![Milbank LLP [Artem Gorodilov]](https://www.milbank.com/a/web/9DbQrRX1vEiKfmFUnQuTfK/9GdogB/gorodilov-artem-lon-web.jpg "Milbank LLP [Artem Gorodilov]")
Milbank LLP advised Banco Santander, Citi, J.P. Morgan and Itaú, as joint lead arrangers, in connection with the $900 million syndicated project financing for the San Matías Pipeline Project in Argentina, a landmark transaction representing the first large-scale non-recourse financing for LNG-related infrastructure in the country. The financing was provided by a syndicate of international banks and financial institutions, including BBVA, Bladex, Barclays, ICBC and Bank of China.
The financing will support the construction of a 472-km natural gas pipeline connecting the Vaca Muerta shale formation to the Gulf of San Matías and forms a key component of the infrastructure required to enable Argentina to realize its large-scale LNG export ambitions.
The project represents a total investment of approximately $1.3 billion and constitutes one of the most significant midstream gas infrastructure developments currently underway in Latin America. The balance of the funding for the project will be provided by the San Matías Pipeline consortium, comprising Pan American Energy, YPF, Pampa Energía, Harbour Energy and Golar LNG.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Aled Davies and Corporate Finance and Securities partner Carlos Albarracín. The team also included Global Project, Energy and Infrastructure Finance partner David Gartside, special counsel Adam Cowan and associates Artem Gorodilov and Henry Morris; Corporate Finance and Securities associate Agustin Videla and international attorney Josefina Arana Baldeón; and Alternative Investments partners John Williams and Elizabeth Martinez and associate Julia Koinoff.
