Project Finance Team Earns Honors at AmLaw’s Global Legal Awards

Milbank, Tweed, Hadley & McCloy LLP’s Global Project, Energy and Infrastructure Finance Group earned recognition for advising on two award-winning deals at The American Lawyer’s Global Legal Awards on September 25, 2017. The awards were issued in the areas of Finance, Mergers and Acquisitions, Disputes, and Citizenship for global matters that demonstrate the industry’s ability to navigate complex international legal issues.

Milbank was recognized for its involvement in the following transactions:

• Barakah nuclear power project financing – Global Finance Deal of the Year: Projects (Middle East)
  Milbank advised Korea Eximbank (K-Exim) and the commercial banks First Gulf Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank, on the US$24.4 billion project financing of the Barakah nuclear energy project, made up of four nuclear energy plants with a combined energy output of approximately 5,600 MW. The power plant is the first nuclear power station in United Arab Emirates, and is expected to provide as much as 25% of the country’s electricity supply once it is fully operational. The project’s majority stakeholder is UAE-owned Emirates Nuclear Energy Corporation (ENEC), with Korea Electric Power Corporation (KEPCO) holding the remaining 18 percent stake.
• Bhimasena Power Indonesia project – Global Finance Deal of the Year: Projects (Southeast Asia)
  The firm also advised on this groundbreaking project, which is expected to be one of the largest IPP’s in Asia once completed. The Milbank team advised project lenders Japan Bank for International Cooperation (JBIC), The Bank of Tokyo-Mitsubishi UFJ, Ltd., and eight commercial lenders on the development and financing of the US$4.3 billion 2,000 MW coal-powered electricity generation plant in Central Java. In addition to being the first Indonesian project to be delivered under public-private partnership laws, the project will also be the first to benefit from a joint guarantee from the Indonesia Infrastructure Guarantee Fund and the Government of Indonesia.

The Milbank team involved in the Barakah deal was led by Global Project, Energy and Infrastructure Finance partners Phillip Fletcher, Young Joon Kim and John Dewar, and was coordinated by senior associate Oliver Irwin. Also involved were associates Vicky Cox, Kilian de Cintre, Emily Whittaker and Ben Pridgeon. Litigation partners Michael Nolan and Tom Canning and associate Elitza Popova-Talty provided advice on international law issues.

The Milbank team involved in the Central Java transaction was led by Global Project, Energy and Infrastructure Finance partner James Murray, along with associates James Orme, Rosaline Yusman, Andrew Gibb and Martin Wong, and partners Young Joon Kim and Alexander Borisoff, special counsel Daniel Lin and Melissa Lewis, and associates Kristina Hokenberg, John Inglis and Brian Youn.