GN Power Mariveles Project

L-R: Maples and Calders’ Lorraine Pao, Ricky Fong and Eleanor Lam of Latham & Watkins, Jose Hofilena of Sycip, Gary Wigmore, Desiree Woo and Sungjin Kang of Milbank Tweed, Arwel Lewis of Walkers, Roger Lui of Allen & Overy

The GNPower Mariveles Project was designed and constructed by Chinese power plant contractor, China National Electric Equipment Corporation (CNEEC), on a turnkey basis and received buyer credit financing from China Development Bank Corporation (CDB) with political and commercial risk cover provided by China Export & Credit Insurance Corporation (Sinosure).

The landmark project marked a number of firsts, including being the first large-scale power project undertaken under the Electric Power Industry Reform Act (EPIRA) of 2001 and the first non-recourse overseas power project financing by China Development Bank Corporation and Sinosure.

The deal also incorporated a unique hybrid merchant power structure with no single power purchaser but numerous off-takers under multiple long-term power purchase agreements.

Gansu Guazhou Wind Power Project

World Bank Group member, International Finance Corporation's (IFC) project financing for the development and construction of the 201MW Gansu Guazhou Ganhekou No 8 Wind Farm in Gansu Province, western China, was the first wind power project financed with offshore debt in China. It was also the first foreign loan to have been registered at the local State Administration of Foreign Exchange and IFC's first wind power project financing in China.

The project sponsor is the Hong Kong Stock Exchange-listed China WindPower Group (CWP). A loan of $140 million was extended to the project company under IFC's A/B loan structure. IFC also made a $10 million equity investment in CWP.

The transaction involved considerable analysis of the PRC regulatory framework for PRC renewable energy and risk allocation under standard form project documentation, as well as work within a relatively complex financing structure to accommodate the PRC foreign exchange framework.

Hongsa Mine-Mouth Power Project

The Hongsa Mine-Mouth Power Project, located in the Hongsa sub-district of Xayaboury, Lao PDR, was the largest project loan ever raised exclusively in the Thai bank market.

The project involved the construction of a power plant consisting of three lignite-fired power generating units, which are scheduled for completion in June 2015, November 2015 and March 2016 respectively.

Outside of the mega projects in India, this is one of the largest-ever power project financings undertaken in Asia, and the largest in Lao PDR.

The complexity of the development and financing was further underlined by the fact that 95% of the power produced is being sold to the Electricity Generating Authority of Thailand (EGAT), which added an additional multi-jurisdictional aspect to the documentation.

CNOOC's Queensland Curtis LNG Project

China National Offshore Oil Corporation's (CNOOC) Queensland Curtis project was the largest single company-to-company LNG contract in Australia.

Under the agreement, CNOOC will purchase 3.6 million tonnes of LNG each year for the next 20 years. It will also purchase a 5% interest in the reserves of coal bed methane tenements being developed by QGC in Queensland and become a 10% equity investor in one of the two liquefaction trains which will form the first phase of the QCLNG development at Gladstone in Queensland.

The Queensland Curtis project has been developed by QGC – a BG Group business. BG Group and CNOOC will also jointly participate in a consortium formed to construct two LNG ships in China that would be owned by the consortium. The first LNG shipments are scheduled for 2014.

The deal represented a number of firsts. It is the first coal seam gas to LNG deal in the world and represents the largest volume of LNG sold in one contract. It is also the first time that Chinese built ships will be charted into an international LNG fleet.

Singapore Sports Hub PPP Project

The Hub is the first and largest sports facilities infrastructure Public-Private-Partnership (PPP) project in the world. It is also Singapore's largest and flagship PPP project of this nature.

The financing of the Sports Hub PPP project included a refinancing commitment that kicks in early in the term following construction completion and sharing of third party revenues.

The financing for this project was affected by the economic crisis. Various financing measures needed to be explored in order to enable the project to proceed. This is the first time that the Singapore government faced such problems in the PPP structure, where the project development is affected by external factors after award of the project.

The project was originally scheduled for closing in late 2008 but this was delayed as a result of the drying up of the long-term debt markets following the collapse of Lehman Brothers in September 2008.

Project finance: Team of the year

L-R: Eleanor Lam from Latham & Watkins and Lucy McNulty of IFLR

Further solidifying its reputation as a leading project finance firm, Latham & Watkins' project finance team achieved several firsts this year. The team advised on two shortlisted deals: the Hongsa Mine-Mouth Power Project, which was the first thermal power project for Lao PDR, and the GNPower Mariveles Project, which was the first large-scale power project undertaken under the Electric Power Industry Reform Act of 2001 and the first non-recourse overseas power project financing by CDB and Sinosure.

Also nominated: Allen & Overy, Ashurst, Clifford Chance and Milbank Tweed Hadley & McCloy