Americas awards: project finance

Author: | Published: 25 Mar 2010

Project finance deals of the year

WINNER: Pecém coal-fired thermal power plant
The Porto do Pecém Power Plant raised financing of $1.43 billion and the deal included an innovative partnership between MPX and Energias do Brasil. The project structured a series of common facilities that would see assets of Pecém upgraded (with lender approval) to be shared with a sister plant owned by MPX.

The deal also allows one sponsor to cure events relating to the other sponsor that otherwise would have become defaults under the financing agreements. This is highly unusual for limited recourse financings.

Allen & Overy advised Porto do Pecém Geração de Energia and its sponsors, with Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados providing Brazilian advice. Clifford Chance and Felsberg e Associados fulfilled the equivalent roles for the lenders.

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