Asia Infrastructure Awards 2019 - Best Deals by Country - North Asia

The Asset Triple A
Infrastructure Awards 2020

Deal awards (North Asia)

China
Renewable energy deal of the year
Huangyan wind farm
250 million renminbi refinancing
Sponsor
EDF
Sole lender
DBS
The refinancing was structured as limited recourse project financing and the facility was sized on over the project life on the basis of renewable subsidy, minimal recourse to sponsor and industry trends
Hong Kong
Transport deal of the Year
Airport Authority Hong Kong
US$500 million bond
Sponsor
Government of Hong Kong
Bookrunners and lead managers
Citi, HSBC
Legal advisers
Clifford Chance, Linklaters
The first offshore US dollar bond issuance by Airport Authority of Hong Kong since its debut offering in 2003 and the first major funding for the third runway system, setting a benchmark for future funding
Japan
Renewable energy deal of the year
Gamagori Biomass
23.904 billion yen debt facility
Sponsors
Marubeni Thermal Power Corporation, CEPCO-R, SB Energy Corporation
Mandated lead arranger
Sumitomo Mitsui Banking Corporation
Legal adviser
Nishimura & Asahi
The projects involves the construction and operation of a wood-burning biomass power plant that will generate 50MW of electricity, with the sponsors collaborating with Gamagori city regarding pollution control and environmental conservation efforts
Transport deal of the year
Hokkaido Bundled Seven Airport Concession
365 billion yen debt facility
Sponsors
Hokkaido Airport Terminal Company, Mitsubishi Estate Company, Tokyu Corporation, Development Bank of Japan, North Pacific Bank, Hokkaido Bank, Hokkaido Electric Power Company, Sankei Building Company, Japan Airlines Company, ANA Holdings, Mitsui Fudosan Company, Mitsubishi Corporation, Iwata Chizaki, Doshin Service Center, Dentsu, Taisei Concession Company, Sompo Japan Nipponkoa Insurance
Mandated lead arrangers
Sumitomo Mitsui Banking Corporation, Mizuho Bank
Legal advisers
Baker McKenzie, Nishimura & Asahi
This project is to collectively outsource to the private sector the operation of seven airports in Hokkaido, which were managed by national or local government, with the aim of revitalizing regional Hokkaido through integrated and flexible management of the seven airports
South Korea
Oil and gas deal of the year
Milestone LNG Transport / Great Shale LNG Transport
US$376 million senior secured notes
Sponsors
Marubeni Corporation, SK Shipping Company
Financial adviser and lead placement agent
Citi
Placement agent
SMBC Nikko
Legal advisers
Milbank, Norton Rose Fulbright
The refinancing, done through private placement, utilized a novel floating-convert-to-fixed rate note. Combined with a fixed rate only note, to provide the sponsors a solution to their existing out-of-the-money interest rate swap – a key consideration to a refinancing
Power deal of the year
Korea Electric Power Corporation
US$500 million green bond
Bookrunners and lead managers
Bank of America, Citi, Credit Agricole CIB
The net proceeds will be used to fund or refinance the company’s existing and future eligible green projects, which include renewable energy and clean transportation projects
Taiwan
Renewable energy deal of the year - Wind
Yunneng Wind Power Company
NT$95 billion equivalent non-recourse term facilities
Sponsors
wpd, Sojitz Corporation, Chugoku Electric Power Company, Chudenko Corporation, Shikoku Electric Power Company, JXTG Nippon Oil & Energy Corporation, Electricity Generating PCL
Financial advisers
Sumitomo Mitsui Banking Corporation, E.SUN Bank
Mandated lead arrangers
BNP Paribas, Cathay United Bank, Commerzbank, Credit Agricole CIB, CTBC Bank, Deutsche Bank, DBS, E.SUN Bank, ING Bank, KfW IPEX-Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC Bank, Siemens Bank, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, Taipei Fubon Bank
ECAs
EKF, Euler Hermes, Atradius
Legal advisers
Tsar & Tsai, White & Case, Lee and Li, Linklaters, Blanke Meier Evers, De Brauw Blackstone Westbroek, Kromann Reumert
This is the largest non-recourse financing raised for an offshore wind project in Asia-Pacific and the 640MW project located in Yunlin county supports Taiwan’s energy transition policy to focus on renewable energy sources and develop 10GW of offshore wind capacity
Renewable energy deal of the year – Solar
Vena Energy Taiwan Solar Energy
NT$2.44 billion term loan and performance bond facilities
Sponsor
Vena Energy
Financial adviser and mandated lead arranger
DBS
Legal adviser
Watson Farley & Williams
The term loan and performance bond facilities will be used to finance the project and development costs of the 70.2MW Mingus solar power project, which will meet the electricity demand for about 28,000 households and reducing around 60,000 tonnes of greenhouse gas emissions
Green project of the year
Formosa 2 Wind Power Company
NT$59.6 billion financing
Sponsors
Macquarie Corporate Holdings, Swancor Renewable Energy Company, JERA
Financial adviser
Societe Generale
Mandated lead arrangers
ANZ, BNP Paribas, Cathay United Bank, Commerzbank, Credit Agricole CIB, DBS, Entie Commercial Bank, E.SUN Bank, HSBC, ING Bank, KGI Bank, MUFG Bank, Natixis, OCBC Bank, Siemens Bank, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, Taipei Fubon Bank, Taiwan Life Insurance Company
ECAs
EKF, K-Sure, Credendo, UKEF
Legal advisers
Clifford Chance, Linklaters, Tsar & Tsai
This is the third project financing in the Taiwanese offshore wind sector involving the construction of a 376-MW offshore wind farm. It attracted the participation for the first time of a life insurance company, unlocking new sources of financing for upcoming transactions
Green loan of the year
Taiwan Ørsted Financial Services Company
NT$25 billion green revolving credit facility
Sponsor
Ørsted
Green loan coordinator
BNP Paribas
Mandated lead arrangers and bookrunners
Bank of Taiwan, BNP Paribas, Cathay United Bank
Lead arrangers
E.SUN Bank, Mega International Commercial Bank
Arrangers
Chang Hwa Bank, CTBC Bank, Deutsche Bank, First Commercial Bank, KGI Bank, Hua Nan Bank, Land Bank of Taiwan, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank
Legal adviser
Baker McKenzie
The transaction represented an important milestone being the first green loan facility in Taiwan. This is the first time that government-owned banks participated in providing loan facility to develop an offshore wind farm project
Green bond of the year
Ørsted Wind Power TW Holding
NT$12 billion dual-tranche green bond
Sponsor
Orsted
Arrangers
Bank of Taiwan, BNP Paribas, CTBC Bank, Deutsche Bank
Legal adviser
Lee and Li
The transaction represents the first green bond issued by a foreign corporate in Taiwan, with the proceeds to be used for green capital expenditure payments primarily for offshore wind projects in Taiwan
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