Triple success at the Thomson Reuters PFI Europe Awards 2017
02 Jan 2018
The firm has advised on three award-winning projects
The Simmons & Simmons Energy, Natural Resources & Infrastructure projects team have advised on three major European projects which won Thomson Reuters’ Project Finance International (PFI) Europe Awards 2017.
The Pedemontana Veneta motorway project won ‘Europe Transport Deal of the Year’, for its remarkable success in financial engineering. This included the closing of Italy’s first greenfield project bond (Europe’s largest project bond to date) and the first availability-based road deal in the country.
The firm acted as legal adviser for the Italian construction group Fininc and the Spanish construction company Sacyr. The team was led by Nunzio Bicchieri and supported by Elena Macchi based in the firm’s Milan office.
Commenting on the project Bicchieri said: “This is a ground-breaking project for Italy, arranged by JP Morgan who acted as global coordinator and primarily financed by international private investors, without involving multilateral credit enhancement. This is an important signal for the market, considering that so far the construction risk connected to greenfield projects like this was perceived as too high for a purely merchant financing scheme”.
The Markbygden Ett project – Europe’s largest single site onshore wind farm won ‘Europe Wind Deal of the Year’. Backed by a 19-year fixed price and fixed-volume power purchase agreement, it is a clear indication of the market’s evolution. Simmons & Simmons advised the lenders on the debt financing for the €800m wind farm in Sweden, acquired by GE and Green Investment Group, part of Macquarie Group. The debt package included the first Euler Hermes covered loans provided by the European Investment Bank. The team was led by Partner Andrew Petry, supported by Partners Patrick Wallace and Simon Moore, alongside Simon Kenolty, Rose-Anna Daukes, Louise McErlane, Atrayee Basu, Shu Shu Wong, Victoria Sinkha, Sam Cundall, EunJung Kim, Elena Macchi, David van Gaever, Rika Akimoto, Daniella Johnson, Romain Girard and Matthew Caley.
The Walney Extension project was awarded ‘European Renewables Deal of the Year’, a landmark UK offshore wind expansion debt financing. Simmons & Simmons advised EKF Danmarks Eksportkredit on its first wrapped CPI-linked project debt, a new product for off-shore windfarm financings. Again, the team was led by Andrew Petry, with support from Rose-Anna Daukes and Shu Shu Wong.
Commenting on the two wind projects, Andrew Petry said: “I am delighted that the Simmons team had the opportunity to help shape a number of ground-breaking products in the wind-finance market on two landmark transactions which closed in close succession”.
The awards ceremony will take place at the Hilton, Park Lane, London on Wednesday 7 February 2018.
Simmons & Simmons advise on a number of energy, natural resources and infrastructure transactions. The firm were also winners of Project Finance Deal of the Year at the IFLR Europe Awards 2017 for their contribution to ‘Solar Storm’.