February 5, 2020

PFI Names Six Milbank Transactions as Deals of the Year


Leading international law firm Milbank LLP advised on six transactions recognized by Project Finance International (PFI) as 2019 Deals of the Year. The annual awards ceremony is held in February in London.

PFI cited projects advised on by Milbank across industry sectors, including oil, gas & petrochemicals, mining and renewable energy in Latin America, Asia and the Middle East.

Dan Bartfeld, practice group leader of the firm’s Global Project, Energy and Infrastructure Finance Group, said: “We are honored to once again be recognized by Project Finance International for our prominent work on some of the most cutting-edge power and infrastructure projects throughout the world. These awards underscore the strength and depth of our team across our global network, as well as highlight our leading place in the energy and infrastructure market. We are able to achieve these accomplishments through the trust our clients place in us to navigate these complex and innovative transactions on their behalf.”

Milbank advised on the following six projects recognized by Project Finance International PFI:

Americas Mining Deal of the Year: Quebrada Blanca Expansion (QB2) – Milbank represented the senior lenders in connection with the financing for the expansion of the US$6 billion Quebrada Blanca Phase 2 (QB2) copper mine in Chile. Underscoring the importance of this transaction in the market place, PFI states that this deal “was the first major mining deal done in Chile in the past five years” and “one of the largest in the region for a while.”

Americas Renewables Deal of the Year: Condor Portfolio – Milbank advised Mainstream Renewable Power Ltd. and its affiliates in connection with the project financing of the 571MW Cóndor portfolio, which is comprised of three wind and one solar PV generation assets. The projects, including (i) an approximately 157MW wind farm to be located in Antofagasta, II Region, Chile, (ii) an approximately 185MW wind farm to be located in Antofagasta, II Region, Chile, (iii) an approximately 84MW wind farm to be located in Bío Bío, VIII Region, Chile and (iv) an approximately 145MW solar power plant to be located in Atacama, III Region, Chile, will generate enough sustainable electricity to power 680,000 Chilean homes and will displace 656,000 metric tonnes of CO2 each year, according to the company.

Asia-Pacific Petrochemical Deal of the Year: RAPID – Highlighting the firm’s strong reputation for working on innovative petrochemical financings, PFI stated that “Malaysia is moving into a new frontier of economic development and helping achieve that target is the development of the largest petrochemical and refinery project in Asia to-date.” Milbank advised the lenders in connection with the landmark financing for the development of a new refinery and petrochemical integrated project (RAPID) and other associated facilities in Southern Johor, Malaysia.

Asia Pacific Oil & Gas Deal of the Year: Jambaran Tiung Biru (JTB) – Adding to its reputation as a leader in complex oil and gas financings, Milbank advised the Commercial Lenders, Islamic Investors, Hedge Banks and their respective agents in connection with the financing of the Jambaran Tiung Biru (JTB) gas field unitization project for PT Pertamina EP Cepu (PEPC), a wholly owned subsidiary of PT Pertamina, Indonesia’s state-owned oil and natural gas corporation, the country’s largest state-owned entity and one of its largest crude oil producers.

Asia Pacific Refinancing Deal of the Year - Banten Energi – Milbank advised PT Lestari Banten Energi, a project company of Genting Berhad and SDIC Power, on the project bond issuance of US$775 million notes used to refinance existing senior debt facilities of PT Lestari Banten Energi – the first Asian deal of its kind in 2019 and one of only a few project bonds from the region.

Middle East and Africa Infrastructure Deal of the Year: ADNOC Pipelines (Project Beyond) – Milbank advised BlackRock and KKR on their landmark partnership with Abu Dhabi National Oil Company (ADNOC) in connection with a $4 billion midstream pipeline infrastructure agreement. The agreement forms a new entity called ADNOC Oil Pipelines, with BlackRock and KKR acquiring a 40% stake and ADNOC retaining a 60% majority stake. PFI noted: “Project Beyond, the sale of a 40% stake in 18 Abu Dhabi National Oil Company (ADNOC) pipelines, is the first of what promises to be a series of midstream pipeline infrastructure sales in Abu Dhabi as the Emirate seeks to raise money to invest in new industries.”

Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital.