Globally Recognized Project Development and Finance Practice

Sullivan & Cromwell has long worked on precedent-setting resource, energy and infrastructure projects across the globe. Our work in 2007 spanned six continents:

• In Africa, we advised on the US$ 3.3 billion Ambatovy nickel and cobalt project, described by Project Finance International (PFI) as “a new dawn for international investment in the continent.” The project was named “EMEA Mining Deal of the Year 2007” by PFI, “African Mining Deal of the Year 2007” by Project Finance and as one of its “2007 Deals of the Year” by Trade Finance.
• In the Middle East/Gulf region, a landmark project dominated our work: the US$ 7 billion Emirates Aluminium smelter project in Abu Dhabi. Our Firm represented Emirates Aluminium (EMAL) for a project comprising a primary aluminum smelter and a 2,000 MW captive power plant. The related US$ 4.875 billion bank financing is the largest single commercial financing to date for any project in the Gulf and the first large-scale industrial project between Abu Dhabi and Dubai. The project was named “EMEA Industry Deal of the Year 2007” by PFI and “Middle East Manufacturing Deal of the Year 2007” by Project Finance.
• In North America, our Firm’s transport work in 2007 was highlighted by its advice on the four largest port/terminal financings to close globally. We represented Ontario Teachers’ Pension Plan Board in its US$ 2.35 billion acquisition of four marine container terminals from Orient Overseas (International) Limited of Hong Kong (reported by Infrastructure Journal as being the most notable project in the history of North American port financing at the time of signing). The credit facility was an innovative hybrid between leveraged financing and traditional project financing. The project was named “North American Acquisition Deal of the Year 2007” by Project Finance and “North American Deal of the Year 2007” by PFI. Our Firm also represented Goldman Sachs Infrastructure Partners in its significant equity investment in Carrix and Deutsche Bank AG regarding Port Authority matters in RREEF Infrastructure’s acquisition of Maher Terminals LLC. In addition, we represented DP World in connection with its sale of 100% of the outstanding stock of P&O Ports North America, Inc. and PORTS Insurance Company, Inc.
• In Latin America, our Firm represented Goldman Sachs as swap provider in the US$ 562 million notes offering by Interoceanica IV Finance Limited for the financing of the construction of toll roads in Peru by Intersur Concesiones S.A., recognized by LatinLawyer as “Project Finance Deal of the Year 2007.”
• In the Asia-Pacific region, our Firm continued its leading work on mineral projects. We represented Lihir Gold Limited in its A$1.2 billion equity offering to provide, in part, the capital expenditure required to complete the development of Lihir’s recently acquired mine in Ballarat, Australia and provide funds for a proposed expansion of the production capability of the Lihir mine. We also represented Morgan Stanley & Co. International in Bemax Resources Limited’s offering of US$ 175 million of high yield debt.
• In Europe, our client Sustainable Forestry Management Limited (SFM) and Credit Suisse formed a new special purpose vehicle, SFM Carbon Finance Limited, to provide up to US$ 200 million in carbon-backed financing for forestry projects. SFM is a private group of companies formed in 1999 that is dedicated to realizing value from the ethical and sustainable use of tropical and subtropical forests in the developing world, principally through the acquisition and trading of carbon credits and offsets.