Asia Infrastructure Awards 2019 - Deals of the year

The Asset Triple A
Infrastructure Awards 2020

Deals of the year

Regional
Renewable energy deal of the year
Yunneng Wind Power Company
NT$95 billion equivalent non-recourse term facilities
Sponsors
wpd, Sojitz Corporation, Chugoku Electric Power Company, Chudenko Corporation, Shikoku Electric Power Company, JXTG Nippon Oil & Energy Corporation, Electricity Generating PCL
Financial advisers
Sumitomo Mitsui Banking Corporation, E.SUN Bank
Mandated lead arrangers
BNP Paribas, Cathay United Bank, Commerzbank, Credit Agricole CIB, CTBC Bank, Deutsche Bank, DBS, E.SUN Bank, ING Bank, KfW IPEX-Bank, Mizuho Bank, MUFG Bank, Natixis, OCBC Bank, Siemens Bank, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, Taipei Fubon Bank
ECAs
EKF, Euler Hermes, Atradius
Legal advisers
Tsar & Tsai, White & Case, Lee and Li, Linklaters, Blanke Meier Evers, De Brauw Blackstone Westbroek, Kromann Reumert
This is the largest non-recourse financing raised for an offshore wind project in Asia-Pacific and the 640MW project located in Yunlin county supports Taiwan’s energy transition policy to focus on renewable energy sources and develop 10GW of offshore wind capacity
Green project of the year
Formosa 2 Wind Power Company
NT$59.6 billion financing
Sponsors
Macquarie Corporate Holdings, Swancor Renewable Energy Company, JERA
Financial adviser
Societe Generale
Mandated lead arrangers
ANZ, BNP Paribas, Cathay United Bank, Commerzbank, Credit Agricole CIB, DBS, Entie Commercial Bank, E.SUN Bank, HSBC, ING Bank, KGI Bank, MUFG Bank, Natixis, OCBC Bank, Siemens Bank, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, Taipei Fubon Bank, Taiwan Life Insurance Company
ECAs
EKF, K-Sure, Credendo, UKEF
Legal advisers
Clifford Chance, Linklaters, Tsar & Tsai
This is the third project financing in the Taiwanese offshore wind sector involving the construction of a 376-MW offshore wind farm. It attracted the participation for the first time of a life insurance company, unlocking new sources of financing for upcoming transactions
Oil and gas deal of the year
Jambaran-Tiung Biru
US$1.85 billion gas development and processing project
Sponsor
PT Pertamina EP Cepu
Financial adviser
MUFG Bank
Mandated lead arrangers
Bank Mandiri, Bank Negara Indonesia, Bank BTPN, Bank Rakyat Indonesia, Bank of China, CIMB Bank, DBS, Intesa Sanpaolo, Maybank, MUFG Bank, Sumitomo Mitsui Banking Corporation
Legal advisers
Latham & Watkins; Umbra; Milbank; Ali Budiardjo, Nugroho, Reksodiputro
This is the first ever greenfield, limited recourse financing and the first-of-a-kind upstream risk allocation structure under the trustee borrowing scheme in Indonesia. It is also the first ever Islamic project financing tranche for Pertamina
PPP deal of the year
Pulse Partners Finance
A$2.27 billion senior loan facilities
Sponsors
Pacific Partnerships, DIF Management Australia, BAM PPP PGGM Infrastructure Cooperatives, Ghella Investments and Partnerships
Financial adviser
Macquarie Capital
Mandated lead arrangers
Banco Bilbao Vizcaya Argentaria, Credit Agricole CIB, HSBC, Intesa Sanpaolo, KfW IPEX Bank. MUFG Bank, Norinchukin Bank, Societe Generale, Standard Chartered, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank
Legal advisers
Corrs Chambers Westgarth, Allens Linklaters
The financing is for the construction of Cross River rail project, one of the largest greenfield and critical public transport infrastructure public-private partnership projects in Australia in 2019. It involves the construction of a twin tunnel, building of four new underground stations and upgrade of two existing above-ground stations
Petrochemical deal of the year
Pengerang Refinery and Petrochemical
US$9.5 billion debt facility
Sponsors
PETRONAS, Saudi Aramco
Financial adviser
BNP Paribas
Mandated lead arrangers and bookrunners
Bank of China, China Construction Bank (Asia), CIMB Bank, OCBC Bank Malaysia, United Overseas Bank
Mandated lead arrangers
AmInvestment Bank, BNP Paribas, Industrial and Commercial Bank of China. J.P. Morgan. Maybank Investment Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation
Lead arrangers
ANZ, MUFG Bank, National Bank of Kuwait
Arrangers
Citi, Credit Agricole CIB, HSBC, Societe Generale, Standard Chartered
ECAs
Japan Bank for International Cooperation, Nippon Export and Investment Insurance, K-Sure, Export-Import Bank of Korea, CESCE, SACE
Legal advisers
Shearman & Sterling, Milbank, Christopher & Lee Ong, Tanner De Witt, White & Case
The largest limited recourse integrated refinery and petrochemical financing in Asia in 2019. It achieved very competitive pricing, setting benchmarks for a number of ECA facilities
Power deal of the year
Nepal Water and Energy Development Company
US$453 million loan facilities
Sponsors
Korea South East Power Company, Daelim Industrial Company, Kyeryong Construction Industrial Company, International Finance Corporation, Bkesh Pradhanang
Lenders
International Finance Corporations, Asian Development Bank, Asian Infrastructure Investment Bank, CDC Group, Export-Import Bank of Korea, FMO, Korea Development Bank, OPEC Fund for International Development, Proparco
ECAs
K-Sure, Export-Import Bank of Korea, Multilateral Investment Guarantee Agency
Legal advisers
Shearman & Sterling, Pioneer Law Associates, RIAA Barker Gillette, Gandhi & Associates, Sinha Verma Law Concern
This is one of the largest foreign direct investments in Nepal for the construction of a 216-MW Upper Trishuli 1 run-of-the-river hydropower project. It will increase Nepal’s electricity supply by one-third from today’s levels and provide clean, reliable power to millions of people
Transport deal of the year
Sydney Airport Finance Company
A$1.4 billion syndicated sustainability-linked loan facility
Sponsor
Sydney Airport Corporation
Sustainability coordinators
ANZ, BNP Paribas
Bookrunners
ANZ, Bank of America, BNP Paribas, Commonwealth Bank of Australia, Credit Agricole CIB, HSBC, J.P. Morgan, MUFG Bank, National Australia Bank, Royal Bank of Canada, Scotia Bank, Societe Generale
Independent ESG reviewer
Sustainalytics
Legal advisers
Allens Linklaters, King & Wood Mallesons
This landmark transaction is the first of its kind in Australia, the largest across Asia-Pacific and the largest of all airports globally. The issuance enhances the company’s ESG performance by directly linking the airport’s sustainability objectives to its cost of capital
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