Herbert Smith Freehills has advised a consortium made up of Marubeni Corporation, POSCO and China Steel Corporation on the US$7.2 billion debt package secured by the Roy Hill iron ore project in the Pilbara region of Western Australia. The consortium has a 30% interest in the Roy Hill project.
Ashurst advised a consortium of banks in relation to the project financing of a 3 Mw hydroelectric plant located in the Friuli region, Italy.
The plant is owned by Idroelettrica Slizza S.r.l., a company controlled by AGM Energia. The € 16 miliion financing, which includes a VAT facility, has been arranged by Iccrea BancaImpresa S.p.A., the corporate arm of Iccrea banking group. The lenders included Banca di Carnia e Gemonese - Credito Cooperativo, Mediocredito Trentino-Alto Adige S.p.A. and Cassa Centrale Raiffeisen dell'Alto Adige S.p.A.
Freshfields Bruckhaus Deringer advised the Global Co-ordinator in relation to the financing of the A11 PPP Road Project in Belgium. It is the first "greenfield" infrastructure project to be financed with the benefit of the European Investment Bank’s Project Bond Credit Enhancement Facility (“PBCE”). The PBCE is a key element in the efforts to revive debt capital markets funding for European infrastructure projects.
Allen & Overy has advised the Flemish Region and PMV/Via-Invest Vlaanderen NV, an investment vehicle of the Flemish Region, on the development of the A11 highway in Belgium.
The project is the first Belgian public-private partnership (PPP) to be wholly financed by means of a project bond and the first greenfield project (one that involves the construction and operation of an asset) to be financed using the European Investment Bank’s Project Bond Credit Enhancement (PBCE) product.
Allen & Overy acted as Australian and international counsel to the export credit agencies and commercial lenders on the financing of the integrated Roy Hill iron ore project, the world's largest ever project financing in the mining sector.
The project sponsors, namely Hancock Prospecting, Marubeni, POSCO and CSC recently announced the finalisation of the USD7.2 billion project financing arrangements, which completes the funding package required to construct the USD10 billion project.
Clifford Chance has advised Ceona on a USD$290 million secured debt facility to finance its two new build projects, the Ceona Amazon offshore installation vessel and a vertical pipelay system for the Polar Onyx vessel, along with performance bonds to further support Ceona's growth initiatives.
Ashurst has advised Petroleum Geo-Services ASA ("PGS") on the establishment of an Export Credit Financing for two (third and fourth of a series of four) Ramform Titan-class seismic survey vessels scheduled for 2015 delivery.
PGS has, through a wholly owned subsidiary, signed two loan agreements for together $305 million to finance the two new builds. The lenders are Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corporation, with Nippon Export and Investment Insurance insuring the SMBC portions of the loans.
DLA Piper has acted for Nord LB on the financing of Lilbourne wind farm, developed by Energiekontor.
Lilbourne wind farm is a 10MW site based in Northamptonshire, which was acquired by Energiekontor in Summer 2013 and reached financial close on 18 February 2014. The turbine manufacturer is Senvion (previously known as REpower).
Linklaters has advised HSH Nordbank AG on an innovative asset-based lending structure. The reference portfolio consists of ship loan receivables of HSH Nordbank.
With this securitisation transaction, HSH Nordbank optimises its own refinancing by selling and transferring loan receivables under the ship financing to a newly established special purpose vehicle. The special purpose vehicle refinances itself by taking out two Schuldschein loans. The senior 700 million U.S. dollar loan provides for HSH Nordbank’s financing. HSH Nordbank itself grants a subordinated loan.
A banking consortium consisting of Rabobank, the German KfW IPEX-Bank and the European Investment Bank will provide a total loan of EUR 350 million to NOP Agrowind. Part of the financing is refinanced through the KfW 207 Energy programme. Thanks to this financing NOP Agrowind will build 26 wind turbines on shore with a total capacity of 195 megawatts the largest wind farm in the Netherlands. These wind turbines are part of the Windpark Noordoostpolder. The involved banks want to stimulate the development and use of renewable energy.