Leading global law firm Baker McKenzie is proud to have worked on three project financing deals, which have won "Export Finance Deal of the Year," "Mining Deal of the Year," and "Oil & Gas Deal of the Year" at the IJGlobal Americas Awards. The ceremony took place at Gotham Hall, New York on March 17, 2022.
IJGlobal celebrates the best-in-class transactions and organizations across the international infrastructure and energy sectors.
The award-winning projects were:
Metro de Lima Linea 2
(Export Finance Deal of the Year)
- Where we advised Citibank del Peru S.A. as project trustee and Citibank N.A. as account bank in a USD 811 million off-balance sheet Export Credit Agency financing granted to Metro de Lima Linea 2, backed by Peruvian government payments (RPI-CAOs), for the Lima Metro Line 2 Project. This credit facility is one of the only RPI-CAO export credit financings and the largest RPI-CAO transaction ever financed under a loan format in Peru.
- The Lima Metro Line 2 Project is a highly ambitious infrastructure project launched in Latin America under a PPP structure. Under the 35-year concession agreement, 35 km of subway lines will be built, with a total investment of approximately USD 5.5 billion.
- Partner Juan Carlos de los Heros from Estudio Echecopar, member firm of Baker & McKenzie International, led the Peru team with the support of senior associate Fernando Sam.
Mantoverde Sulphide Development Project
(Mining Deal of the Year)
- Where we advised Chilean miner Mantos Copper in obtaining a USD 847 million financing to expand its Mantoverde mine. The deal involved USD 571.6 million financing package from top-level banks and credit agencies, and a substantial capital injection from Japan's Mitsubishi Materials for the 30% stake of Mantoverde valued at USD 275 million.
- Mantos Copper will use the financing to upgrade its Mantoverde mine y in the northern Atacama region. The project will extend the lifetime of the mine until at least 2041, as well as increasing its output of copper and gold.
- Partners Antonio Ortúzar, Jaime Munro and Sebastián Vivanco led the different aspects of the scope of our work, with the support of associates Martín Müller, Cristóbal Larraín, José Ignacio Berner and Andrés Lecaros (all based in Santiago).
(Oil & Gas Deal of the Year)
- Where we advised Petrobal in securing a USD 250 million development finance facility from ING bank alongside Citibank, Societe Generale and Bancomext, a first for a production sharing contract in the country, and also a first for an offshore field.
- Petrobal will use the financing for the development of oil and gas fields, Ichalkil and Pokoch, located in water depths ranging between 30m and 45m in the Bay of Campeche, Gulf of Mexico, Mexico.
- Partners Benjamín Torres-Barrón and Daniel E. Sánchez-Morales led the Mexico team, with the support of associate Carlos Maass-Porras and Carlos Muskus. Luka Lightfoot, partner based in London, also advised in the transaction.
Baker McKenzie's Global Projects Practice has extensive projects and natural resources experience, with more specialized lawyers in more places in the world than any other law firm. With more than 75 offices across 45+ countries in the Americas, Europe, Middle East, Africa and Asia, we have over 200 projects lawyers in our clients' most important locations, including key financial centers and market-leading teams in emerging jurisdictions. We help our clients from the beginning to the end of the life cycle of their most important transactional and development matters, including to structure, assess, develop, finance, sell and purchase a range of projects.