2016 Annual Review
2016 Annual Review

2016 Project Finance Matters

We advised sponsors, governments and lenders on some of the largest and most complex projects in the world.


Omani plastics industries complex

We advised 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. The financing was one of the largest project financings in the region to reach financial close in 2016, with US$3.8 billion committed senior debt, and the largest project financing in Oman to date.

New form of refinancing for German motorway project

We advised a credit consortium on a new form of refinancing for the A8 motorway project in Germany. The project, implemented as a public-private partnership, was refinanced for €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 to reduce a project's traffic risks for the benefit of the senior creditors.

Brazilian hydroelectric power plants

We represented Rio Paraná Energia S.A., a Brazilian subsidiary of China Three Gorges Corporation, a Chinese state-owned corporation and a world-leading actor in the energy sector, as the borrower, and China Three Gorges Corporation, as the guarantor, in a R$2.7 billion term loan from The Bank of Tokyo-Mitsubishi UFJ, Ltd. that financed a portion of the price for its acquisition of the concession rights for two Brazilian hydroelectric power plants.

Texas natural gas/LNG facility

We represented FLNG Liquefaction 2 LLC (FLIQ2), a subsidiary of Freeport LNG and IFM Investors, in the private offering of US$1.25 billion investment-grade senior secured project bonds and the follow-on private placement of US$0.6 billion worth of such bonds. The proceeds refinanced a portion of loans that FLIQ2 incurred to initially finance the second liquefaction train of the multi-train natural gas liquefaction and LNG export facility being constructed in Texas.

Republic of Guinea mine expansion financing

We advised BNP Paribas, Crédit Agricole, IFC, ING, Natixis, OPIC, Société Générale and two Guinean banks on the multi-hundred million-dollar financing of Compagnie des Bauxites de Guinée's Sangaredi bauxite mine expansion in the Republic of Guinea. The financing will be part of the largest foreign investment in Guinea in recent years.

600-km transmission line in Chile

We represented nine Chilean, Japanese, German and Spanish financial institutions, as senior lenders, and Prudential, as initial note purchaser, in the US$822 million long-term project financing for Transmisora Eléctrica del Norte S.A.'s electricity transmission line, which will unify most of Chile's power grid.

Bahrain LNG import terminal

We advised the sponsors on the US$990 million project financing of the Bahrain LNG import terminal, which will have a daily capacity of up to 800 million standard cubic feet.

Development of first UAE nuclear energy project

We represented the Abu Dhabi Water and Electricity Authority in the development of the 5,600 MW Barakah nuclear power project in Abu Dhabi, the UAE's first nuclear energy project and one of the largest such projects in the world.

First Pakistani LNG import terminal

We advised International Finance Corporation, Asian Development Bank and a syndicate of local banks on the project financing of a 4.5 MTPA LNG facility in Pakistan. The facility will be Pakistan's first LNG import terminal.

One of Europe’s largest PPP projects in 2016

We advised the Slovak Republic on the public-private partnership (PPP) project for the design, construction, finance, operation and maintenance of the country's D4 Highway and the R7 Expressway, one of Europe's largest PPP projects in 2016.

Kazakhstan integrated gas chemical complex

We represented Kazakhstan Petrochemical Industries (KPI) in the development, construction and financing of a US$2 billion petrochemical complex, Kazakhstan's first integrated gas chemical complex.

Indonesian refinery

We advised Saudi Arabian Oil Company on its joint venture development agreement with PT Pertamina (Persero), Indonesia's state-owned oil and gas company, for the approximately US$5 billion upgrade of the Cilacap refinery in Indonesia.


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