Project Finance

Davis Polk is among a small group of law firms which are consistently retained to handle the most complex project finance transactions for leading business enterprises. We have been involved in virtually every type of project financing on six continents across the full range of sectors, including oil and gas, minerals, energy and infrastructure.

Our Project Finance Group regularly represents the various parties involved in these transactions, including sponsors, lenders, borrowers, governments, development and export credit agencies, construction, supply and offtake contractors, and project bond underwriters.

Our experience includes advising on:  

  • Non-recourse and limited-recourse bank financings
  • Leasing transactions
  • Private and public capital markets transactions
  • Emerging market transactions

We understand the unique commercial and political context of each project and the relationship of political issues with the relevant legal and financing issues. We are particularly sensitive to how that relationship can differ in various countries, including the differences between how projects are viewed in the United States relative to most of the rest of the world.

Our ability to offer clients world-class legal advice across the full range of disciplines relevant to project finance transactions puts us in a distinctive position to address our clients’ most complex and high-stakes transactions. 

With significant strength in infrastructure, oil and gas, petrochemicals, power and telecommunication, as well as a pioneering position in multi-sourced project finance and project bonds, our practice has consistently ranked among the best in Latin America.

Recognition

  • IFLR Latin America – Energy and Infrastructure: Corporate, Band 1
  • IFLR U.S. – Energy and Infrastructure: Finance, Band 2
  • Legal 500 Latin America – Projects and Energy (International Firms), Band 2

The Davis Polk project finance group continues to receive recognition for many of the successful representations completed on behalf of our clients, including most recently:

  • Rutas de Lima
    • "Best Local Currency Financing" – 2015 LatinFinance Infrastructure Finance Awards
    • "Best Road Financing" – 2015 LatinFinance Infrastructure Finance Awards
    • "Best Infrastructure Financing: Andes" – 2015 LatinFinance Infrastructure Finance Awards
  • Sete Brazil
    • "Best Oil/Gas Financing” – 2014 LatinFinance Infrastructure Finance Awards
    • “Best Infrastructure Financing: Brazil” – 2014 LatinFinance Infrastructure Finance Awards
  • Cerro Verde
    • “Best Mining Financing” – 2014 LatinFinance Infrastructure Finance Awards
    • “Best Loan” – 2014 LatinFinance Infrastructure Awards
  • Etileno XXI
    • "Project Finance Deal of the Year" – Latin Lawyer
  • ViaQuatro
    • “PPP Deal of the Year” – Latin Finance
    • “Latin American Deal of the Year”  and “Latin American Transport Deal of the Year” – Project Finance
  • Embraport
    • “Americas Transport Deal of the Year” – Project Finance
    • “Latin American Transport Deal of the Year” – Project Finance
    • “Project Finance Deal of the Year” – IFLR Americas and Latin Lawyer
  • Línea Amarilla
    • "Latin American PPP Deal of the Year" – Project Finance
  • Odebrecht
    • "US Bond Deal of the Year" – Marine Money Offshore
    • “Latin American Upstream Oil & Gas Deal of the Year” – 2013 Project Finance Awards
    • “Latin American Project Bond Deal of the Year” and “Latin American Sponsor of the Year” – Project Finance
    • “Standout Energy Deal” – Financial Times
    • "Latin American Oil & Gas Deal of the Year" – Project Finance International

Notable Matters

  • LIBRA FPSO. Advised Odebrecht Oil & Gas S.A. and Teekay Offshore Partners LP and their subsidiaries on the $900 million long-term limited recourse project financing of an extended well test floating production, storage and offloading unit (Libra FPSO) to be chartered to Petrobras Brasileiro S.A. 
  • Punta Catalina. Advised Construtora Norberto Odebrecht S.A. on the construction and joint venture arrangements for the design, engineering, procurement, construction and commissioning of two “clean coal” fired thermoelectric power plants to be located in Punta Catalina, Hatillo, in the Dominican Republic.
  • Sete Brasil. Advised Sete Brasil Participações S.A. and Sete International GmbH on a capital call credit facility in the amount of $1.25 billion. The facility will be used to finance the ongoing construction of 29 ultra-deep water drilling rigs to be built in several Brazilian shipyards, each costing approximately $950 million – total project value size $26 billion.
  • Cerro Verde. Advised Sociedad Minera Cerro Verde S.A.A. on a $1.8 billion five-year senior unsecured term loan credit facility, expected to be drawn over a two-year period to fund a portion of Cerro Verde’s $4.6 billion mining expansion project.
  • Rutas de Lima. Advised the project company, Rutas de Lima S.A.C., and the sponsors, Odebrecht S.A. and Construtora Norberto Odebrecht S.A., on the approximately $550 million senior secured bond and an approximately $250 million senior secured loan for a public-private partnership (PPP) toll road project in Lima, Peru.
  • Etileno XXI. Advised a consortium comprising Odebrecht, Technip and Ica Fluor on the $4-5 billion Etileno XXI Project – a petrochemical facility to be located in the state of Veracruz, Mexico. This project represents the largest-ever Brazilian direct investment made in Mexico and a record investment in the country’s petrochemical sector in the last 20 years.
  • ViaQuatro. Advised ViaQuatro, the operator of Line 4 - Yellow of the São Paulo subway, on the $600 million project financing that will link the city center to the west zone.This is the first public-private partnership (PPP) project in São Paulo.
  • Embraport. Advised Embraport and sponsors Odebrecht Transport and Dubai Ports (DP World) on the $1.1 billion project financing for Brazil's largest privately owned port, currently under construction at Santos in the State of São Paulo.
  • Línea Amarilla. Advised Línea Amarilla on a bank/bond project financing in Peru in an overall amount of $885 million. Línea Amarilla, a wholly owned project finance subsidiary of Invepar, is the Concessionaire of the Vía Parque Rimac toll road in the city of Lima, Peru.
  • Odebrecht. Advised Odebrecht on its $1.5 billion Rule 144A/Regulation S senior secured offering, the proceeds of which will be used to pay for the construction of two deep sea drill ships with capacity to drill to a maximum depth of 12,000 meters below the seabed off the coast of Brazil. This was one of the largest project bond issuances ever in Latin America.