Project Finance

They’re excellent: high integrity and they’re smart problem solvers.
Chambers Asia Pacific 2019

Our world-class project finance team has extensive experience around the globe advising on some of the largest and most complex project developments and limited recourse financings in the energy and infrastructure sectors. We have experience advising on limited recourse financings involving almost all major international financial institutions (including ECAs, DFIs, and MLAs), advising in respect of project bonds, Islamic financings (including sukuk), and many key commercial banks. Our holistic, one-stop business solution, coupled with our overarching commitment to delivering success for our clients, makes us first choice for leading energy and infrastructure companies worldwide.

With our commitment to supporting clients with developing, financing, constructing, and operating major infrastructure projects and facilities and buying, selling, and investing in infrastructure assets and enterprises, we have the deep knowledge necessary to understand risk allocation necessary for an appropriately structured project financing. We understand the contractual, statutory, and practical mechanics and dynamics associated with long-term, limited recourse single-asset financings and we know how to structure projects to attract financial institutions and the investment banking community, while preserving the interests of the sponsors and project.

Clients benefit from our extensive on-the-ground execution capabilities in Asia and the United States.

We are recognized as one of the leading project finance teams in Asia, providing region-wide coverage in all core areas. Led by four partners, our Tokyo and Singapore teams operate globally across industry sectors focused on renewable and conventional power, oil & gas (including LNG), mining, petrochemicals, infrastructure development, and transportation projects. We represent sponsors, lenders, and construction contractors. We also have a dedicated acquisition finance team that benefits from this sectoral experience.

In the U.S., our team in California represents developers and investors in renewable energy transactions, build-transfer agreements, tax equity financings, negotiating supply agreements, construction contracts, and offtake arrangements. Our Washington, D.C. team represents export credit agencies, project sponsors, and multilateral agencies focusing on international project finance, political risk insurance, and cross-border investment transactions, as well as U.S. energy project finance transactions, with a particular emphasis on structuring, lending, political risk, and intercreditor issues.

While we have a global reach and deep experience, our clients especially benefit from our familiarity with U.S. government and multilateral regulations, policies, and practices. In the United States, we identify the tax and financial incentives available for solar, wind, and other alternative energy projects, including U.S. federal tax credits, U.S. Treasury grants, and structuring projects to accommodate tax equity investors. Our regulatory lawyers advise on FERC, OFAC, FCPA, and CFIUS and our state and local U.S. tax lawyers advise and assist project sponsors on potential property tax exemptions, investment tax credits and incentives, rebate programs, and other local incentives. We also advise on structuring transactions to minimize potential transactional taxes, and maximize state and local income and franchise tax incentives.

Show More


Experience

  • Bank of America, as tax equity investor in 685 MWs of wind power projects sponsored by Iberdrola and EDP Renewables.

  • Tokyo Gas Co., Ltd. in a joint development with First Gen Corp. of an LNG import and regasification terminal project in Batangas Province, Philippines.

  • BayWa r.e. Wind, LLC, in its tax equity financing of the Brahms Wind Project by Union Bank and subsequent sale to Macquarie Infrastructure and Real Assets.

  • Minera Lumina Copper Chile (a joint venture between Pan Pacific Copper Co. and Mitsui & Co., Ltd.) in the $1.4 billion limited-recourse project financing for the development of the Caserones Copper and Molybdenum Mining Project in Chile.

  • Cathay Bank in connection with its tax equity investments in America’s largest residential solar power provider funds to finance the acquisition of residential solar photovoltaic systems;

    Cathay Bank in connection with its tax equity investment in a leading residential solar, battery storage, and system protection services company to finance the acquisition of residential solar photovoltaic systems; and

    Cathay Bank in connection with its tax equity investment in a leading residential and commercial energy solutions provider to finance the acquisition of residential solar photovoltaic systems.

  • The finance parties (including commercial banks, Islamic finance institutions, and various export credit agencies (including COFACE, CESCE, K-sure, KEXIM, JBIC, NEXI, and Hermes) in connection with the US$14 billion Jubail Refinery and Petrochemical Project in Saudi Arabia, including four Islamic tranches and a sukuk bond.

  • DOE in the limited-recourse project financing for three concentrating solar thermal electric generating plants totaling 375 MW, near the Ivanpah Dry Lake in the Mojave Desert.

  • EDF Renewables in connection with the sale of three solar projects to Dominion, for a total of 84 megawatt peak (MWp). The three solar projects included 31.6 MWp / 23 MWac Cottonwood Solar, 24.3 MWp / 18 MWac Catalina Solar 2, and 27 MWp / 20 MWac CID Solar Project; and

    EDF Renewables in connection with the acquisition of the Palen Project, a 500 MW solar power generation facility in Riverside County, California, from Abengoa Solar LLC.

  • An export-credit agency and lenders in the financing of the Talas de Maciel wind farm project in Uruguay.

  • JERA Co., Inc. as the largest investor in a $1.58 billion, 1,100 MW natural gas-fired thermal power generation project, referred to as “Cricket Valley,” in Dutchess County, New York. JERA owns an equity stake of approximately 44% in the project. We also represented JERA in connection with a $1.052 billion senior secured facility to the project company, a $175 million senior secured term loan facility to an interim holding company, and $709 million in total equity commitments for the project.

  • JERA Co., Inc. and Osaka Gas Co., Ltd. in the $1.2 billion equity and $3 billion debt financing of, and long-term offtake arrangements for, the Freeport LNG Liquefaction Project—the largest fully non-recourse construction project financing in history.

  • Shareholder/major creditor in the restructuring of the Jurong Aromatics refinery (in receivership) in Singapore involving KEXIM and K-Sure.

  • Inkia Energy in the financing of the 600+ MW natural gas-fired Nodo Energético de Mollendo power plant in Peru.

  • juwi Wind in a construction and term loan financing for a 30 MW wind project located in southwestern Minnesota, and subsequently in its sale of the wind farm to one of the world’s largest private equity funds and simultaneous tax equity financing.

  • Mitsui & Co., Ltd. and Tokyo Gas in the acquisition from Gas Natural and $750 million JBIC financing of 2,223 MW gas-fired power projects in Mexico and a related gas pipeline company.

  • Oak Creek Energy in connection with the construction and term loans by OPIC and North America Development Bank for the Tres Mesas Wind Project, a 150 MW wind farm in Mexico.

  • We represented Overseas Private Investment Corporation (“OPIC”) in its project financing of a luxury Marriott hotel in Kabul. The project is part of the U.S. government effort to develop infrastructure, create jobs, and increase investor confidence in Afghanistan.

  • The lenders in the $9 billion financing of the Qatargas II liquefaction facility (which included a U.S. EXIM bank and SACE facility) in Qatar.

  • Solar Frontier Americas in connection with the financing and sale of multiple solar projects, consisting of more than 50 MWac, to Dominion;

    Solar Frontier Americas in connection with the financing and sale of multiple solar projects, consisting of more than 30 MWac, to Southern; and

    Solar Frontier Americas in connection with a joint venture with NRG Energy that will develop and invest in solar power projects throughout North America that will utilize Solar Frontier solar panels.

  • A major renewable energy company the IFC/OPIC financing of a solar facility in Bulgaria, the largest solar financing for IFC at that time.

  • A participant in the US$8 billion Tangguh LNG Train 3 Expansion Project in Indonesia. This project involved a US$3.7 billion multi-sourced financing from leading Asian ECAs and many commercial banks.

  • Woodside Petroleum in the $1.5 billion financing of the exploration and development cost for the $10 billion Pluto LNG Project in Australia.

  • Advised with the JP¥ 25.3 billion long-term project financing of a 59 MW solar project in Ishikawa Prefecture, Japan.

  • Advised with the JP¥ 5.6 billion corporate financing for the development of various solar projects located throughout Japan.

  • Advised with a JP¥ 12 billion construction loan for a 48 MW solar power plant sponsored by Canadian Solar Inc.

  • Advised with the structuring and hybrid project financing of a greenfield hydro-renewables project in Indonesia.

Show More
Close

Feedback

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.