ENERGY AND INFRASTRUCTURE TEAM OF THE YEAR 2018

White & CaseWINNER

White & Case scoops the prize this year for leading on Africa’s largest ever infrastructure deal. The firm represented mining and energy conglomerates Vale and Mitsui on the development and $2.7bn project financing of the Nacala Railway and Port Project, a transformative 912km corridor shared by Mozambique and Malawi.

Judges praised the firm for “deftly delivering a hugely significant project in politically, economically and legally demanding conditions”. Coming onto the project six years ago, White & Case had to battle with the major downsizing in commodity prices in 2015, as well as an International Monetary Fund audit report and investigation into Mozambique’s finances.

On the legal side, White & Case duo Caroline Miller Smith and Carina Radford drafted an inter-governmental treaty for both countries to sign, allowing for technical coordination of critical issues. There were multiple innovations throughout the deal, such as a multi-borrower structure to quell lenders’ concerns over how best to coordinate their finance arrangements with five companies in two countries. Concession agreements further had to be considered by the firm, as the two governments asked borrowers to provide access for cargo and passenger trains.

Described as a landmark deal for both its size and complexity, the Nacala Railway was also described by the judges as being a “great project with important local impact”. Requiring 5,000 employees when it is operational, Nacala looks set to be a positive feature of the Mozambique and Malawi economies.

Highly commended: Simmons & Simmons

Advising the lenders on the largest single-site onshore wind farm in Europe, Simmons & Simmons’ energy team helped secure debt financing on a €800m project constructed by General Electric and Macquarie vehicle Green Investment Group.

Commended: Allen & Overy

In a deal that faced intense public scrutiny, Allen & Overy represented a consortium comprised of Macquarie and Universites Superannuation Scheme on the £2.3bn acquisition of the UK Green Investment Bank from the UK Government.