Regional Strengths

Latin America

Sullivan & Cromwell’s project finance experience is unparalleled in Latin America. Beginning with the groundbreaking Escondida copper project in Chile in 1988 (the first new money project financing into Latin America following the 1982 debt crisis), the Firm has acted for the borrower or lenders in some of the most notable projects in the region, including:

• the largest-ever mining project in Latin America to close (Minera Esperanza);
• the second largest-ever greenfield mining project in the region (Antamina);
• a strategically important toll road and a precedent for risk hedging (IIRSA toll road);
• the first merchant power plant in Argentina (Central Dock Sud);
• the first project bond for an oil and gas project in Latin America (Petrozuata);
• the first externally financed pipeline in Ecuador (OCP pipeline); and
• the largest financing for an oil and gas project in Latin America (Sincor).

Sullivan & Cromwell is applying this experience to notable ongoing projects in Argentina, Brazil, Chile and Peru.

Commonwealth of Independent States

S&C is ranked as a leading advisor on projects signed in the CIS from 1999 through 2009, according to Dealogic. We know intimately the requirements of commercial banks and bilateral and multilateral agencies for complex projects, including cross-border projects, and the process involved in reaching financial close with multiple lenders and a large group of project shareholders with diverse perspectives.

Our work in the region includes acting as consortium finance counsel on the first (AIOC Early Oil) and all subsequent major Caspian region projects that have been financed (including mega-projects BTC, ACG Phase 1 and TCO), as well as the first greenfield project (Kumtor) following the breakup of the former Soviet Union.

Africa

S&C has been active in Sub-Saharan project financings since the 1960s. Since this time, S&C has developed a strong knowledge of regional legal structures. Some of our most notable projects include:

• Ambatovy (Madagascar): the largest greenfield limited recourse mine financing to date, the first JBIC project financing in Africa, the first Kexim co-financing, the first scheme signed under Madagascar’s new large mining investment law, and one of the biggest nickel projects in the world—EMEA Mining Deal of the Year 2007 (PFI), African Mining Deal of the Year 2007 (Project Finance) and named one of the Deals of the Year 2007 (Trade Finance);
• Moma (Mozambique): the largest mine project financing ever completed in Sub-Saharan Africa at the time and the largest for a mining junior/independent; and 
• Bulyanhulu (Tanzania): the largest mine project financing completed in Sub-Saharan Africa pre-2004.

Middle East

We have represented clients in the Middle East on a wide variety of matters, including energy projects, development joint ventures, private and public financings, M&A transactions and litigation matters. In doing so, we have developed an appreciation and understanding of the perspectives of the countries in the region and the approaches to business there.

Recent projects in the region include S&C’s work representing:

• the lenders to the $4.14 billion Dolphin Energy cross-border project refinancing—Middle Eastern Oil & Gas Deal of the Year (PFI);
• the project company in the $4.8 billion YLNG upstream gas field development and LNG liquefaction facility—Global Deal of the Year and Oil & Gas Deal of the Year (Infrastructure Journal), Middle East Oil & Gas Deal of the Year (PFI), Middle East Oil & Gas Deal of the Year 2008 (Project Finance) and Project Finance Deal of the Year (Asian-Counsel); and
• the project company in the $7 billion Emirates Aluminium smelter project in the United Arab Emirates—EMEA Industry Deal of the Year 2007 (PFI) and Middle East Manufacturing Deal of the Year 2007 (Project Finance).
  

Asia Pacific

In Asia, S&C has a leading capital markets and M&A practice, conducted through offices in Beijing, Hong Kong, Melbourne, Sydney and Tokyo. This practice increasingly involves limited recourse financings. Our projects work in the Asia Pacific region includes:

• the pending Australia Pacific LNG project;
• the largest project financing to ever sign (PNG LNG, 2010);
• one of the largest real estate developments in the region and one of the largest foreign investments in Malaysia (Iskandar Development Region, pending);
• the largest high-yield bond financing in the Asia Pacific region in 2006, one of the largest high-yield financings ever for a mining project and one of the largest-ever pure debt deals for a mining project financing (Fortescue Iron Ore in Australia);
• the second largest project in the mining sector in Asia, the largest to date in Indonesia and the largest multiple commodity mining project (copper and gold) in Asia (Batu Hijau);
• the largest metals/mining venture to be financed in China in the last 10 years (China Minmetals in 2006);
• the first petroleum development project (Kutubu) and largest mining project (Lihir) in Papua New Guinea;
• the largest nickel project in Southeast Asia (PT Inco in Indonesia);
• the first NYSE listed power project in China (Shandong Huaneng); and
• a novel transaction structure in Japan that included loan agreements structured like a project financing (Jupiter Telecommunications refinancing), nominated as Asian Project Finance Deal of the Year by IFLR.