Infrastructure and energy online news and data service IJGlobal has honored White & Case by naming 14 transactions on which the Firm worked among its “Deals of the Year” for 2019.
The awards, selected by an expert panel of judges from among submissions made by law firms summarizing work they performed on transactions that closed in 2019, “are a celebration of best in class deals in energy and infrastructure over the past year,” according to IJGlobal.
IJGlobal White & Case Deals of the Year 2019: Americas
Latin American Petrochemicals Deal of the Year: Braskem Idesa Refinancing
White & Case represented, as Mexican counsel, Braskem Idesa in its offering of 114A/Reg S US$900 million senior notes due in 2029. The proceeds of the bond issuance were used to partially refinance Braskem Idesa’s project finance debt raised in 2012 for the development and construction of the Etileno XXI project – an ethylene/polyethylene petrochemical complex located in Coatzacoalcos, Veracruz.
Latin American M&A Deal of the Year: TAG Pipeline Acquisition
White & Case represented a syndicate of ten international and Brazilian banks on the financing of ENGIE S.A.’s and Caisse de dépôt et placement du Québec’s (CDPQ) approximately US$8.6 billion acquisition of 90 percent on Transportadora Associada de Gás S.A. (TAG), the owner of an approximately 4,500 km natural gas pipeline network in Brazil, from Petróleo Brasileiro S.A.–Petrobras.
Latin America Upstream Oil & Gas Deal of the Year: Trident Energy Acquisition Finance
White & Case represented Sumitomo Mitsui Banking Corporation, ING Bank N.V. and Crédit Agricole Corporate and Investment Bank as initial mandated lead arrangers on the financing of Trident Energy L.P.’s proposed US$1 billion acquisition of the Pampo and Enchova oil fields in Brazil from Petrobras S.A. This is the first reserved based lending (RBL) transaction of its kind in Brazil.
North America Mining Deal of the Year: Nevada Copper’s Pumpkin Hollow
White & Case represented 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.
North American Airport Deal of the Year: Newark ConRACV
White & Case represented 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.
Case Study Feature: Termocandelaria Power Limited Colombia
White & Case represented Termocandelaria Power Ltd. (TPL), the fifth largest electric power generation company in Colombia, and the largest non-hydro generator in the country, in connection with the development and financing of the conversion of its power plant located in Cartagena, Colombia from simple to nominal 566 MW net combined-cycle. Termocandelaria’s power plant expansion will significantly increase efficient power available to Colombia’s Caribbean coast, while contributing to the economic growth and development of the region and the country’s strategic plan to realign its generation base, which is heavily dependent on hydro power.
IJGlobal White & Case Deals of the Year 2019: Europe & Africa
Europe Waste Deal of the Year: Belgrade Energy from Waste Project
White & Case represented the junior lenders on the financing of the construction and operation of the Belgrade waste-to-energy (WtE) project located in Vinča near Belgrade in Serbia under a public-private partnership (PPP) scheme. This landmark €370 million project is owned by a consortium of SUEZ, ITOCHU and Marguerite and is the first major PPP project of its kind in Serbia based on a 25-year concession agreement. The project involves the closure and remediation of the saturated landfill in Vinča, a Belgrade suburb, and the construction of a new EU-compliant sanitary landfill as well as a waste-to-energy facility and a facility for processing construction and demolition waste. The project will enable the use of municipal waste and landfill gas to generate renewable heat and electricity. The project financing included junior debt to bridge equity and senior debt with support by IFC, EBRD, Austrian Development Bank (OeEB) and MIGA guarantees. As one of the first large-scale WtE projects financed privately in the Balkans, the Belgrade WtE project serves as a pathfinder for other cities in the region that are faced with similar waste challenges.
European Ports Deal of the Year: Gdansk Deep Sea Container Terminal
White & Case represented a club of lenders in connection with the financing of the acquisition of DCT Gdańsk S.A. by PSA International Ptd Ltd, Polski Fundusz Rozwoju (Polish Development Fund) and IFM Global Infrastructure Fund. DCT Gdańsk is the biggest container terminal in Poland and the only container terminal in the Baltic Sea operating the biggest container vessels (i.e., Ultra Large Container Vessels).
IJGlobal White & Case Deals of the Year 2019: Asia Pacific (APAC)
Asia Pacific Petrochemicals Deal of the Year: RAPID
White & Case represented Saudi Aramco on the development and financing of the US$15.3 billion Refinery and Petrochemical Integrated Development (RAPID) joint venture with Petronas in the southern Malaysian state of Johor. According to IJGlobal, this is Asia’s largest ever petrochemical and refinery project and the US$9.6 billion project financing is the largest ever in South and Southeast Asia.
Asia Pacific Offshore Wind Deal of the Year: Yunlin Offshore Wind
White & Case represented 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 wpd AG’s 640 MW Yunlin offshore wind project off the coast of Yunlin County in western Taiwan. To date, this is the largest offshore wind farm in Asia-Pacific to reach financial close and the largest ever offshore wind non-recourse financing in Asia.
Asia Pacific Energy Storage Deal of the Year: Hornsdale Power Reserve
White & Case represented Neoen on the expansion and project financing of the Hornsdale Power Reserve in South Australia. The Hornsdale Power Reserve is the first standalone battery project in Australia to secure non-recourse project financing. 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.
Asia Pacific Telecoms Deal of the Year: Kacific 1 Satellite
White & Case represented a European infrastructure investor as senior lender in relation to the financing of the Kacific1 satellite including the Asian Development Bank and GuarantCo, which will provide affordable satellite-based, high-speed broadband internet access to markets in South East Asia and the Pacific Islands.
IJGlobal White & Case Deals of the Year 2019: MENA
MENA M&A Deal of the Year: Project Beyond (ADNOC Pipelines)
White & Case represented Abu Dhabi National Oil Company (ADNOC) on each of its three multi-billion-dollar midstream pipeline infrastructure partnerships with (i) BlackRock and KKR, (ii) the Abu Dhabi Retirement Pensions & Benefits Fund (ADRPBF), and (iii) GIC. As part of these transactions, a newly formed entity called ADNOC Oil Pipelines LLC has leased ADNOC’s interest in 18 pipelines, transporting stabilized crude oil and condensate across ADNOC’s offshore and onshore upstream concessions, for a 23-year period. The entity will, in turn, receive a tariff payable by ADNOC, for its share of volume of crude and condensate that flows through the pipelines, backed by minimum volume commitments. Sovereignty over the pipelines and management of pipeline operations has remained with ADNOC.
MENA Refinancing Deal of the Year: Ma’aden Debt-to-Equity Conversion and Capital Increase
White & Case represented Saudi Arabian Mining Company (Ma’aden) in connection with the conversion of project loans to Ma’aden Rolling Company (MRC), a joint venture between Ma’aden and Alcoa Corporation, into new shares in Ma’aden, and the associated restructuring of MRC. The restructuring of MRC benefitted Ma’aden by allowing for an overall deleveraging of MRC and for a capital increase of Ma’aden.
MENA Water Deal of the Year: Taweelah IWP
White & Case represented Emirates Water and Electricity Company (EWEC) on the US$1.2 billion, 200 MIGD Taweelah reverse osmosis (RO) independent water plant project in Abu Dhabi, United Arab Emirates, the world’s largest desalination facility and the world’s cheapest water price.