) in connection with Saudi Arabia's first independent sewage treatment plant (ISTP). SWPC awarded the project to a consortium led by the Metito Group under a Build-Own-Operate-Transfer (BOOT) 25-year concession. The Dammam ISTP has a designed capacity of 350,000 cubic meters per day and will serve the western region of Dammam. The ISTP is the first of it is kind in the Kingdom and the precedent-setting project helps to expedite its plans to achieve the water treatment goals of the National Water Strategy and reduce the Kingdom's reliance on groundwater for irrigation purposes. This project demonstrates how White & Case's continues to play a leading role in the water sector in the Middle East, including pathfinder projects.

First Telecommunication Satellite PPP Project in Indonesia
Representation of the lenders on the financing of the US$540 million Indonesia Government Multifunction Satellite Public Private Partnership (PPP) Project. Indonesia's Ministry of Communication and Informatics (KOMINFO) initiated the Government of Indonesia Multifunctional Satellite PPP Project to provide fast internet access to remote areas in Indonesia, which can be accessed by various government sectors, such as maritime, education, health, agriculture, communication and others. Satellite-based connectivity is the only feasible access technology to cost-effectively address these remote locations.

Largest ever project financing and private investment to close in El Salvador
Representation of Invenergy and its project subsidiary Energia del Pacifico on the groundbreaking development and project financing of the 378 MW LNG-to-power infrastructure project at the Port of Acajutla in the Department of Sonsonate in El Salvador. In addition to the thermal power plant, project components include a marine terminal, consisting of a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas delivery, storage and regasification, as well as a long-term LNG supply contract for the FSRU. The project also includes a natural gas pipeline that will run from the FSRU to the power plant and the construction of a 44-km, 230-kilovolt transmission line and related substations to connect the power plant to the electrical grid of El Salvador.

Award-winning mining projects in North America
Representation of Concord Resources in a concentrate offtake prepay financing to the Nevada Gold-Copper project, involving a Triple Flag stream, a UFK-covered KFW facility and cost overrun support from private equity firm Pala. Awarded "North America Mining Deal of the Year" by IJGlobal 2019.

Largest wind farm in Western Australia
Representation of the senior lenders on the AUD$366 million limited recourse project financing of the Yandin Wind Farm in Western Australia, a partnership between Alinta Energy and RATCH-Australia. Yandin Wind Farm is a 214 MW greenfield project located near Dandaragan in Western Australia which, upon completion, will be the largest wind farm in Western Australia and is expected to generate sufficient electricity to power approximately 200,000 Western Australian homes.

Afghanistan's first privately funded gas-to-power IPP
Representation of the Ghazanfar Group, as sponsor, on the development and financing of a 58.6 MW gas-fired power plant in Mazar-e-Sharif, Afghanistan. This landmark project is the first gas-to-power IPP in Afghanistan to be privately funded and Afghanistan's first long-term PPP and paves the way for other key energy infrastructure developments in the country.