Asia Infrastructure Awards 2019 - Deals of the year

The Asset Triple A
Infrastructure Awards 2021

Deals of the year - Global

Best deals - by region
Asia Pacific deal of year
Akita Offshore Wind Corporation
95.64 billion yen term, bridge and standby facilities (Japan)
Sponsors
Marubeni Corporation, Obayashi Corporation, Tohoku Sustainable & Renewable Energy Company, Cosmo Eco Power Company, Kansai Electric Power Company, Chubu Electric Power Company, Akita Bank, Ohmori Company, Sawakigumi Corporation, Kyowa Oil Company, Katokensetsu Company, Kanpu Company, Sankyo Company
Financial adviser, mandated lead arranger and bookrunner
MUFG Bank
Mandated lead arrangers and bookrunners
Mizuho Bank, Sumitomo Mitsui Banking Corporation
Senior lender
Societe Generale
Legal advisers
Mori Hamada & Matsumoto, Nishimura & Asahi, Linklaters
The first large-scale commercial offshore wind project financing in Japan involving the construction of a 140-MW offshore wind farms in Akita and Noshiro ports in Akita prefecture. The project is the first of a series of so-called ports and harbour offshore wind projects being developed with the support of the Japanese feed-in tariff for renewable energy projects.
Middle East deal of year
Shams Ad-Dhahira Generating Company
US$400 million Ibri II solar PV independent power plant (Oman)
Sponsors
ACWA Power, Gulf Investment Corporation, Alternative Energy Projects (Kuwait)
Mandated lead arrangers
Standard Chartered, Asian Infrastructure Investment Bank, Bank Muscat, Riyad Bank, Siemens Bank, Warba Bank
Legal advisers
Dentons, Covington & Burling, Jihad Al-Taie Law Office
The loan finances the 500MW build-own-operate project awarded by Oman Power and Water Procurement. This is AIIB's first renewable energy deal in the Gulf Cooperation Council (GCC) region.
South America deal of the year
Andes Renovables
US$620 million Huemul, Phase 2 of Andes Renovables solar/wind project (Chile)
Sponsor
Mainstream Renewable Power Limited
Lenders
MUFG Bank, KfW IPEX-Bank, IDB Invest, DNB, Sumitomo Mitsui Banking Corporation, CaixaBank
Legal advisers
Milbank, Carey (Chile)
Huemul is the 630-MW second phase of the 1.3 GW Andes Renovables project in Chile, sponsored by Irish wind and solar developer Mainstream. All five assets of the Huemul portfolio are in pre-construction, and will reach commercial operation between 2021 and 2022.
North America deal of the year
Brookfield Renewable and Invenergy
Sale of 49.9% stake in US$1.5 billion portfolio of US wind assets to South Korean consortium
Exclusive financial adviser
CIBC Capital Markets
Legal advisers
Lee & Ko LLC, White & Case
In the largest global renewable energy investment yet seen from Korean infrastructure investors, Alpha Asset Management, Sprott Korea Investment, Hana Financial Investment, Korea Investment & Securities and Korea Hydro & Nuclear Power Company acquired the stake from Brookfield Renewable and Invenergy. The deal values the four wind farms (totalling 852MW) in Texas, Illinois and Nebraska at US$1.5 billion.
Africa deal of the year
Tanzania Standard Gauge Railway
US$1.46 billion financing
Borrower
Ministry of Finance and Planning
Global coordinator, mandated lead arranger and bookrunner
Standard Chartered Tanzania
Lenders (DFI tranche)
Development Bank of Southern Africa, Trade and Development Bank, African Export-Import Bank
ECAs
EKN, EKF, SERV, OeKB, SACE, CESCE, NEXI
Legal adviser
Baker McKenzie
The 541-km stretch of Standard Gauge Railway, being built by Turkish contractor Yapi Merkezi, is one of Tanzania's most important economic development projects. The loan was structured with EKN and EKF as the fronting ECAs, with the other ECAs providing reinsurance.
Europe deal of the year
Northvolt
US$1.6 billion loan for Ett battery gigafactory (Sweden)
Financial advisers
BNP Paribas, Morgan Stanley
Lenders
BNP Paribas, Swedbank, SEB, ING, Societe Generale, Danske Bank, Danica Pension, Siemens Bank, IMI-Intesa Sanpaulo, KfW IPEX-Bank, Sumitomo Mitsui Banking Corporation, Algemene Pensioen Groep, PFA Pension, UniCredit, European Investment Bank, Nordic Investment Bank, Export-Import Bank of Korea
ECAs
Euler Hermes, NEXI, bpifrance
Legal advisers
Latham & Watkins, Milbank, Linklaters
The US$3 billion lithium-ion battery (LIB) gigafactory is a strategically important energy transition project for the European Union. The loan was supported by the German government via an Untied Loan Guarantee provided by Euler Hermes. This was NEXI's first ever project financing for an LIB giga factory.
Best deals – by sector
Battery storage deal of the year
Wandoan South Battery Energy Storage System
A$110 million debt facility (Australia)
Sponsor
Vena Energy
Mandated lead arrangers
BNP Paribas, DBS, ING
Legal adviser
Ashurst, DLA Piper
The landmark project is Queensland’s largest battery energy storage system, capable of powering up to 52,000 Australian homes. This transaction represents Australia’s first-ever non-recourse project financing of a utility-scale battery energy storage project.
Renewable energy deal of the year
Dhafra PV2 Energy Company
US$851 million 2GW solar project (Abu Dhabi)
Sponsors
Masdar, TAQA, EDF Renouvelables, Jinko Power
Mandated lead arrangers
MUFG Bank, Standard Chartered, HSBC Bank Middle East, Bank of China, BNP Paribas, Credit Agricole CIB, Sumitomo Mitsui Banking Corporation
Legal adviser
Norton Rose Fulbright
Al Dhafra will be one of the largest solar projects in the world when commissioned in 2022. The limited recourse loan was structured as a four-year hard mini-perm, with Emirates Water and Electricity Company backstopping the refinancing risk via a tariff readjustment mechanism.
Social infrastructure deal of the year
New Urban Communities Authority
US$2.8 billion covered loan for Central Business District of the New Administrative Capital (Egypt)
Lenders
ICBC, Bank of China, National Bank of Kuwait, Export-Import Bank of China, HSBC, Bank of Communications, Citic, China Construction Bank, Postal Savings Bank of China
ECA
Sinosure
Legal adviser
Freshfields Bruckhaus Deringer
The central business district of Egypt's new administrative capital includes high-rise office and residential buildings, and the Iconic Tower, with China State Construction Engineering Corporation as the main contractor. The Sinosure-covered project cashflow analysis included apartment rental and sales, hotel & retail rentals and centralized advertising revenues.
Airport deal of the year
Airport Authority Hong Kong
HK$35 billion Equator-Principles-compliant syndicated loan facilities
Mandated lead arranger, bookrunner and general adviser
China Development Bank (Hong Kong)
Equator Principles adviser, mandated lead arranger, bookrunner and coordinator
HSBC
Mandated lead arrangers, bookrunners and coordinators
BOCHK, Sumitomo Mitsui Banking Corporation, ANZ, Standard Chartered
Mandated lead arrangers and bookrunners
ICBC (Asia), Bank of Communications (Hong Kong)
Mandated lead arrangers
Agricultural Bank of China (Hong Kong), Citi
Lead arrangers
Chiyu Banking Corporation, Bank of Nova Scotia (Hong Kong), Credit Agricole CIB, China Everbright Bank (Hong Kong), CMB Wing Lung Bank, Dah Sing Bank, DBS, Hang Seng Bank, Mizuho Bank, OCBC Bank, Shanghai Commercial Bank
Legal advisers
Sidley Austin, Linklaters
The transaction was highly strategic for Airport Authority to fund the expansion and construction of the three-runway system (3RS) project at Hong Kong international airport. This was the first corporate syndicated loan facilities in Hong Kong that were compliant with the Equator Principles – a risk management framework adopted by financial institutions for determining, assessing and managing environmental and social risk in projects.
PPP deal of the year
Changfang Wind Power Company / Xidao Wind Power Company
NT$90 billion offshore wind project (Taiwan)
Sponsors
Copenhagen Infrastructure Partners, Taiwan Life Insurance Company, TransGlobe Life Insurance
Financial advisers
MUFG, CTBC Bank (debt financing)
Mandated lead arrangers
Credit Agricole CIB, DBS, HSBC, Mizuho Bank, MUFG Bank, OCBC Bank, Sumitomo Mitsui Banking Corporation, Taiwan Life Insurance Company, CTBC Bank, Entie Commercial Bank, E.SUN Bank, KGI Bank, Taipei Fubon Bank, Deutsche Bank, Standard Chartered, J.P. Morgan, Natixis, Societe Generale, KfW IPEX Bank, Santander, Korea Development Bank, ABN AMRO
ECAs
EKF, GIEK, K-Sure, NEXI, UKEF, Atradius
Legal advisers
White & Case, Baker McKenzie, Watson Farley & Williams, Lee & Li, Linklaters
The 589-MW offshore wind farm is the latest step in the ambitious offshore wind buildout in Taiwan, with a fixed feed in tarriff with state-owned utility Taipower. It has the highest local content requirements among the offshore wind projects in Asia-Pacific to date and this is the first Taiwan offshore wind farm project to have equity participation by local insurance companies.
Telecom deal of the year
Telkom SA
2.3 billion rand loan (South Africa)
Mandated lead arrangers
ICBC, Standard Bank
ECA
Sinosure
In spite of South Africa's highly-developed financial markets, tenors beyond seven years in ZAR are difficult to obtain. Mobile operator Telkom wanted to match funding to the useful life of new 4G equipment being provided by Huawei, and the 10-year tenor was made possible by Sinosure providing its first ever insurance cover denominated in ZAR.
Green project of the year
Seven Yield Holding Pte Limited
US$92 million green loan Jolco (Singapore)
Sponsor
Siem Industries
Sole arranger and green structuring bank
Credit Agricole CIB
Second party opinion provider
DNV
Legal advisers
Norton Rose Fulbright, Nishimura & Asahi
This is the first green loan Japanese Operating Lease with Call Option (Jolco) for shipping assets. The two LNG-powered car carriers operate exclusively for Volkswagen, on its routes between Germany and North America.
Oil & gas deal of the year
ADNOC Gas Pipelines
US$10.1 billion sale of a 49% stake to investor consortium (Abu Dhabi)
Investor consortium
GIC (Singapore), NH Investment & Securities, Global Infrastructure Partners, Brookfield Asset Management, Ontario Teachers‘ Pension Plan Board, Snam (Italy)
Financial advisers
BofA Securities, First Abu Dhabi Bank, Mizuho Securities
Independent financial adviser
Moelis & Company
Global coordinators (bond refinancing)
Citi, HSBC
Bookrunners
BNP Paribas, First Abu Dhabi Bank, Mizuho Securities, MUFG Bank, Standard Chartered
Lead managers
Abu Dhabi Commercial Bank, DCB, Credit Agricole CIB, Emirates NBD, Natixis, Samba Bank, Santander, Societe Generale, Sumitomo Mitsui Banking Corporation
Co-lead managers
CaixaBank, DBS
Legal advisers
Simpson Thacher & Bartlett, Ashurst, Linklaters
Abu Dhabi National Oil Company is bringing in foreign investment to unlock capital and reinvest in its strategic growth. This deal attracted a consortium of some of the world's top infrastructure investors. The bank debt was subsequently refinanced via two multi-tranche bond offerings by Galaxy Pipeline Assets Bidco Limited.