• Overview
  • Experience
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Chadbourne’s project finance practice has advised on some of the most noteworthy debt financing transactions in the energy and infrastructure sectors with a long track record of success that dates back to the firm's active role in the evolution of the independent power industry in the United States. Chadbourne specializes in advising borrowers, lenders, equity investors and hedge providers in connection with large-scale project financings involving numerous lenders and complex intercreditor arrangements. Our experience in this regard is renowned globally and is demonstrated by the successful financing of numerous complex projects. We regularly represent domestic and foreign commercial and investment banks, bilateral and multilateral agencies, export credit agencies, financial institutions, investment funds, venture capital firms and energy companies as arrangers, agents, lenders and borrowers.

We advise clients on a range of financing transactions, and key focus areas include: 

  • Commercial bank financing
  • Term loan B financing
  • Agency financing
  • Private placements
  • Project bonds
  • Leveraged financing

Industries we regularly serve include: 

  • Conventional power
  • Renewable energy, including solar, wind, geothermal, nuclear, biomass and landfill gas
  • Oil and gas, including LNG and gas pipelines
  • Infrastructure, including toll roads, bridges and airports

Commercial Bank Financing

  • Sabine Pass Liquefaction Project. Chadbourne represented the lenders on a US$4.6 billion financing that will include Train 5 of the Sabine Pass Liquefaction LNG export project at the Sabine Pass LNG Terminal, located in Cameron Parish, Louisiana. Chadbourne previously represented the lenders on the initial Sabine Pass Liquefaction Trains 1-2 financing that closed in 2012, and the subsequent Sabine Pass Liquefaction Trains 1-4 financing that closed in 2013.
  • Jazan Air Separation Facility. Represented the lenders in the US$1.7 billion Shari'ah-compliant financing of the Jazan Air Separation Facility in the Kingdom of Saudi Arabia. Once constructed, the facility will be the world’s largest industrial gas complex, with an estimated total project cost of US$2.15 billion. A group of 10 commercial banks comprised the lenders, and they included Samba Financial Group, The National Commercial Bank, Banque Saudi Fransi, Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Alinma Bank, First Gulf Bank PJSC, Société Générale, and The Saudi British Bank.
  • Kay Wind. Represented a group of lenders led by Bayerische Landesbank, New York Branch and Rabobank, New York Branch in connection with a US$397 million construction loan for the 300 MW Kay Wind Project, located in Kay County, Oklahoma that is being developed by Apex Clean Energy.
  • Centinela Solar Facility. Representation of LS Power in the construction and financing of the 275 MW Centinela Solar Facility in Imperial County, California. The financing of this solar power project was structured with two tranches—combining a long term institutional financing led by Prudential Capital Group with a shorter term bank financing led by Sovereign Bank, N.A. (Coordinating Bank and Joint Lead Arranger) and four other Joint Lead Arrangers: Union Bank, N.A., Rabobank Nederland, Canadian Imperial Bank of Commerce, and NordLB.
  • Arlington Valley Solar Energy II Project. Represented the sponsor in the bank and institutional debt financing of the US$550 million Arlington Valley Solar Energy II Project, a 127 MW solar photovoltaic energy project in Arizona.
  • EGE Haina. Representation of Citibank as Administrative Agent and Lender in connection with a US$200 million secured financing for EGE Haina, a Dominican Republic power company. The loan proceeds were used to purchase equipment to expand two renewable energy projects in the Dominican Republic.
  • Qurayyah IPP. Representing the sponsor group, led by ACWA Power International, on the development and financing of the Qurayyah independent power project in the Kingdom of Saudi Arabia. The Qurayyah IPP was awarded “Middle East Power Deal of the Year 2011” by Project Finance magazine, and “Best Project Finance Deal of the Year” by Euromoney Islamic Finance Awards 2012.
  • Heron II CCGT. Representation of the joint venture between GDF Suez and the Greek company Terna on their development and financing of the Heron II 450 MW gas-fired merchant CCGT plant, financed by EIB and Greek commercial banks.
  • Jorf Lasfar Extension. Represented the Morocco state-owned utility Office National de l'Electricité et de l'Eau Potable (ONEE) in connection with the US$1.4 billion, 700 MW extension of the existing 1,350 MW coal-fired power project at Jorf Lasfar, Morocco (Morocco's first IPP). Financing of the project by sponsor, Abu Dhabi National Energy Company PJSC (TAQA) includes JBIC and KEXIM facilities, as well as international and local commercial lenders. The deal was named “African Power Deal of the Year” by Project Finance magazine.

Agency Financing

  • US Department of Energy. Represented the DOE in connection with loan guarantees for up to US$6.5 billion in loans to finance the construction of the first new nuclear power facility in the US in more than 30 years.
  • San Andres Merchant Solar PV Power Project. Represented IFC and OPIC on the financing of the US$140 million, 50 MW SunEdison-sponsored San Andres merchant solar power project in Chile. Project Finance magazine named the transaction the 2013 “Latin American Solar Deal of the Year.”
  • US Department of Energy. Represented the DOE in connection with loan guarantees for up to US$6.5 billion in loans to finance the construction of the first new nuclear power facility in the US in more than 30 years.
  • Mundra Ultra-Mega Power Project. Represented IFC, the Asian Development Bank, the Export-Import Bank of Korea, the Korean Export Insurance Corp., a syndicate of Indian banks led by the State Bank of India, and a syndicate of commercial banks led by BNP Paribas in connection with the US$4.25 billion project financing of the 4000 MW Mundra coal-fired power project in Gujarat, India, sponsored by Tata Power. This transaction was named “Deal of Year-Asia Pacific” by Project Finance International.
  • Jordan Solar PV Projects. Represented Adenium Energy Capital  in the US$207.5 million financing of four utility-scale solar photovoltaic independent power projects in Jordan. The four projects form part of a wider and innovative solar project portfolio financing led by the International Finance Corporation and dubbed the “Jordan Seven Sisters Solar Project.” Leading project finance trade publication IJ Global named the portfolio financing its “2015 Middle Eastern Renewable Deal of the Year” and “2015 Middle East Deal of the Year.”

Term Loan B Financing

  • Walnut Creek. Represented lead lenders and banks in the approximately US$617 million construction and term loan financing of the Walnut Creek Energy Facility, a 479 MW natural gas-fired peaker project located in City of Industry, CA.
  • Webberville Solar Project. Represented Metropolitan Life Insurance Company and MetLife Capital Credit in connection with the approximately US$140 million purchase and term loan financing of a 30 MW solar photovoltaic power plant.
  • Atlantic Power Limited Partnership (APLP). Represented Atlantic Power Limited Partnership in connection with a financing consisting of one or more US$210 million revolving credit facilities and a US$600 million term loan B transaction secured by a portfolio of 17 energy projects located in the US and Canada.
  • Tenaska Power Fund. Represented Tenaska Power Fund in the US$455 million Term Loan B refinancing of three gas-fired power plants.
  • Sumitomo Mitsui Banking Corporation. Representation of the lenders in connection with the construction financing, tax equity financing and term loan financing of a 50 MW solar power plant under development in California.

Private Placement

  • Desert Sunlight Private Placement. Represented the issuer in connection with the financing of the Desert Sunlight solar project in California which included a US$744 million private placement.
  • Conduit Capital Partners and CACAO JEP Limited Private Placement. Represented Conduit Capital Partners and CACAO JEP Limited, the principal shareholder for independent power producers Jamaica Energy Partners Limited and West Kingston Power Partners, in connection with a private placement to be arranged by Oppenheimer & Co. Inc. and First Global Financial Services Limited.
  • Eagle Creek Renewable Energy Private Placement. Represented Eagle Creek Renewable Energy, LLC in connection with a private placement of equity.
  • Shepherd's Flat. Represented the issuer in connection with the financing of the approximately US$2 billion 845 MW Shepherd’s Flat wind project in Oregon, which included a US$525 million private placement.

Project Bonds

  • Alta Wind Energy Phases II-V. Represented the sponsor in the US$1.2 billion financing of Phases II-V of Alta Wind Energy, which included a US$579.9 million Rule 144A offering, the first capital markets sale-leaseback transaction for a wind project, was named “Bond Deal of the Year in The Americas” by Project Finance International and “North American Wind Deal of the Year” by Project Finance.
  • Autopista del Sol-Toll Road, Chile. Represented Autopista del Sol S.A., owner of the Santiago to San Antonio toll highway in central Chile, in connection with the insured issuance of US$118 million in bonds, which will be released locally through peso-denominated index-linked units known as UFs.
  • Maple Ethanol. Maple Ethanol. Representation of Corporacion Andina de Fomento, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Inter-American Development bank and Banco Internacional del Perú (Interbank) as senior lenders in connection with a US$150 million limited-recourse financing for development of a greenfield ethanol project on the northern coast of Peru consisting of a 7,800 hectare sugarcane plantation to provide sugarcane feedstock to the project, an ethanol distillery with capacity to produce up to 35 million gallons of ethanol per year and a 37 MW power plant to supply all of the project’s power needs. The project’s total estimated costs are US$254 million. The transaction was honored as the “2010 Latin America Biofuels Deal of the Year” and awarded the 2011 “Latin America Biofuels Deal of the Year Award” by Project Finance magazine.
  • Lima Metro Line 1. Represented Graña y Montero and Ferrovías Participaciones, as sponsors, in connection with the international offering of S/.629.0 million (US$200 million) in senior secured VAC-indexed notes to finance Line 1 of the Lima Metro project in Peru.
  • Taboada Wastewater Treatment Plant Project. Represented Grupo ACS in connection with a US$350 million local-currency-denominated project bond secured by project assets and Peruvian government guaranteed receivables (REPICAOs) to finance the construction of the Taboada wastewater treatment plant in Lima, Peru. The offering was placed by BNP Paribas Securities primarily with Peruvian pension funds and institutional investors. The Taboada Wastewater Treatment Plant Project was nominated at the 2012 IFLR Americas Awards as the “Project Finance Deal of the Year.”

Leveraged Financing

  • Acquisition of Upper Peninsula Power Company. Represented The Bank of Nova Scotia and RBC Capital Markets, as joint lead arrangers and lenders, on the leveraged financing for the acquisition of Upper Peninsula Power Company, a Michigan utility, by infrastructure equity investment fund Balfour Beatty Infrastructure Partners LP from Integrys Energy Group, Inc.
  • Acquisition of Primary Energy Recycling Corporation. Represented Investec in connection with a leveraged financing in support of Fortistar's bid to acquire Primary Energy Recycling Corporation.
  • Acquisition of Interest in Northern Star Generation. Represented Investec Bank and Union Bank on a leveraged financing in support of Fortistar’s bid to purchase Ontario Teachers’ Pension Plan Board’s sale of its 50% equity interests in Northern Star Generation LLC.
  • US Power Generating Company Acquisition. Represented affiliates of Tenaska Capital Management, LLC (Tenaska) in connection with Tenaska’s agreement to buy US Power Generating Company (USPG), the owner and operator of generating facilities with a total summer capacity of over 2,180 MW. Chadbourne acted as M&A counsel to Tenaska in the competitive auction for USPG and represented Tenaska in USPG’s US$125 million debt upsizing, which was done as part of the transaction.
  • San Antonio International Oil & Gas Services Acquisition. Advised Southern Cross in connection with the purchase by its majority-owned subsidiary, Estrella International Services Ltd., in connection with the acquisition of San Antonio International Oil & Gas Services, Inc., which provides drilling and exploration and production services for the development of onshore oil and gas resources in Colombia and related financing arrangements.
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