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Annual Review 2019
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Insight

Project development finance and finance and asset finance

We advised sponsors and lenders on developing and financing a wide range of project

Financing for Asia-Pacific’s largest offshore wind farm 
We advised the export credit agencies and a large syndicate of international and Taiwanese commercial banks on the €2.7 billion (NT$94 billion) project financing of German developer wpd AG’s Yunlin offshore wind project in Taiwan. 

Taiwan is at the forefront of the surging offshore wind sector in Asia-Pacific, and the 640 MW Yunlin project sets a new benchmark for offshore wind development in the region. The Yunlin project is the largest offshore wind farm in Asia-Pacific to reach financial close to date, the largest renewable energy project financing in Asia-Pacific to reach financial close in 2019 and the first large offshore wind project with a local supply chain in Taiwan. Located eight kilometers off the coast of Yunlin County in western Taiwan, it comprises 80 Siemens Gamesa turbines of the 8 MW class and is being developed by wpd in two phases, with the first phase scheduled to be commissioned by 2020 and the second phase in 2021.

US$15.3 billion RAPID project
We represented Saudi Aramco in its acquisition of a 50 percent equity interest in Petronas’s Refinery and Petrochemical Integrated Development (RAPID) project in Malaysia and in all aspects of the development and financing of the estimated US$15.3 billion joint venture project.

Expansion of world’s largest lithium ion battery
We represented renewable energy company Neoen in the expansion and project financing of the Hornsdale Power Reserve in South Australia. The original 100 MW/129 MWh battery storage facility will be expanded by 50 MW/64.5 MWh, further cementing its position as the largest lithium ion battery in the world.

Equatorial Guinea gas field
We represented Noble Energy in its development and monetization of the Alen gas field in Equatorial Guinea, through the tolling of Alen gas into liquefied natural gas (LNG) and related LNG exports.

Mexican gas-fired power plant
We represented various banks in connection with the US$640 million project financing provided to Techgen, S.A. de C.V., for a natural gas-fired combined-cycle 900 MW electric power plant in the State of Nuevo León, Mexico. 

Newark airport project
We represented the lead arrangers and lenders in the US$343 million project financing of the Consolidated Rent-A-Car project at Newark Liberty International Airport. The project—underpinned by a lease agreement with The Port Authority of New York and New Jersey—adopted a first-of-its-kind financing solution, with debt and equity used to develop the project being repaid solely from the customer facility charge applied to airport rental car transactions. 

Largest-ever foreign direct investment in El Salvador
We represented Invenergy and its project subsidiary Energía del Pacífico (EDP) in the development and project financing of the 
378 MW LNG-to-power infrastructure project at the Port of Acajutla in El Salvador. The project will require an investment exceeding US$1 billion and will be the largest-ever foreign direct investment in El Salvador. 

Italian toll road
We represented Brebemi S.p.A, the operator of the Italian toll road running from Brescia to Milan, in its €1.679 billion project bond financing and €307 million senior secured loan facilities agreement.

Australian wind farm
We represented the senior lenders to Bright Energy Investments in the limited recourse project financing of the development of the Warradarge Wind Farm, a 189 MW greenfield project in Western Australia. 

Uzbekistan GTL plant 
We represented the financiers in an innovative US$2.3 billion sovereign hybrid financing to Uzbekistan GTL LLC, a subsidiary of JSC Uzbekneftegaz, Uzbekistan’s national oil & gas company, for Uzbekistan’s first gas‑to‑liquids (GTL) plant. When completed, it will be the third-largest GTL plant by volume in the world. 

US$8.6 billion financing for pipeline acquisition
We represented a syndicate of ten international and Brazilian banks in the financing of ENGIE S.A. and Caisse de dépôt et placement du Québec’s (CDPQ) US$8.6 billion acquisition of 90 percent of Transportadora Associada de Gás S.A. (TAG), the owner of a 4,500-km natural gas pipeline network in Brazil, from Petróleo Brasileiro S.A. – Petrobras.

Emirates water plant project
We represented Emirates Water and Electricity Company (EWEC) in the US$870 million, 200 MIGD Taweelah reverse osmosis (RO) independent water plant project in Abu Dhabi, United Arab Emirates. With a daily 900,000-plus cubic meter water capacity, the plant is expected to be 44 percent larger than the world’s current largest RO plant. 

Pan-American Highway expansion
We represented Central American Bank for Economic Integration, as mandated lead arranger and purchaser, in an up-to-US$450 million receivables purchase facility provided to a Panamanian consortium comprising FCC Construcción, S.A., Panama Branch, and Operadora CICSA, S.A. de C.V., Panama Branch, to finance the expansion of the Pan-American Highway in Panama.

Brazilian oil field acquisition financing
We advised various banks, as initial mandated lead arrangers, in the financing of Trident Energy L.P.’s proposed US$1 billion acquisition of the Pampo and Enchova oil fields in Brazil from Petróleo Brasileiro S.A. – Petrobras. This is the first reserve-based lending (RBL) transaction of its kind in Brazil. 

Paraguay road project
We represented 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 national routes 2 and 7 road project, Paraguay’s largest‑ever private investment and its first public-private partnership. 

US$1 billion financing for SMBC Aviation
We represented the Japan Bank for International Cooperation in its US$1 billion loan facilities for SMBC Aviation Capital Limited. 

Complex aviation transaction
We represented Waypoint Leasing Holdings Ltd. and certain of its affiliates and subsidiaries, as debtors and debtors in possession, as special counsel regarding aviation matters in chapter 11 proceedings, including negotiating aviation portions of an aircraft purchase agreement (involving the sale of 125 aircraft on lease to 42 lessees in 31 jurisdictions) with stalking-horse bidder and eventual purchaser Macquarie Rotorcraft.

 

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