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- Project Development and Finance
Covington's international Project Development and Finance practice represents clients on the acquisition, development, financing, restructuring, and divestiture of projects in the Americas, Europe, the Middle East, India, Africa, and Asia. Our global team advises energy companies, independent power producers, developers, sponsors, joint ventures, equity investors, government entities, and lenders in all aspects of project development and project finance.
Our broad array of experience spans several industries, including oil and gas (upstream, midstream, and downstream), power generation and renewables, infrastructure (roads, bridges, ports, airports, parking, sewers, and water), mining and metals, sports and entertainment, and transportation, among others.
Full-Service Project Development and Finance Capabilities
We have represented clients through all stages of a project’s development, including planning, acquisition, construction, financing and refinancing, and operations. We are experienced in structuring, drafting, and negotiating the complex contractual arrangements required to construct and operate projects and to obtain debt financing. And our international tax lawyers routinely advise on tax minimization structures for major projects around the world.
Unique Government Affairs and Public Policy Support
We also use our extensive insight about the workings of governments around the world to provide practical project development advice. Our clients benefit from the experience of our more than 120 former government officials, diplomats, and regulators, who work seamlessly with our teams of litigators, regulatory lawyers, and deal makers.
Regulatory Compliance and Disputes Counsel
Our team also advises companies around the world on regulatory compliance, particularly sanctions and anti-corruption/FCPA laws, and conducts special investigations. Our litigation teams and International Arbitration practice are well positioned to help project development and finance clients resolve the most complex disputes. We have represented major corporations in some of their most significant disputes, including lawsuits and arbitrations involving multi-billion dollar controversies.
Borrego Solar Project Finance Fund
Represented Borrego Solar Systems, Inc. in connection with its $47 million project finance fund with partners U.S. Bank and East West Bank.
Calpine Project Financings
Represented Calpine and its subsidiaries, in over $10 billion of subsidiary project financings (in the form of project bonds, secured bank financings and subsidiary preferred stock), senior secured working capital credit agreements aggregating over $3.5 billion, and senior unsecured bridge financings aggregating $1.2 billion.
Barclays in the Acquisition of the Naming Rights to Barclays Center
Represented Barclays in connection with its acquisition of the naming rights to Barclays Center in Brooklyn, New York, for a term of 20 years.
Environmental Impact Analysis and Permitting in California Desert
BrightSource Energy on environmental impact analysis and permitting of its Ivanpah project in the California desert.
ICICI and Standard Chartered Financings of Power and Port Expansion Projects
Represented ICICI Bank Limited, India’s second largest bank, and Standard Chartered Bank, India’s largest international bank, as joint lead arrangers for an aggregate of $925 million in project financings supporting power plant and port expansion projects being undertaken by two affiliates of Reliance Industries.
JFK International Airport Cogeneration Facility
Represent Calpine’s JFK Energy Center (KIAC Partners) as project counsel, including in the original structuring and planning of the project, a $175 million combined bank facility and bond financing and a $250 million Rule 144A bond refinancing, structuring and negotiating numerous commercial contracts, and achievement of commercial operations.
India Refinery Expansion Project
Advised the lenders to the expansion of a refinery in India.
Middle East University Project
Advised the developer of a new university in the Middle East.
UK Highway Project
Advised the project company on the A1-M1 link road in the UK.
High-Speed Rail Project
Advised the lenders to the High Speed Line between Antwerp and Rotterdam.
Petrochemical Project in Saudi Arabia
Advised the lenders to a petrochemical complex in the industrial city of Jubail, Saudi Arabia.
Wind Project Bond Financing
Wells Fargo on a tax-exempt bond financing of a wind power project.
Financing and Policy Counsel for African Solar Projects
Gigawatt Global d/b/a Energiya Global on policy and financing issues relating to development of solar projects in Africa, initially in Rwanda and Nigeria.
International Water Project Component Financing
Mueller Water Products, Inc. in the financial arrangements relating to the export of water pipes to an agency of the Bahraini government for use in infrastructure projects.
Resort Developer on Water Project in Bahamas
Baha Mar, a prominent resort developer, in connection with the proposed development, construction, and project financing of a salt water pumping station to provide chilled water to Baha Mar’s resort property in the Bahamas, including inter-creditor aspects relating to existing financing of the resort from China Ex-Im Bank (CEXIM) and proposed new project financing for the construction of the pumping station and chilled water facility by banks led by Deutsche Bank.
$55 Million Credit Facility for Energy Company
Energy Conversion Devices, Inc. and its wholly owned subsidiaries, United Solar Ovonic LLC and United Solar Ovonic Corporation, in a $55 million secured revolving credit facility with JPMorgan Chase Bank, N.A.
$2 Billion Credit Facility for Energy Company
SandRidge Energy, Inc. in all of its significant finance matters, including a $2 billion secured revolving credit facility.
Oil and Gas Project in Africa
An energy company on an oil and gas project in the Democratic Republic of Congo.
Oil and Gas Joint Venture
Baltic Petroleum in financing arrangements for joint venture with Siberian Energy Group to run Zauralneftegaz oil and gas exploration business in the Russian Federation.
Middle East Petroleum Company on Two $100 Million Credit Facilities
Tasweeq, the government-owned marketer of all commodity petroleum products produced in Qatar, in two $100 million credit facilities.
$6 Billion Energy Company Commercial Bank Financings
Kerr-McGee Corporation in over $6 billion of commercial bank financings, including a senior secured multi-tranche credit facility and a senior unsecured revolving credit facility.
Solar Project Joint Venture
SunShare, LLC, a developer of community solar farms, in connection with its construction and project development and financing plan, including in a senior secured bridge financing provided by Solar Construction Lending, a joint venture between MMA Capital Management and Fundamental Advisors, for community solar power farm projects in Colorado and Minnesota.
Private Equity Company in Purchase of Power Plants
Lightyear Capital LLC in financings supporting its purchase and operation of two California power plants.
Energy Company in $300 Million Credit Facility
Atlas Energy in a $300 million acquisition credit facility.
Hedge Fund Credit Facility Supporting Power Plant
Luminus Management, the hedge fund affiliate of LS Power, in a second lien credit facility supporting an Arkansas power plant.
Qatari LNG Project
Advised the lenders on one of the Qatari LNG expansion trains.
Middle East LNG Liquefaction Plant
Advised the project company during the structuring stages of an LNG liquefaction plant in the Middle East.
Indonesian Coal-Fired Project
Advised the lenders on a 1220 MW coal-fired power project in Indonesia.
Middle East Independent Water and Power Project
Advised the lenders on a 308MW and 23 MIGD IWPP in the Middle East.
Portuguese Coal-Fired Project
Advised the lenders on a 628MW coal-fired power project in Portugal.
Pharmaceutical Manufacturing Project Development
Represented Novartis Vaccines and Diagnostics, Inc. (successor to Chiron Corporation) in its plans to locate, construct and operate a cell culture-derived influenza vaccines manufacturing facility in Holly Springs, North Carolina.
Lease Arrangements for Baseball Stadium in U.S. Capital
D.C. Sports and Entertainment Commission in connection with the construction and financing of, and lease arrangements for, a new, state-of-the-art Major League Baseball stadium located in Washington, DC.
Stadium Construction and Renovation Projects
The National Football League in the structuring and negotiation of League “G-3” loans to support construction of new or renovated stadiums for the Chicago Bears, Dallas Cowboys, Denver Broncos, Detroit Lions, Indianapolis Colts, New England Patriots, Philadelphia Eagles, and Seattle Seahawks, and, most recently, in the financing of the new stadium for the New York Jets and Giants and League approvals of the first-of-its-kind joint venture relating to the New Meadowlands Stadium.
Sports Stadium Repair Project
The National Football League in its contributions to the repair and renovation of the Superdome in New Orleans in the wake of Hurricane Katrina.
Multi-billion Dollar Qatari LNG Financing
Advised Qatari sponsors where a multi-billion program debt financing for more than 20 LNG carriers was procured.
LaGuardia Airport Project
Represented an international consortium of airport operators on its bid for the $3.6 billion LaGuardia Central Terminal Building renovation and operation project‒New York City’s largest public works project.
U.S. Capital Mass Transit Project
Union Station Redevelopment Corporation in the establishment of the District of Columbia’s intercity bus terminal at Union Station, negotiation of air rights development agreements, and access easements with respect to the Amtrak railroad yard and adjacent developments.
Portuguese Bridge Project
Advised the lenders to the Vasco da Gama bridge in Portugal.
Indian Pharmaceutical Facility Projects
AXIS Bank Limited, India’s third largest bank, as lead arranger for $180 million in project finance supporting a pharmaceutical manufacturing facility in Gujarat and a pharmaceutical research and development center in Mumbai.
Transit Authority Real Estate Development Negotiations
Washington Metropolitan Area Transit Authority in its negotiation with a private real estate developer for the redevelopment of a WMATA site that created 270 new multi-family residential apartment units and 70,000 square feet of retail space, together with a structured parking facility.
Telecommunications Infrastructure in India
Reliance Infocomm Limited in connection with its $750 million financing from the Export-Import Bank of the United States and Export Development Canada, the proceeds of which were used to assist Reliance Infocomm in building a state of the art telecommunications infrastructure for India.
Non-profit Science Center Project
American Center for Physics on project management, design and construction of the campus for American Center for Physics at Riverside, Prince George’s County, Maryland, U.S.
Power Company Corporate and Securities Counsel
Pepco Holdings, Inc., as corporate and securities counsel for over 25 years, including representation of Pepco and its subsidiaries in over $9 billion of securities offerings since 2002, and in all of its significant finance matters, including $2.7 billion in syndicated credit facilities.
Education Facility Projects
Protestant Episcopal Cathedral Foundation, as outside general counsel, advising the Foundation on continuous work on design, project management, and construction contracts for major capital improvement projects, including parking facilities and the renovation of Beauvoir School.
Russia Oil and Gas Exploration Business
Baltic Petroleum in financing arrangements for joint venture with Siberian Energy Group to run Zauralneftegaz oil and gas exploration business in Russian Federation.
Cogeneration Projects in New York
TBG Cogen Partners as project counsel for the cogeneration facility on Grumman property in Bethpage, New York, and Nissequogue Cogen Partners as project counsel for the cogeneration facility at SUNY Stony Brook, New York.
New York Area Power Project
New York consortium as project counsel in the development of an industrial-based power project in the New York metropolitan region.
Power Projects in North and South America
Newmont Mining in power projects in the western United States and in Peru.
Commercial Energy Projects
PPL EnergyPlus in the preparation and negotiation of commercial energy contracts, including tolling arrangements for East Coast energy assets.
Integrated Generation and Energy Services Company Project
PSEG in connection with the Cross Hudson project, which proposed to interconnect to Manhattan a 555 MW generating unit in New Jersey by means of a transmission cable to be installed under the Hudson River.
Finance Counsel for Power Project in Mexico
Latin American consortium as finance counsel in the development of an industrial-based power project in Mexico.
Retail Project Development in New York City
Bridgemarket Associates, L.P. in its financing, development and leasing of the Bridgemarket retail center under the Queensboro Bridge in New York City.
Solar Development and Pooled Power Purchase
Represented Green Lake Capital in its solar development financing activities, including a pooled power purchase transaction covering six megawatts DC of distributed solar facilities located at municipal sites throughout California.
A new driver: Graham Vinter
July 31, 2017, The Law Society Gazette
Graham Vinter was interviewed by The Law Society Gazette about his move to Covington and the importance of respect for the rule of law. Vinter, who serves as chair of a new independent body that aims to promote the rule of law across the international business community, says, "As multinational companies develop their supply chains and markets both at home and ...
Legal teams rally to defend the rule of law
June 21, 2017, Financial Times
Graham Vinter is quoted in a Financial Times article regarding the importance of defending the rule of law to businesses around the world. “The main onus on establishing respect for the rule of law, or establishing the rule of law in a country, is with the politicians,” says Vinter. “It’s too difficult to expect business to bring about change in a particular ...
Covington to Open South Africa Office
May 7, 2017, Africa Capital Digest
Graham Vinter is quoted in an Africa Capital Digest article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Johannesburg and Dubai. “The team’s reputation in project finance is absolutely first class, and we are delighted with their decision to join the firm,” says Vintner. “Not ...
May 4, 2017, African Law & Business
Timothy Hester and Graham Vinter are quoted in an African Law & Business article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Johannesburg and Dubai. According to Hester, the additions are “a natural progression of our strategy to build a leading projects practice.” He adds ...
Covington Expands Project Finance Team
April 27, 2017
LONDON—Covington significantly expanded its Project Development and Finance practice with the addition of Ben Donovan, Agnieszka Klich, Richard Keenan, and David Miles, and the firm’s Middle East regional capabilities in corporate and dispute resolution matters with the addition of Jack Greenwald. With these additions, the firm also opened offices in Dubai and ...
April 27, 2017, The American Lawyer
Timothy Hester is quoted in an American Lawyer article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Dubai and Johannesburg. According to Hester, the firm’s Chadbourne recruits in Dubai and Johannesburg will create a bridge between Covington’s outposts in Africa, Asia, Europe ...
Covington Expands into Dubai and Jo'burg
April 27, 2017, IJ Global
Graham Vinter is quoted in an IJ Global article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Dubai and Johannesburg. According to Vinter, “We already have strong ties in the Middle East and North Africa region and want to be at the table when countries in that region launch ...
April 27, 2017, The Lawyer
Timothy Hester and Graham Vinter are quoted by The Lawyer in an article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Dubai and Johannesburg. According to Hester, “We have been looking to build our project finance team for a long time." He adds, "This group became available to ...
Team of Chadbourne partners opt against Norton Rose merger to launch two offices for Covington
April 27, 2017, Legal Week
Timothy Hester is quoted in a Legal Week article regarding the expansion of Covington's Project Finance practice with the arrival of four new partners and the opening of offices in Dubai and Johannesburg. According to Hester, “We have been focused on building our project finance capabilities for many years, and these opportunities fit very well with that ...
Combining Energy Efficiency with Energy Distribution & Financing Models for Distributed Generation
October 5, 2016, Dubai Solar Show Seminar Week, Dubai, UAE
Renewable Investments in North America and the Middle East
September 19, 2016, Webcast
Best practices in structuring solar power project finance
September 14-16, 2015, GulfSol, Dubai, UAE
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