Project finance deals of the year
WINNER: Pecém coal-fired thermal power
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.
CNAA Brazilian Biofuels...