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Project Finance

Given the continued demand for new investment in Australia’s infrastructure base – from desalination plants to toll roads to power stations and renewable energy projects – project finance will continue to play a vital role in delivering new infrastructure projects in the Australian market.

Overview

Freehills offers expert project finance services to clients in a range of industry sectors, including transport, power, gas, water, defence, resources and telecommunications. Our Project Finance team has a broad range of experience in advising both sponsors and lenders.

We provide a comprehensive range of commercially-focused, timely legal solutions in all aspects of project finance, including:

  • financing on a limited or non-recourse basis
  • capital markets including 'credit-wrapped' issues
  • mezzanine and subordinated debt
  • commodity sales trading and financing
  • domestic and cross-border leasing including equity and leverage leases and asset sale and leaseback
  • financial enhancements
  • risk exposure and risk management.

In advising sponsors, clients benefit from out broad industry experience as well as out multidisciplinary approach. Our role as advisers includes not only the structuring, planning, finance and documenting aspects of a transaction, but also strategic advice and analysis and a commercial understanding of contract negotiation.

In advising lenders, our clients benefit from the depth of our financial product experience, from senior debt to mezzanine and hybrids, as well as our expertise in structured finance, debt capital markets and property finance. We are also able to draw on industry experts within the firm to provide advice on the key risks affecting a project such as construction, supply or off-take agreements or industry regulation.

Experience

Freehills has experience in advising across a range of industry sectors, including:

  • energy and resources
  • infrastructure
  • transport
  • health
  • telecommunications 
  • public private partnerships / social infrastructure.

Some of our recent experience includes:

  • LNG project, Papua New Guinea ($14 billion) – adviser to one of the sponsors 
  • Epic Energy pipeline refinancing, Queensland ($1.25 billion) – adviser to the financiers
  • Collgar Wind Farm, Western Australia ($740 million) – adviser to the sponsor
  • Peninsula Link PPP project, Victoria ($759 million) – adviser to the financiers
  • SEA Gas pipeline project, Victoria ($425 million) – adviser to the financiers
  • M1 and M2 road refinancings, New South Wales ($515million and $465 million respectively) – adviser to the sponsor
  • Waterloo Wind Farm, South Australia ($195 million) – adviser to the financiers
  • Perth Airport refinancing ($750 million) – adviser to the financiers
  • Hazelwood Power Station refinancing, Victoria ($750 million) – adviser to the financiers
  • Waubra Wind Farm, Victoria ($330 million) – adviser to the financiers
  • Hallett Wind Farms (Brown Hill, North Brown Hill and Hallett Hill), South Australia – adviser to the financiers
  • Port of Newcastle development, New South Wales ($1.4 billion) – adviser to the sponsor
  • Biosciences PPP project, Victoria ($230 million)  – adviser to the financiers
  • South Australian schools PPP project ($320 million) – adviser to the financiers
  • Worsley co-generation project, Western Australia ($700 million) – adviser to the financiers
  • Oz Minerals refinancing – adviser to Oz Minerals in relation to its critical refinancings
  • Cross City Tunnel acquisition, New South Wales – adviser to the sponsor

Working with you

Our demonstrated experience and expertise in all aspects of project finance allows us to deliver effective and valuable legal and project management advice.

Our lawyers are industry experts as well as legal experts. We recognise that industry knowledge is at the core of relevant and effective advice.

Our team offers comprehensive support and guidance on all aspects of project formation, structuring, implementation, financing and operation. Our clear and practical approach will help you enhance your competitive advantage and achieve commercial success.

Accolades

Awards

  • Project Finance Deal of the Year 2010: PNG LNG project – ALB Australasian Law Awards
  • Best Financial Law Firm 2009 – FinanceAsia Achievement Awards
  • Project Finance Deal of the Year 2009: Hallett Hill Wind Farm – CFO Awards
  • Project Finance Deal of the Year 2009: Energy Infrastructure Investments Group Asset Sale – ALB Australasian Law Awards
  • Best Project Finance Deal 2008: Newcastle Coal Infrastructure Group coal export terminal A$1.6 billion – FinanceAsia Achievement Awards
  • Project Finance Deal of the Year 2008: Newcastle Coal Infrastructure Group A$1.64 billion port project  – CFO Awards
  • Private Equity Exit Deal of the Year 2008: Amdel Holdings (Freehills acted for the acquirer Bureau Veritas) – CFO Awards
  • Best Project Finance Deal 2008: Cross City Tunnel A$695 million acquisition and refinancing – ALB Australasian Law Awards
  • Best Project Finance Deal 2007: Cross City Tunnel A$695 million acquisition and refinancing – FinanceAsia Achievement Awards
  • Banking and Finance Law Firm of the Year 2006 – Australian Law Awards 
  • Best Financial Law Firm 2006 – FinanceAsia Achievement Awards
  • Asia-Pacific Mining Deal of the Year Award 2006: Fortescue Metals Group’s Pilbara iron ore and infrastructure project – Project Finance Magazine
  • Best Project Finance Deal 2005: Loy Lang refinancing A$2.36 billion – FinanceAsia Achievement Awards

Legal guides

  • Tier 1 Ranking, Project Finance, IFLR 1000 (2010, 2009, 2008, 2007, 2006, 2005)
  • Ranked No 1 in Australia in Project Finance and Development, Best Lawyers Australia (2010, 2009). 
  • Leading Firm, Project Finance, PLC Which Lawyer? Yearbook (2009, 2008)
  • Leading Firm, Banking & Finance, PLC Which Lawyer? Yearbook (2009, 2008)
  • Tier 1 Ranking, Banking & Finance, Asia Pacific Legal 500 (2009, 2008, 2007, 2006)
  • Tier 1 Ranking, Projects and Infrastructure, Asia Pacific Legal 500 (2009, 2008, 2007, 2006, 2005)
  • Tier 1 Ranking, Projects, Chambers Global Guide (2010, 2009, 2008, 2007, 2006)
  • Dealogic Project Finance League Tables, 2008
    • First in the Australasia region for number of deals advised on. 
    • First in the Asia Pacific region for number of deals advised on.
    • Advised on more deals globally than any other Australian law firm.

Testimonials

  • ‘Freehills remains a dominant player in Australian project finance endeavours and has been particularly active in energy.’ IFLR 1000 500 2010
  • ‘Once again proving a pre-eminent firm in the Australian finance market, Freehills stands out to commentators for its “commerciality and experience in dealing with high-pressure, high-risk situations.”’ Chambers Global Guide 2009
  • ‘Clients applaud the “partners’ fantastic depth of knowledge and commercial and timely advice.”’ Chambers Global 2009
  • ‘Clients are impressed with the “sheer depth of resources” within the projects practice at Freehills and the “experience and skill of the partners” enables the team to represent many large clients on major projects.’ Chambers Global Guide 2009
  • ‘The team “combines a great understanding of commercial realities with expert legal know-how” and is “well respected by the business community.”’ Chambers Global Guide 2009
  • ‘Freehills is widely regarded as a leader in projects, with its financial expertise and knowledge in the energy and resources sector.’ IFLR1000 2007
Freehills is a leading Australian-based international law firm