Globally Recognized Project Development and Finance Practice

Sullivan & Cromwell has long worked on precedent-setting resource, energy and infrastructure projects across the globe. Our work in 2007-2009 spanned six continents:

• In the Middle East/Gulf region, landmark resource-related projects dominated our work.
  
  
  • In 2009, S&C acted as designated lenders/underwriters counsel on the $4.14 billion refinancing of the Dolphin Energy gas project, a project heralded as much for its complexity as its size. Dolphin is a landmark transaction for the Gulf following a period of uncertainty about the prospects for large scale project financings and difficult market conditions. The financing is not only the Gulf's largest of the year, but signals the re-opening of the project bond market for the region.
    
    
  • In 2008, S&C represented Yemen LNG on the $4.8 billion limited resource project financing of its upstream, pipeline and two train LNG liquefaction project. The project was the first large scale international project financing in Yemen. There was no precedent in Yemeni law for dealing with a financing of this complexity. The project was named "Global Deal of the Year" by Infrastructure Journal, "Oil & Gas Deal of the Year" by Infrastructure Journal, "Project Finance Deal of the Year" by Asian-Counsel, "Middle East Oil & Gas Deal of the Year 2008" by Project Finance and "Middle East Oil & Gas Deal of the Year" by Project Finance International (PFI).
    
    
  • Since 2007, S&C has represented Emirates Aluminum (EMAL), a project comprising a primary aluminum smelter and a 2,000 MW captive power plant. The related $4.875 billion bank financing is the largest single commercial financing to date for any project in the Gulf and the first large-scale industrial project between Abu Dhabi and Dubai. A possible project bond is still pending. The project was named “EMEA Industry Deal of the Year 2007” by PFI and “Middle East Manufacturing Deal of the Year 2007” by Project Finance.
    
    
• In Africa, we advised on the $3.3 billion Ambatovy nickel and cobalt project, described by PFI as “a new dawn for international investment in the continent.” The project was named “EMEA Mining Deal of the Year 2007” by PFI, “African Mining Deal of the Year 2007” by Project Finance and as one of its “2007 Deals of the Year” by Trade Finance.
  
  
• In North America, S&C’s transport work in 2007 was highlighted by its advice on the four largest port/terminal financings to close globally. We represented the Ontario Teachers’ Pension Plan Board in its $2.35 billion acquisition of four marine container terminals from Orient Overseas (International) Limited of Hong Kong (reported by Infrastructure Journal as being the most notable project in the history of North American port financing at the time of signing). The credit facility was an innovative hybrid between leveraged financing and traditional project financing. The project was named “North American Acquisition Deal of the Year 2007” by Project Finance and “North American Deal of the Year 2007” by PFI.
  
  
• S&C also represented Goldman Sachs Infrastructure Partners in its significant equity investment in Carrix and Deutsche Bank AG regarding Port Authority matters in RREEF Infrastructure’s acquisition of Maher Terminals LLC. In addition, we represented DP World in connection with its sale of 100 percent of the outstanding stock of P&O Ports North America, Inc. and PORTS Insurance Company, Inc.
  
  
• In Latin America, S&C’s work has included groundbreaking mining work, as well as a significant infrastructure project.
  
  
  • S&C represented the Minera Esperanza Project whose sponsors are Antofagasta plc and Marubeni Corporation in connection with the development and financing by Minera Esperanza of the approximately $2.344 billion greenfield copper, gold and silver project in the Atacama desert in northern Chile. The project is the largest-ever mine project financing in Latin America.
    
    
  • S&C represented Goldman Sachs as swap provider in the $562 million notes offering by Interoceanica IV Finance Limited for the financing of the construction of toll roads in Peru by Intersur Concesiones S.A., recognized by LatinLawyer as “Project Finance Deal of the Year 2007.”
    
    
• In the Asia-Pacific region, S&C has continued its leading work on mineral and energy projects.
  
  
  • We represented China Huaneng Group, through its wholly-owned subsidiary, SinoSing Power Pte. Ltd. (Singapore) in the $3.067 billion acquisition financing, privatization and bridge financing of the Tuas power asset. The oil and gas fired power station, equipping the country's largest steam generator, has a total capacity of 2,670MW.
    
    
  • In addition, we represented Lihir Gold Limited in its A$1.2 billion equity offering to provide, in part, the capital expenditure required to complete the development of Lihir’s recently acquired mine in Ballarat, Australia and provide funds for a proposed expansion of the production capability of the Lihir mine. We also represented Morgan Stanley & Co. International in Bemax Resources Limited’s offering of $175 million of high yield debt.
    
    
• In Europe, our client Sustainable Forestry Management Limited (SFM) and Credit Suisse formed a new special purpose vehicle, SFM Carbon Finance Limited, to provide up to $200 million in carbon-backed financing for forestry projects. SFM is a private group of companies formed in 1999 that is dedicated to realizing value from the ethical and sustainable use of tropical and subtropical forests in the developing world, principally through the acquisition and trading of carbon credits and offsets.