Project Finance

Chadbourne is a franchise name in the project finance market. It has worked on transactions in more than 80 countries. Its lawyers advise on the development and financing of power plants, road, bridges, ports, pipelines, airports, petrochemical and LNG facilities and other infrastructure projects. The firm is known for its work on cutting-edge transactions. The works includes public-private partnerships, acquisitions and divestitures (including privatizations), private equity investments, debt restructurings, tax equity transactions and the resolution of political risk claims and investment disputes.

Eighty lawyers work in the project finance group full time, giving Chadbourne one of the deepest benches in the project finance market of any law firm in the world. The group operates as a large team with lots of specialists in different types of contracts and financing strategies. Chadbourne distributes a publication called the Project Finance NewsWire to 29,000 people. It holds an annual conference for industry leaders. It also hosts workshops and roundtable discussions during the year on topical subjects.

Chadbourne’s project finance practice gets results, and those results are recognized by leading publications and directories. The prestigious Chambers global directory calls Chadbourne "arguably the preeminent US power group" and ranks it in the handful of top-tier firms working in the market based on peer reviews and year-round polling of corporate law departments.

The firm is particularly well known for its expertise in a number of areas:

It played a prominent role in the birth of the independent power industry in the United States, litigating against utilities in two dozen states to open markets and taking one case to the US Supreme Court to confirm the enforceability of the US statutory scheme to promote independent power. Chadbourne established itself early on as a premier developer's counsel. It continues to work heavily on the developer side of the business, but over time lenders, equity investors and investment banks have also turned to it as counsel.

Chadbourne has traditionally been viewed as a premier developer’s counsel. In the last decade, it has also been asked by equity investors and lenders who have seen Chadbourne across the table on deals to represent them. The firm’s client base today is roughly 60% developers and 40% lenders and equity investors. More than 60% of the work by the project finance group in each of the last five years has been on wind, solar, geothermal, biomass, hydroelectric, fuel cell and other renewable energy projects. Chadbourne works in some capacity for most of the major wind and solar companies active in the US market. It worked on more than a third of the installed wind capacity in the United States.

Chadbourne has long experience with projects in developing countries. It is tapped regularly by the multilateral lending and export credit agencies that are the first to provide financing in such markets. It has had a prominent role in projects in Latin America, Africa, Eastern Europe, central and south Asia and China. Its lawyers include some of the world's leading experts in political risk insurance and export credit and loan guarantees.

The firm has also made a heavy investment in work on toll roads and other public infrastructure projects. It has been involved in such geographically diverse projects as the Cross-Israel Highway, the Miami port tunnel project, the airport privatization in Puerto Rico, ports in Mozambique and Colombia, the Tel Aviv Metro and the Siberian railway.

Finally, Chadbourne has played a pioneering role in privatizations of the electricity industry and privately-financed infrastructure projects throughout Latin America, Russia and the former Soviet bloc countries, central Europe, the Middle East, Africa and Asia. It has also helped to structure the evolving independent power industries in such countries as Russia, Uzbekistan, Poland, Armenia, Israel, Mexico, China and Korea.

Representative Experience

Photovoltaic Solar Farm Financing
GE Energy Financial Services
Representation of an affiliate of GE Energy Financial Services in its purchase and financing of a 550 MW photovoltaic solar power project in Desert Center, California. 
Acquisition of Natural Gas-Fired Power Plants
Tenaska Power Fund
$1.6 billion acquisition of 3,145 megawatt power plants from Constellation Energy.
Investment in Undersea Cable Transmission System
Energy Investors Funds
Development loan to and equity investment in the developer of a 67-mile undersea cable transmission system from New Jersey to Long Island. This deal was named the 2005 “North America Infrastructure Deal of the Year” by Project Finance magazine.
Wind Farms Sale
PPM Wind Energy LLC
Sale of interest in a company owning wind farms in Oregon, California, Minnesota and Iowa.
Offshore Oil and Gas Development
Rosneft
Alliance to explore and develop the Kaigansko-Vasyukanskiy offshore oil and gas field project, part of the Sakhalin 5 Project and one of the largest oil and gas projects in eastern Russia.
Concession Bid
Consortium
Bid to develop, design, construct, finance, operate and maintain the Port of Miami Tunnel Project.
Ethanol Plant Financing
WestLB AG
Funding of three ethanol plants in Ohio, Nebraska and Indiana, each to produce 100 million gallons annually of denatured ethanol, named the 2006 "Environmental Deal of the Year" by Project Finance International.
Agreement to Build and Operate Delayed Coker Unit at Chilean Refinery
Empresa Nacional del Petróleo
Consortium led by Chile's state oil company in connection with an agreement to finance, build and operate a $430 million delayed coker unit at ENAP's Aconcagua refinery.
Natural Gas System Expansion
Duke Energy Corporation
Construction loan financing of the 110 mile expansion of the Gulfstream Natural Gas System in Florida.
Financing of Gas-Fired Electrical Generating Plant
Asian Development Bank
$412 million financing of Phu My 3.3, a 716.8 megawatt BOT combined cycle gas-fired electrical generating facility in Ba Ria-Vung Tau Province, Vietnam.
Financing of Three Power Plant Projects in Turkey
Overseas Private Investment Corporation
$2 billion financing for three build, own, and operate (BOO) power projects in Turkey totaling 1,890 megawatts of capacity.
[ more representative experience ]


Related Practice Areas

Alternative Dispute Resolution (ADR)
Corporate
Finance
Leasing
Political Risk
Project Finance Workout and Restructuring

Related Industries

Biofuels
Mining and Metals
Agency Finance
Oil & Gas
Renewable Energy
Transportation

Related Regions

Middle East and North Africa
Asia
Europe
Latin America
North America
Russia
 

Worldwide Contact

Keith Martin
Washington, DC
+1 (202) 974-5674

Rohit Chaudhry
Washington, DC
+1 (202) 974-5655

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