Herbert Smith Freehills’ Project Finance team has continued its lead of the market, topping the Inframation Deals Project Finance League Tables in Australia for the first half of 2018 for both deal count and deal value.
The firm advised on 16 deals with a combined value of $10.7 billion – over $1 billion more than the nearest competitor firm.
The results come after Herbert Smith Freehills finished 2017 at the top of the league tables for deal count, advising on 43 deals compared to the nearest competitor firm, which advised on 33 deals.
Project Finance Partner Gerard Pike said the results reflected the hard work the firm’s Project Finance team have put in so far in 2018, and demonstrated that Herbert Smith Freehills remains the market-leader in this space.
“It is wonderful for the firm to be recognised as the market-leader in project finance transactions once again,” Mr Pike said.
“Our team of project finance experts have advised on some of the most challenging transactions in 2018, and this result is a reflection of that hard work and dedication.”
“The firm’s Project Finance team advised on transactions across many industries and States, and we saw numerous project financings close in the large-scale renewables space.”
“For example, we advised financiers on the project financing of Goldwind Australia’s 530MW Stockyard Hill Wind Farm near Ballarat and the bank syndicate on First Solar’s 87MW Beryl Solar Project in Southern NSW.”
Mr Pike said, “Deal volume in the Australian project finance market remains strong. Both domestic and international banks are offering very attractive terms and competitive fees and margins for both greenfields deals and refinancings.”
“The remainder of 2018 is shaping up to be just as busy for the firm, and the next 6 months will also see financial close achieved on numerous significant energy and infrastructure project financings.”
Herbert Smith Freehills’ Project Finance team has advised on some of the largest and most complex transactions so far this year, including:
- Advising Airport Motorway Limited and AMT Management Limited in its capacity as trustee of the Airport Motorway Trust on a new $226 million four year bank debt facility to support the Eastern Distributor in Sydney;
- Advising Onslow Marine Support Base Pty Ltd as the borrower in the first Northern Australia Infrastructure Facility loan facility funding disbursed since the fund was established; and
- Advising Macquarie Capital and the project companies on the project development, corporate sale, offtake arrangements and project financing of the 228MW Lal Lal Wind Farms to be developed in Victoria’s Central Highlands.