Project Development and Finance

Transportation

We advised an international consortium of sponsors, Alsim Alarko Sanayi Tesisleri ve Ticaret A.Ş, Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş., SK Engineering & Construction Co., Ltd. and Korea Expressway Corp. on the development and financing of the US$750 million Big Almaty Ring Motor Road (BAKAD). The project is the first infrastructure public-private partnership of its type and magnitude in Kazakhstan and Central Asia, and is also the first significant privately financed project outside the oil & gas sector in Kazakhstan. Scheduled for completion in 2024, the project entails the development of a 66-km toll road aimed at reducing traffic congestion in Almaty and creating a bypass for commercial vehicles. View the press release here.

Energy

We advised Neoen on the development and project financing of the 460 MWDC Western Downs Green Power Hub in southeast Queensland, Australia. It will be Australia’s largest solar farm, with the capacity to power 235,000 homes. The Western Downs Green Power Hub is supported by a long-term Power Purchase Agreement from CleanCo, a Queensland government-owned renewable energy company. View the press release here.

Oil & gas

We advised the financiers on a landmark US$3 billion first-in-class hybrid corporate financing to Nigeria LNG Ltd. (NLNG), a joint venture owned by Nigerian National Petroleum Corp., 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, and sets the benchmark for future LNG facility financings globally.View the press release here.

Energy

We advised the Abu Dhabi energy sector on the US$886 million development of the 2 GW Al Dhafra solar photovoltaic (PV) power project in Abu Dhabi. Once operational, the Al Dhafra Solar PV IPP will be the world’s largest single-site solar power plant, using approximately 4 million solar panels to generate enough electricity for approximately 160,000 homes across the UAE. This project is expected to reduce Abu Dhabi’s CO₂ emissions by more than 2.4 million metric tons per year, equivalent to removing approximately 470,000 cars from the road, and is key to Abu Dhabi’s Energy Transition goals of halving power generation-related carbon emissions by 2024 and meeting at least 50 percent of its power demand from renewables by 2050. The Al Dhafra project also benefits from the lowest solar tariff ever recorded. View the press release here.

Energy

We advised Copenhagen Infrastructure Partners through its funds Copenhagen Infrastructure II and Copenhagen Infrastructure III on the US$3 billion (TWD 90 billion) project financing of the 589 MW Changfang and Xidao offshore wind project located off the coast of Changhua County, Taiwan. Scheduled to be completed by 2024, the Changfang and Xidao offshore wind project will provide clean energy to more than 600,000 households in Taiwan. View the press release here.

Energy

We advised a US-based energy and infrastructure fund on the financing of the £3 billion Seagreen offshore wind farm. Upon completion, Seagreen will have a capacity of 1.1 GWs and will be Scotland’s largest offshore wind farm. The transaction also included the sale of 51 percent of the equity in the project to Total, which was executed in parallel with the financing and represents a significant expansion of Total’s offshore wind capabilities.

Energy

We advised Calpine Corp. on a US$1.1 billion refinancing for its 725 MW Geysers geothermal portfolio in Sonoma and Lake counties, California, in the Mayacamas Mountains region.

Chemicals

We advised the Bank of Nova Scotia, National Bank Financial Markets, Royal Bank of Canada, National Bank of Kuwait S.A.K.P. and Export Development Canada, as mandated lead arrangers, on a US$1.7 billion amortizing senior secured term facility and a US$150 million senior secured revolving facility to finance the development and construction by Canada Kuwait Petrochemical Ltd. Partnership of a new integrated petrochemicals facility and associated infrastructure and utilities to be located in Sturgeon County in Alberta, Canada.

Chemicals

We advised the lead arrangers on the project financing of Gulf Coast Ammonia, a world-scale hydrogen- and nitrogen-based ammonia plant in Texas City, Texas, with capital costs of more than US$800 million. The project was developed by the principal investment arm of Macquarie Capital, who sold its interest to Starwood Energy & Infrastructure Fund III at closing. Following closing, the 3,600 metric-tons-per-day project is then owned by Starwood Energy & Infrastructure Fund III and Mabanaft.

Energy

We advised the Ghazanfar Group on the project development and financing of a 58.6 MW gas-fired power plant in Mazar-e-Sharif, Afghanistan. The Mazar IPP is the first gas-to-power IPP in Afghanistan to be privately funded, and the first private power project in Afghanistan to use domestically produced natural gas. View the press release here.

Energy

We advised Korea Electric Power Corp. (KEPCO) on the acquisition and project financing of the Jawa 9 & 10 IPP in Indonesia. KEPCO acquired a 15 percent interest in the project. Financiers to the project include export credit agencies including The Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corp. (K-Sure), as well as Korea Development Bank (KDB) and multiple international and Indonesian commercial banks.

Oil & gas

We advised Sumitomo Mitsui Banking Corp. (SMBC), as financier, on the project financing of the Summit LNG import terminal located in the Bay of Bengal. The project was the first commercial bank project-financed LNG import facility in Bangladesh. The LNG import terminal has been developed by a joint venture between Summit Corporation Ltd. and Mitsubishi Corp., and comprises a floating storage and regasification unit (FSRU), LNG carrier berthing facilities and a subsea pipeline connected to the national grid of Bangladesh. View the press release here.

Energy

We advised Atlas Renewable Energy, as sponsor, and certain of its affiliates, as borrower and guarantors, on a breakthrough transaction for the development and limited recourse financing of the 187 MWp New Juazeiro solar power project, also known as ”Jacaranda.” The plant is to be built in the state of Bahia, Brazil and is expected to generate 440 GWh per year. The financing, provided by IDB Invest and DNB Bank ASA, is the first financing of a solar project in Brazil executed exclusively in US dollars. The plant will provide clean energy to a Brazilian subsidiary of Dow Inc. under a 15-year power purchase agreement. View the press release here.

Maritime & shipping

We advised Trabajos Marítimos S.A., as sponsor, and Salaverry Terminal Internacional S.A., as borrower, on a limited recourse financing, the proceeds of which will be used to expand the Salaverry Multipurpose Port in Peru. The modernization and development of the port will help develop Peru’s foreign trade agenda and will energize the economy of the Peruvian North Coast region.