Posts

Infrastructure Team Recognised at 2019 Awards

Infrastructure is the set of fundamental facilities and systems that support the sustainable functionality of households and firms. Serving a country, city, or other area, including the services and facilities necessary for its economy to function.

Norton Rose received Global Legal Adviser of the Year, Asia Pacific Legal Adviser of the Year and North America Legal Adviser of the Year accolades on July 13, 2020.

IJGlobal also honoured the law firm with thirteen Deal of the Year awards for transactions completed in Asia Pacific, Europe and Africa, Middle East and North Africa and North America.

The IJGlobal platform is for market makers to develop key relationships and partnerships to generate leads, build business and deliver projects.

Norton Rose advised on the following transactions:

Asia Pacific

  • Asia Pacific Telecoms Deal of the Year – Kacific-1 Satellite
  • Advised Kacific Broadband Satellites Group on credit facilities totalling US$160 million to finance the construction, launch, ground system and initial operation for Kacific-1, a Boeing-built next-generation high-throughput Ka-band satellite. Led by Nick Merritt.
  • Asia Pacific Hydro Deal of the Year – Tina River Hydro
  • Advised Korea Water Resources Corporation and Hyundai Engineering Company Ltd as sponsors on the 15-MW Tina River Hydro Development Project. The deal marks the first large-scale infrastructure P3 project in the Solomon Islands. Led by Nick Merritt.
  • Asia Pacific Waste Deal of the Year – East Rockingham EfW
  • Advised a group of five senior financiers on the East Rockingham EfW project, which will be the second waste-to-energy facility in Western Australia aimed at addressing Australia’s growing waste crisis. The project was developed by a consortium led by Tribe Infrastructure Group, New Energy Corporation and Hitachi Zosen Inova. Led by Jo Crew.

Europe & Africa

  • European Portfolio Refinancing Deal of the Year – Project Keane Refinancing
  • Advised Brookfield Renewable Energy Partners on the Refinancing of an entire portfolio of onshore wind assets, which includes 17 360-MW projects in Ireland. Led by Rob Marsh.
  • European Refinancing Deal of the Year – Beatrice Offshore Wind
  • Advised a consortium of lenders on the senior debt refinancing of the Beatrice offshore wind project in Scotland. The consortium comprises 29 commercial and institutional lenders and 24 hedging banks. Led by Rob Marsh.
  • European Restructuring Deal of the Year – Irish Schools Bundle 5
  • Advised DIF infra 4 Limited as shareholder of Inspiredspaces Bundle 5 Limited on the restructuring and financing of completion works in relation to the Irish Schools Bundle 5 PPP project. Led by Mark Berry.
  • African Refinancing Deal of the Year – Société Ivorienne de Raffinage
  • Advised Africa Finance Corporation on the debt financing of Société Ivoirienne de Raffinage under a multi-currency long-term credit agreement for approximately US$675 million. Led by Anne Lapierre.
  • African Power Deal of the Year – Bridge Power
  • Advised the lenders to the Bridge Power Project in Ghana, sponsored by General Electric, Endeavour Energy and the Quantum Group. The project is a fast-deployment dual-fuelled LPG and natural gas power project, comprising approximately 400 MW of combined cycle power generation technology. Co-led by Martin McCann, Charles Whitney, Dan Metcalfe and Dan Giemajner.

Middle East & North Africa

  • MENA Water Deal of the Year – Taweelah IWP
  • Advised lenders, including Natixis, Siemens Bank and Mizuho Bank, to the successful bidding consortium, led by ACWA Power, on the US$1.2 billion Taweelah desalination independent water project in Abu Dhabi. Led by Jo Emerson-Taqi and Paul Mansouri.

North America

  • North America Battery Storage Deal of the Year – Lāwa’i Solar and Energy Storage
  • Advised Societe Generale as lenders on the financing of the combined 20 MW solar PV and 20 MW/100 MWh AES Lāwa’i Solar and Energy Storage Project in Kauai, Hawaii – the largest operational solar and storage system in the world. Co-led by Ben Koenigsberg and Jim Berger.
  • North America Utility Deal of the Year – ESAP Modernisation Project
  • Advised the Department of Justice in providing procurement advice and transaction support services to Public Services and Procurement Canada for the Energy Services Acquisition Program’s Energy Service Modernisation P3 project. Led by John Naccarato.
  • North America Wind Deal of the Year – Clearway Repowering
  • Advised Clearway Energy on the US$381 million repowering of two Texas wind farms – the 161 MW Wildorado wind farm in Oldham County and 121.9 MW Elbow Creek wind farm in Howard County. Co-led by Rob Eberhardt and Jim Berger.
  • Latin America Water Deal of the Year – BRK Ambiental
  • Advised sponsor BRK Ambiental Participações S.A in relation to the BRL denominated IDB financing provided in respect of BRK’s wastewater infrastructure project in Recife and Goiana in northeast Brazil. Led by Charlie Johnson.
  • At last year’s awards, IJGlobal recognised Norton Rose Fulbright as Legal Adviser of the Year – North America and the firm advised on 18 Deals of the Year. The year prior, Norton Rose Fulbright was named Global Law Firm of the Year and Europe and Africa Law Firm of the Year, while advising on 15 Deals of the Year.

Discussing the Infrastructure Spending Plans

Infrastructure Spending includes energy, transport, water and waste projects. Development consent orders are required for designated projects rather than other consents such as planning permission, listed building consent and compulsory purchase orders.

In his first budget, Chancellor Rishi Sunak unveiled a series of exciting spending promises, designed to increase infrastructure spending to a level not seen for decades.

Overall, the Chancellor’s plans involve investing a massive £640bn for capital spending on infrastructure by 2025 – a generational change in the level of spending on public infrastructure.

Under Theresa May, previous Chancellor Philip Hammond had planned to spend £600bn on public and private infrastructure over a 10-year period, so the latest plans not only involve spending more money overall, but also spending it more quickly than the previous Government had planned to.

While much of the important detail has yet to be confirmed, and the publication of the long-awaited national infrastructure strategy has been delayed, the Chancellor’s spending announcements are likely to be well received by business, especially those in the community of infrastructure developers and investors.

After Prime Minister Boris Johnson’s announcement last month that the controversial HS2 high-speed rail link will go ahead, the Budget is a further positive sign that this Government is prepared to make use of historically low interest rates to end the tendency of previous Governments to talk a lot about infrastructure investment, but to deliver very little.

The current Chancellor seems to be of the view that the very low interest rates that we have seen since the financial crisis will continue for some time, so has rejected assertions that his aggressive borrowing plans are irresponsible.

His argument is that while overall Government borrowing may be higher than it has been in previous times, the cost of servicing the Government debt is actually lower.

Looking at these plans from a broader policy perspective, it is undoubtedly the case that infrastructure spending by Government serves many policy objectives, but for this Government right now, it can also be seen as supporting the investment case in global Britain and showing that Britain is thriving post-Brexit.

The timing of this is obvious, but with pressure on infrastructure in the South East and a shortage of new mega projects that are already in development, it seems that the Government is keen to show the strength of United Kingdom engineering and innovation to the world, as well as to bulking up the engineering sector for activation by inward investors.

A question that has been raised by a number of industry-insiders is how the Government actually plans to deliver and fund the huge expansion in infrastructure spending that it has announced. The Chancellor made no mention of the potential use of private infrastructure finance models, so there is a concern among many that private sector investors may have a limited role in delivering the pipeline of new work.

Further concerns have been raised about the lack of specific measures designed to deliver on the Governments commitments to reduce carbon emissions and to reach net zero greenhouse gas emissions by 2050.

The United Kingdom was the first major economy to legislate for net zero greenhouse gas emissions by this date and has since launched a Net Zero Review to help determine how the United Kingdom can maximise economic growth opportunities as it transforms into a green economy.

Perhaps understandably at this stage, there was almost nothing in the Budget to indicate how real that commitment is and how the Government intends to achieve it.

We’re looking forward to learning more about precisely how the Chancellor’s spending promises will be delivered, and what other projects the Government plans to prioritise, when the national infrastructure strategy is published later in the spring.

Corrs Chambers Westgarth Wins National Infrastructure Award

Corrs Chambers Westgarth, together with KPMG, have won the National Infrastructure Award for their role in advising BaptistCare in its partnership with the NSW Government and the Social and Affordable Housing Fund.

Both Corrs and KPMG advised BaptistCare on its successful bid for the NSW Government’s SAHF to deliver 500 new social and affordable units and tailored support services for a period of 25 years.

According to Corrs’ lead partner on the matter, Airlie Fox, “Through this partnership with the NSW Government, BaptistCare will be able to provide housing and tailored support to a significant number of additional seniors and single-parent families who are experiencing housing stress.

“Corrs was delighted to assist BaptistCare on its successful bid and we are grateful that our firm, and KPMG, were recognised by Infrastructure Partnerships Australia with this significant award.”

The Judging Panel awarded Corrs Chambers Westgarth, and KPMG, the Advisory Excellence Award because of “their leadership and collaboration with the NSW Government to improve services for vulnerable communities in a complex policy environment”.

The Corrs team lead by Airlie included partners David Warren, Clare Corke and Peter Calov, with Consultant Trevor Danos providing strategic advice throughout the process.

BaptistCare is a registered Community Housing Provider under the National Regulatory System for Community Housing. The organisation has been providing affordable housing since 1953.

The SAHF is a key component of the NSW Future Directions for Social Housing in NSW strategy that will result in more social and affordable housing dwellings linked to tailored support, to help households gain independence.