Project Finance

The Practice

Project finance forms a core part of the firm’s Infrastructure, Construction & Utilities Group. We are consistently at the forefront of the development and use of project finance and have devised, structured and implemented numerous project finance structures utilizing syndicated debt; debt capital markets; securitisations; joint ventures; and secondary market sales of equity interests.

For each of the past eight years we have been the highest ranked Irish law firm in the Infrastructure Journal League Tables (by both value and volume).  In 2016, we are currently ranked in the top ten firms in Europe for volume of project finance transactions – and unprecedented achievement for an Irish law firm.   Our project finance practice has won multiple awards including:

  • Partnership Awards Waste/Energy/Water Deal of the Year 2015 (Dublin Waste to Energy Project)
  • Partnerships Awards Education Deal of the Year 2015 (Schools Bundle 4)
  • Finance Magazine Public Bodies M&A Deal of the Year 2015 (Sale of Bord Gáis Energy by Ervia)
  • Finance Magazine Public Bodies PPP Deal of the Year 2015 (Schools Bundle 4)
  • Project Finance International PPP Deal of the Year 2014 (M17/M18 Motorway PPP)
  • Finance Magazine M&A Deal of the Year 2011 (ESB acquisition of NIE)
  • Finance Magazine Loans and Finance Deal of the Year 2011 (East West Interconnector Financing)

Our project finance expertise is complemented by our strength in related practice areas including procurement, construction, regulatory compliance and corporate. We undertake detailed risk and contractual assessments, we integrate business issues and devise risk mitigation and solutions, we advise on financing and project documents.

Expertise

Project finance, by its nature, requires the negotiation and settling of frequently competing financial, legal and commercial issues. Arthur Cox infrastructure and project finance lawyers regularly address these issues and have accumulated extensive experience in structuring, negotiating and closing transactions in Ireland, both North and South, and internationally.  No other firm has completed or received as many project finance mandates than Arthur Cox.

We have been at the forefront of project finance developments in Ireland. Key members of our team have worked in house with funders, utilities and regulators in Ireland and internationally. In addition to having structured and closed some of the most innovative project financings completed to date in Ireland and Northern Ireland, our lawyers have also worked in other jurisdictions and have extensive international projects experience in the UK, Australia and Central and Eastern Europe. We act for promoters, equity providers, lenders and borrowers and are the only Irish law firm with specialist project finance capability in both Ireland and Northern Ireland. We have developed and retained a team of specialists who offer an unrivalled depth and breadth of demonstrable industry and sector knowledge across the project finance sector.

Members of our team have extensive expertise in several related disciplines, including:

  • Banking, senior debt, mezzanine and limited non-recourse transactions
  • Capital markets/bond financings
  • Preparation of tender documentation, bids and proposals to undertake projects
  • Evaluation, negotiation and drafting of key project agreements such as concessions, power purchase and engineering, procurement and construction contracts
  • Security structures and support packages

Experience

  • Dublin Waste to Energy Limited in relation to the €525m financing of the Dublin Waste to Energy Project(Partnerships Awards Energy/Waste/Water Deal of the Year 2015);
  • The funders in relation to the €180m Mayo Renewable Power Biomass Project;
  • EirGrid in relation to the €600m Phase 2 financing of the 500MW HVDC Interconnector linking Ireland and Wales (Finance Magazine Loans and Finance Deal of the Year 2011);
  • The funders on the N17/N18 Roads PPP (International Financial Law Review (PPP Deal of the Year 2014)
  • The funders in relation to the €100m financing of Schools Bundles 4 PPP (Partnerships Awards Education Deal of the Year 2015)