Project Finance & Infrastructure

Steptoe has a well-developed international and domestic project finance and infrastructure practice.  Representing clients in a variety of industries, from construction and real estate, to energy generation and natural resource management, and telecommunications, our lawyers develop comprehensive, tailored solutions for clients across the globe and in some of the most challenging financial markets.  We recognize the complex legal and dynamic business environments in which our clients operate and represent clients on deals that include the following:

  • Broker-dealers
  • Domestic and international banks
  • Equity investors
  • Government entities
  • International development agencies
  • International financing agencies
  • Joint venture financing
  • Project lenders
  • Venture capital providers

Using the resources of our offices working in concert around the world, we structure transactions that meet the business goals of our clients.

Representative Matters

  • Counsel to the government of Lesotho and the Lesotho Highlands Water Commission in the negotiation process to create a framework treaty between Lesotho and South Africa for Phase II of the Lesotho Highlands Water Project.  The project involves the expansion of the existing dam and tunnel facilities in Lesotho which generate electricity and transfer water to South Africa.
  • Counsel to a major pipeline company in a joint venture with a large oil company for the operation of a pipeline and in representing the pipeline company as a participant in a joint venture to build, finance, and operate a multibillion-dollar natural gas pipeline in Canada and the United States.
  • Counsel to the developer in connection with a $5 billion satellite telecommunications communications project, involving a global network of satellites and related ground based telecommunications facilities.
  • Counsel to the Government of Ecuador in the estimated $1.2 billion project financing of the nation’s largest crude oil pipeline, spanning from the Amazon fields to a port on the Pacific Coast.
  • Represented a development financial institution in connection with its participation as a syndicate member in a multi-lender project financing for a $1 billion power plant in India.
  • Counsel to a Caribbean government in its negotiations with an independent power producer, owned by United States and Caribbean parties and involving approximately $770 million of financing, which has become insolvent.
  • Counsel to the lender in connection with a major restructuring of the leveraged lease project financing of a $350 million newsprint plant facility, including several series of secured notes issues pursuant to a mortgage indenture.
  • Counsel to a joint venture company comprised primarily of large western oil companies in connection with the $300 million project financing of an oil and gas exploration, production, and export venture in Russia.
  • Counsel to an international financing agency in connection with its proposed $105 million revolving credit facility to the Sakhalin II project, a new petroleum refining project in Sakhalin Island of Eastern Siberia.
  • Represented a development financial institution in connection with its $65 million commitment to finance the development, construction, and operation of a water desalination facility in the Caribbean that upon completion will be the largest desalination plant in the Western Hemisphere.
  • Represented a development financial institution in connection with its credit facility to Sakhalin Energy Investment Company, Ltd., the project company in the multibillion-dollar petroleum refining project in Sakhalin Island, Eastern Russia.
  • Counsel to a major Finnish construction company in connection with various projects in the United States, including the development of a major condominium and apartment project in Louisville, Kentucky, financed by the Finnish Export Bank with a guarantee from the company.
  • Counsel to a major international construction company that received financing from the European Bank for Reconstruction and Development in connection with a joint venture to retrofit Russian railroad cars and tankwagons with heating systems.
  • Counsel to an international financing agency in connection with a hydroelectric power project in Armenia.
  • Counsel to the European Bank for Reconstruction and Development in connection with the loans associated with the construction of the enhanced digital telecommunications system in the city of Moscow.  This was the first limited recourse project financing under the Russian law on mortgages.

Noteworthy

  • "Firm of the Year in Arizona," Corporate INTL Global Awards, Infrastructure Law, 2012

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