Sidley’s Project Finance and Infrastructure lawyers have been involved in structuring and documenting a broad variety of project finance transactions in many industries including electric power, alternative energy, infrastructure, pipelines, telecommunications, mining and manufacturing.
The firm’s lawyers represent all types of project participants including developers, equity investors, construction contractors, service providers (including offtakers, fuel suppliers and transporters and operation and maintenance providers), senior lenders, subordinated lenders and multilateral credit agencies.
Our lawyers have a comprehensive understanding of the needs of different project participants and are adept at crafting solutions that balance conflicting interests. Lawyers at Sidley regularly provide advice with respect to a broad range of finance, corporate, regulatory, tax, environmental and real property issues and negotiate, document and review the extensive contractual arrangements among project participants including construction contracts, offtake contracts, fuel supply agreements, fuel transportation agreements, operating and maintenance agreements and various agreements relating to the debt and equity financing for such projects.
Our practice is enhanced by our other practices which provide additional experience in Energy
, Private Equity
, Global Finance
, Real Estate
, Communications Regulatory
, Corporate Reorganization and Bankruptcy
and International Trade
Recent transactions include: Power
The firm has represented project participants in all types of power projects in the U.S. and internationally. We represented equity participants in the $900 million project financing of a 500MW combined-cycle, gas-fired plant in Astoria, NY. We also represented AIG Highstar and Ontario Teachers’ Pension Plan in the $1.75 billion acquisition of InterGen N.V, a portfolio of 10 power plants (with a combined capacity of approximately 5500MW) located in six countries outside of the U.S. and owned by a joint venture comprised of Shell and Bechtel (including a $1.1 billion financing). We also have extensive experience in restructuring the project debt and are currently representing a monoline insurer in the restructuring of the debt for a portfolio of energy projects. Infrastructure
Our experience in infrastructure projects includes toll roads, airports, rail, water and stadia. We recently represented Zachry American Infrastructure as a joint venturer in connection with the development of Texas State Road 135 Segments 5 and 6. We also represented various clients in connection with the privatization of the Chicago Skyway, the Indiana Toll Road and the Chicago Municipal Garage System. Our lawyers in London represented the lenders in the redevelopment of several stadia in England, including Wembley, Arsenal, West Ham and Chelsea as well as the redevelopment of the Colchester Town Centre and railway area and the development of Es Mirral in Majorca. Mining
We represented the underwriter in a US$600 million debt offering by IndoCoal Exports (Cayman) Limited to finance the future flow securitization of receivables for two Indonesian coal mining companies. The transaction was named Deal of the Year for Securitization, and Indonesian Capital Markets Deal of the Year by Thomson Financial’s IFR Asia
, Best International Securitization and Most Innovative Deal by FinanceAsia
, Best Securitization by Asiamoney
and Securitization Deal of the Year for Asia by International Financial Law Review
. In the U.S. we recently represented the majority lender in connection with the restructuring of a senior secured and subordinated loan to a coal mining company and have represented lenders and mine owners in a variety of project and securitization transactions. Manufacturing
Our experience includes representing manufacturers and processors of all types, including aluminum, paper, steel, cement, ammonia and agricultural products and by-products. We represented the developers of an aluminum smelter in China and are currently representing the sponsor/offtaker for a steel slab facility under development in Brazil. We also represented the developers in the first project financing of a cheese processing facility in the U.S., lenders and developers of ammonia facilities, lenders and equity investors in medium density fiberboard plants and lenders to paper and cement facilities. Oil and Gas and Petrochemicals
We have represented lenders to and owners of oil and gas pipelines, production facilities and refineries, LNG facilities, and petrochemical facilities throughout the world. We represented AIG in the $22 billion management buy out of Kinder Morgan, an equity investor in an offshore oil and gas entity, and a tranche of senior lenders in the financing of a $3.2 billion project to develop the Barracuda & Caratinga oil production facilities off the coast of Brazil. Telecommunications
Our experience includes representing telecommunications companies and lenders, equity participants and other parties in the development and financing of telecommunications systems, including fiber optic, wireless, satellite and other telecommunications infrastructure. We represented AT&T in its participation on the FLAG project, the first international telecommunications system to be developed on a project finance basis. Our lawyers advised an export credit agency in the financing of satellite transponders in Indonesia. In the U.S. our clients include some of the largest providers of telecommunications services. Alternative Energy
Sidley lawyers have advised on solar, wind, ethanol and biodiesel projects and our clients include developers, lenders and acquirors, underwriters and investors. Recent transactions include representation of the lender in a wind turbine financing facility, the developer of a 40 million gallon per year ethanol facility in the U.S. and the underwriter in the financing of equity interests in an ethanol manufacturer in Brazil.