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Project finance lawyers

As experts in project finance law, we help international banks and multinational borrowers as they bring to life major new developments in exciting locations. From the earliest stages of structuring to drafting contracts, we are here to meet their unique business needs.

We are proud to have worked on a number of the most exciting development projects around the globe.

In Asia, our project finance lawyers advised the State Bank of India on a US$150 million facility for the Oil and Natural Gas Corporation of India. In the Middle East, we acted as the senior agent to lenders on the Cross Israel Highway on a US$200 million project, acting through a wholly owned subsidiary and funded by local lenders, led by Bank Hapoalim.
 

In Europe, our project finance solicitors have assisted the European Bank of Reconstruction and Development with an array of projects, from a shopping mall in Jordan to a supermarket in Slovenia. We helped a major Italian bank in the construction of a motorway in Croatia, advising on the €225 million financing for the section of the road linking Zagreb to Gorican.

Working with international banks and multinational borrowers, we see it as our role to bring these projects to fruition. Thanks to our comprehensive knowledge of banking law, we can  advise our clients from the early stages of project structuring, on topics such as risk allocation between different counterparts, bidding procedures and concession agreements, as well as on project bankability and security arrangements.

Whether you need help with term loans, syndications, guarantees, securitization, insolvency, joint ventures, contracts or insurance, our international project finance lawyers can guide you every step of the way. Our project finance advisors offer meticulous planning and logistical support, drafting loan agreements and contracts, and ensuring that our clients have security over assets.

We understand that the complexities of banking law present challenges for our clients and we seek to provide clear advice focused on meeting your business needs.

Track record

A multilateral agency

Advising a multilateral agency on its US$40 million framework facility which was available to qualifying Kyrgyz participating banks and financial institutions in the form of credit-lines (including mortgage loans, SME loans and consumer finance loans) by the agency to the local financial institutions or through the agency making minority equity investments in the local financial institutions. The purpose of this was to improve financial intermediation in the Kyrgyz Republic and to assist in the development of the non-banking financial intermediation sector.

Astelit, Ukrainian telecommunications

Counsel to Astelit, a Ukrainian telecommunications company, controlled by Turkish GSM operator Turkcell, on a US$540 million financing - the then largest private financing in Ukraine - to expand its mobile network.

Republic of Croatia

We advised on a grant agreement between the Republic of Croatia and the International Bank for Reconstruction and development. This included advising on the project implementation agreement and overall financing structure in connection with a global environment facility trust fund grant for renewable energy projects in Croatia.

€40 million loans to Sogefi

Sogefi are a manufacturer of components and filter systems for the automotive industry. We acted for Sogefi in relation to two loans of €40 million in total, which were made by a major bank to finance their research and development programme.

Advised banks and borrowers in Singapore on project financing

We have advised banks and borrowers in Singapore on project financing for the development of hotel/office/shopping complexes, residential estates, highways, pipelines, petrochemical plants and other industrial developments, and financing for the acquisition of hotels, hospitals, plantations, commercial and industrial buildings and complexes and the takeover of companies, secured against all kinds of assets and guarantees, in jurisdictions such as Australia, China, Hong Kong, India, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, United Kingdom, Vietnam, and others.

Control Risks Group Holdings Ltd £28 million loan financing

We represented Control Risks Group Holdings Ltd on a £28 million loan financing from a major bank to support international operations.

A multilateral agency

Advising a multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies.

US$147 million mining project in Russia

We advised a multilateral agency on a US$147 million financing for a mining project in Russia.

US$32 million loan for the indirect acquisition of stakes in Indonesian coal mining company

We acted for Oceanpro Investments Limited as borrower on its US$32 million loan facilities from a major bank. This loan was used for the purpose of indirect acquisition of stakes in an Indonesian coal mining company, PT Kutai Bara Nusantara.

US$600 million loans for purchase of 90% of shares in PT Berau Coal

We acted for PT Recapital Advisors in respect of its US$600 million loans from the Singapore branch of a major bank. The loans were taken in connection with the purchase by a Recapital subsidiary of 90% of the shares in PT Berau Coal.

Advised banks and borrowers in Singapore on project financing

We have advised banks and borrowers in Singapore on project financing for the development of hotel/office/shopping complexes, residential estates, highways, pipelines, petrochemical plants and other industrial developments, and financing for the acquisition of hotels, hospitals, plantations, commercial and industrial buildings and complexes and the takeover of companies, secured against all kinds of assets and guarantees, in jurisdictions such as Australia, China, Hong Kong, India, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, United Kingdom, Vietnam, and others.

US$32 million loan for the indirect acquisition of stakes in Indonesian coal mining company

We acted for Oceanpro Investments Limited as borrower on its US$32 million loan facilities from a major bank. This loan was used for the purpose of indirect acquisition of stakes in an Indonesian coal mining company, PT Kutai Bara Nusantara.

US$600 million loans for purchase of 90% of shares in PT Berau Coal

We acted for PT Recapital Advisors in respect of its US$600 million loans from the Singapore branch of a major bank. The loans were taken in connection with the purchase by a Recapital subsidiary of 90% of the shares in PT Berau Coal.

Guarantees in the aggregate amount of £370 million

We have advised Indian Public Sector Banks on guarantees in the aggregate amount of £370 million issued by three major banks in favour of EIB. This was in relation to a loan made by EIB to Land Rover for R&D in emissions reduction.

The financing of a steel galvanising plant

We acted for a major Indian bank in financing a steel galvanising plant in Nigeria.

AES Corporation, Aquila and El Paso

We advised AES Corporation, Aquila and El Paso on various power projects, including project company acquisitions and disposals in the UK, eastern Europe and Africa on the following projects: Aquila in connection with its $2.1 billion acquisition of Midland Electricity plc; and El Paso on the disposal of its minority interest in the Kladno power project in the Czech Republic and its exit from a power project in Fife, Scotland.

The financing of a steel galvanising plant

We acted for a major Indian bank in financing a steel galvanising plant in Nigeria.

Republic of Croatia

We advised on a grant agreement between the Republic of Croatia and the International Bank for Reconstruction and development. This included advising on the project implementation agreement and overall financing structure in connection with a global environment facility trust fund grant for renewable energy projects in Croatia.

€40 million loans to Sogefi

Sogefi are a manufacturer of components and filter systems for the automotive industry. We acted for Sogefi in relation to two loans of €40 million in total, which were made by a major bank to finance their research and development programme.

Advised banks and borrowers in Singapore on project financing

We have advised banks and borrowers in Singapore on project financing for the development of hotel/office/shopping complexes, residential estates, highways, pipelines, petrochemical plants and other industrial developments, and financing for the acquisition of hotels, hospitals, plantations, commercial and industrial buildings and complexes and the takeover of companies, secured against all kinds of assets and guarantees, in jurisdictions such as Australia, China, Hong Kong, India, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, United Kingdom, Vietnam, and others.

Control Risks Group Holdings Ltd £28 million loan financing

We represented Control Risks Group Holdings Ltd on a £28 million loan financing from a major bank to support international operations.

A multilateral agency

Advising a multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies.

Design and construction project for a motorway in Croatia

Withers acted for a major Italian bank to finance a design and construction project for a motorway in Croatia.

Enfinity Group's photovoltaic projects

Enfinity Group is a Belgian based fully integrated project developer, financier, operator and trader of photovoltaic and wind power energy systems. Withers are proud to have represented Enfity Group on all aspects of their photovoltaic projects, particularly in Italy.

EPC contract advice for a waste-to-energy project

We advised a developer on an EPC contract to deliver a waste-to-energy project in London.

Feasibility, development and implementation of photovoltaic projects for AEE Renewables Plc

AEE Renewables Plc is a German-based integrated project developer of photovoltaic and hydro power energy systems. Withers has represented AEE Renewables on all aspects of the feasibility, development and implementation of its photovoltaic projects in Germany, UK and Turkey.

Financing for a project in Romania

We acted for a syndicate of Italian banks, including a major European bank, to finance a project in Romania.

A multilateral agency

Advising a multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies.

Feasibility, development and implementation of photovoltaic projects for AEE Renewables Plc

AEE Renewables Plc is a German-based integrated project developer of photovoltaic and hydro power energy systems. Withers has represented AEE Renewables on all aspects of the feasibility, development and implementation of its photovoltaic projects in Germany, UK and Turkey.

$85 million financing package for marine oil receiving terminal

We represented the IFC, FMO and DEG on an $85 million financing package for the construction of a marine oil receiving terminal, and a petrol distribution network in Turkey.

CIT

We advised CIT as senior agent to existing lenders to the Cross Israel Highway on a USD$200 million extension by Derech Eretz Highways Ltd acting through a wholly owned subsidiary and funded by local Israeli lenders led by Bank Hapoalim.

IFC

We advised IFC on a $90 million telecoms project financing in the Dominican Republic.

Newlat acquisition of Kraft Heinz’s production plant

The Newlat Group is one of the top ten players in the Italian food sector, with a turnover exceeding US$355 million. Its business is focused on milk and wheat-based products, with an existing base of 11 production plants. We advised Newlat on the acquisition of Kraft Heinz’s Italian infant food and nutraceuticals production plant. The Parma plant owned by US food giant Kraft Heinz, produces the well-known Plasmon biscuits as well as pasta, liquid milk, dry milk and cereals, among other products. The deal included an arrangement for Newlat to manufacture infant milks and nutrition products including Kraft Heinz owned products.

Syracuse University

We advised Syracuse University (USA) on its London Program which involved the acquisition of premises for use for educational purposes; employment advice in relation to urgent dismissal for gross misconduct; governance arrangements, including appointment of an interim director and new trustees; conflicts of interest in connection with the Programme's relationship with the University; advice and assistance in relation to sub-licenses for occupation of premises by other educational organisations, including in relation to real estate matters and tax treatment of revenues. The work represents a mature study abroad programme operating in the UK and in Europe, raising a variety of operational issues.

TASI Holdings

We advised TASI Holdings on the acquisition of business in a US tech company that produces long-range wireless sensor networks, used primarily in the oil and gas industry. This is TASI's fifth acquisition since 2011. TASI provides advanced test and inspection instrumentation & systems, flowmeters and flow control products, measurement instrumentation and automated assembly and test systems around the globe in a variety of sectors including: automotive, life science, oil & gas and food & beverage.

Astelit, Ukrainian telecommunications

Counsel to Astelit, a Ukrainian telecommunications company, controlled by Turkish GSM operator Turkcell, on a US$540 million financing - the then largest private financing in Ukraine - to expand its mobile network.

A multilateral agency

Advising a multilateral agency on its €250 million Western Balkans and Croatia Financing Framework for banks and non-banking financial institutions, including leasing companies.

US$147 million mining project in Russia

We advised a multilateral agency on a US$147 million financing for a mining project in Russia.

Biofuels plant development

Withers have represented a developer of a biofuels plant in St Petersburg, Russia.

€70 million project loan for EBRD

We advised EBRD in connection with a €70 million project loan for an industrial gas facility in Russia.

EBRD

We represented EBRD on an $87 million loan to KEGOC to expand an electricity transmission line in Kazakhstan.

London Stock Exchange quoted Kazakh Company

We advised a main London Stock Exchange quoted Kazakh Company on issues arising in connection with a Luxembourg listed USD$200 million convertible bond issue and mandatory convertible bond.

USD$500 million export project

We acted for Progress-foreign trade firm of the Ukrainian Government in a USD$500 million export project.

Our team

M. Ridgway Barker

M. Ridgway Barker

Partner | Greenwich

M. Ridgway Barker

Partner | Greenwich

Corporate

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Jeremy M Wakeham

Jeremy M Wakeham

Partner | London

Jeremy M Wakeham

Partner | London

Real estate

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Anthony Indaimo

Anthony Indaimo

Senior Consultant | Milan

Anthony Indaimo

Senior Consultant | Milan

Corporate

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Mabel Lui

Mabel Lui

Head of Greater China Commercial | Hong Kong

Mabel Lui

Head of Greater China Commercial | Hong Kong

Corporate

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Guan Feng Chen

Guan Feng Chen

Consultant | Singapore

Guan Feng Chen

Consultant | Singapore

Banking and finance

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Typical clients and industries include

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Construction

Building things should be inspiring. Whatever your project, our construction and real estate teams offer proactive, commercial, and pragmatic advice that will help you to realize your ambitions despite an undeniably challenging time for the industry. Find Out More
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Hotels and hospitality

The hotel and hospitality sector is becoming ever more specialized. Our significant experience helps us to ensure that the operators we work with get the best value out of their transactions. Find Out More
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Private companies

As a private company, you need reliable, efficient service. As the only global law firm focused on private capital, we are here to help you protect your interests at every stage of the lifecycle. Find Out More

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