Allens regularly acts on large-scale project financing transactions involving innovative energy, hybrid, utilities, social infrastructure, and greenfield projects, covering both new project financing, restructuring, and refinancing of projects in dispute. Clients include banks, major global investment funds, and borrower-side construction companies and consortiums. Melbourne-based practice head Michael Ryan advises borrowers and lenders on high-value and innovative financing transactions and structures for a variety of projects, including infrastructure, PPP, privatisations, and renewable energy. Rob Watt works primarily in the energy and mining sectors, advising domestic and international sponsors. Senior counsel Phillip Cornwell advises banks and financial sponsors on projects across Australia and the Asia-Pacific. Scott McCoy specialises in debt finance, advising lenders and borrowers on transactions relating to renewable energy, transport, and social infrastructure projects. Nick Adkins specialises in the financing and refinancing of distressed projects. Lawyers are in Sydney unless otherwise mentioned.
Project finance in Australia
‘First class service to clients. Advice is pragmatic and commercially expedient.’
‘All of the partners and senior associates in the team are consistently responsive, commercial, and thorough. Unlike certain other firms, they always have time to explain the implications of drafting and legal implications thereof whilst clearly setting out the resultant decisions. They seek to select and train only the best trainee lawyers.’
Northwest Rapid Transit
Australian Renewable Energy Finance Corporation
Clean Energy Finance Corporation
Commonwealth Bank of Australia
InfraRed Capital Partners
Northern Australia Infrastructure Facility
Northern Star Resources
Australia Pacific LNG Processing
Destination Brisbane Consortium (The Star Entertainment Group)
The GEO Group
- Advised the NRT consortium on the financial close of the $3.7bn PPP for the next stage of Australia’s biggest public transport project, Sydney Metro.
- Advised the financiers to the successful Pulse Partners consortium, which has reached financial close with the Queensland Government for the Cross River Rail PPP.
- Advised Capella Capital as financiers to the Cross Yarra Partnership on the successful close of the Metro Tunnel Package and related packages of the AU$11bn Melbourne Metro Project.
Ashurst advises lenders and borrowers on high-value and complex project financing matters in the transport, construction, natural resources, and energy sectors. The team works with the wider projects practice as part of life-cycle advice on major projects, as well as advising individually on standalone financing and refinancing matters. Of particular note is the firm's extensive cross-border capabilities, with integration across Asia-Pacific offices allowing the team to act for international clients across the region. David Mason is a highly regarded specialist property finance lawyer with great expertise in energy and infrastructure transactions across the Asia-Pacific and Africa. Practice head Chris Redden regularly advises international banks and consortiums on cross-border financings. Perth's Gaelan Cooney works in the energy and resources sectors, specialising in work for development sponsors. Angus Foley oversees the transport infrastructure team, while Lee McDonald is overall projects head. Lawyers are in Sydney unless otherwise stated.
Transport for NSW
State of NSW
Commonwealth Bank of Australia
Wiggins Island Coal Export Terminal
Newcastle Coal Infrastructure Group
Fiji National Provident Fund
Clean TeQ Holdings
- Advising the banking syndicate on Palisade Investment Partners, HESTA and First State Super’s acquisition of the 270MW Snowtown 2 Wind Farm.
- Advising the banking syndicate on the AU$934m refinancing of Royal North Shore Hospital PPP Project.
- Advising Santos on the financing for its AU$1.39bn acquisition of ConocoPhillips interests in the Darwin LNG, Bayu-Undan, Barossa and Poseidon LNG projects.
Gilbert + Tobin
Gilbert + Tobin advises on high-value and market-leading mandates across healthcare, water, energy, transport, and social infrastructure, including project financings, privatisations, and acquisition finance. The practice also calls upon the firm's full-service expertise in regulatory and corporate issues to assist on complex transactions and financing structures. Practice head John Schembri advises international banks, sponsors, and borrowers on a wide variety of financing matters, with expertise in debt financing and syndicated lending. Peter Doyle joined from King & Wood Mallesons and has broad capabilities across a variety of infrastructure classes, specialising in structured finance, PPP arrangements, and banking. Alexander Danne has a broad practice across borrower and lender-side mandates, including complex infrastructure projects and transactions.
ENGIE Services Australia & New Zealand Holdings
GE Renewable Energy
HRL Morrison & Co
Herbert Smith Freehills
Herbert Smith Freehills is involved in financings and refinancings across energy, natural resources, transport, and social infrastructure projects, acting for a wide range of borrower, lender, and sponsor clients, including investment funds, banks, and corporate developers. The practice has been increasingly active in new energy technology and international finance matters. Practice head Erin Wakelin advises on a wide range of project and infrastructure financings, primarily on the borrower-side, as well as acting on acquisition financing for infrastructure assets on behalf of the purchasing party. Gerard Pike advises borrowers, sponsors, and bank syndicates on a range of financing matters, with particular expertise in renewable energy. Sydney-based counsel Amelia Fleming advises on all sides of infrastructure, energy, and PPP-related financing transactions.
‘Deep industry sector expertise and experience.‘
‘Elizabeth Charlesworth and Alison Dodd: both technically excellent, super responsive, and a pleasure to work with.‘
‘Erin and her team’s responsiveness, level of engagement, and deep understanding of the requirements of all stakeholders are invaluable in arranging project financings.’
‘Erin Wakelin is best in class- responsive, proactive, translating her client’s transaction-specific requirements into well-formulated contracts efficiently.’
- Advised lenders on the AU$650m consolidated platform refinancing of Stages 1, 2 and 3 of the Hornsdale Wind Farm.
- Advised financiers on the AU$616m project financing for Tilt Renewables’ 270MW Snowtown 2 Wind Farm, and separately acted for portfolio debt financiers that were partially refinanced by the new project financing loan.
- Advised ALTRAC in relation to the facilitation process which resulted in the 2019 restructure of the Project Documents and amendments to the Finance Documents to accommodate a staged completion of the AU$2.5bn Sydney Light Rail PPP Project.
King & Wood Mallesons
King & Wood Mallesons advises on a wide variety of public and private sector financings, including standard project financing, asset acquisitions, and PPP matters across the energy, infrastructure, transport, and mining sectors, alongside innovative products such as the $100m sustainability-linked loan to Queensland Airport, with conditions directly linked to carbon emissions reductions. An experienced team includes several key names, with project finance lead Claire Rogers regularly advising investment funds, banking syndicates, and borrowers on energy, infrastructure, and PPP transactions. Mark Upfold heads up the firm's infrastructure team and regularly acts for private sector and government clients on projects. Melbourne's Jeff Clark specialises in infrastructure acquisitions, project financing, and privatisation of government assets. Rebecca Finkelstein advises clients throughout the life cycle of projects and played a key role in the Queensland Airport sustainability loan.
‘The team is across all the major transactions and is able to provide us will helpful guidance to benchmark against our peers and understand industry trends.‘
‘Tim Ma is constantly available, no request is too big (or too small) and he is always ready to help with a useful answer. His knowledge of the market is exceptional.‘
‘The KWM project finance team lead by Claire Rogers is very experienced, knowledgeable, and easy to work with.’
‘Each person’s role in the team is well delineated and balanced, and the team works very well together. The team is responsive and proactive, delivering excellent outcomes, and providing seamless transactions for us and our clients.’
‘Claire Rogers’ in-depth knowledge of, and experience in, social infrastructure projects is absolutely invaluable to us. She provides thorough and clear advice and is able to explain complex issues simply. Claire is a very strong negotiator, and her ability to influence positive outcomes is impressive. In addition to her technical skills, Claire brings a really fun element to transactions and we thoroughly enjoy working with her.’
‘Over the last year in particular those I deal with have been particularly approachable and dedicated to achieving important outcomes for our organization. Particularly in the case of issues surrounding Covid-19 and associated urgent work, they not only responded in a quick manner but also were pro-active to ensure a successful and relatively stress-free outcome. In my case this has particularly been the case for Tim Ma – the standard of his service has not only been extremely high but comforting to have as the support given recent unusual circumstances.’
Aurizon Holdings Limited
Australian Rail Track Corporation
Carlyle Global Infrastructure
Cheung Kong Infrastructure
Clean Energy Finance Corporation (CEFC)
Gladstone Ports Corporation
Hastings Funds Management
Neoen Australia Pty Ltd
One Rail Australia
Palisade Investment Partners
QAL Finance Pty Ltd
Sydney Motorway Corporation
- Acted for a syndicate of 13 financiers on the $2.5bn financing for The Sydney Metro.
- Advising Queensland Airport on a $300m raising to fund the Gold Coast Airport redevelopment.
- Advising on the financing of the Macquarie Asia Infrastructure Fund 2-led consortium’s acquisition of an 88% stake in the hyperscale datacentre platform AirTrunk.
Allen & Overy LLP
Allen & Overy LLP advises on the financing of large and complex transactions and projects in energy, road and rail, broader construction, and infrastructure. The firm acts for domestic developers and banks, alongside overseas investors and developers, regularly acting on cross-border mandates across the Asia-Pacific. Team members specialise in complex and innovative financing structures, including PPP, unique uses of PRS financing, debt and equity instruments, and refinancing. Adam Stapledon leads the team from Sydney and has extensive multi-jurisdictional experience, being dual UK-qualified and regularly working on greenfield and brownfield projects on behalf of sponsors across the region. Perth-based Peter Wilkes is active in the energy and resource sectors, and is highly regarded for his broad expertise in debt and equity financing.
Palisade Investment Partners
Fortescue Metals Group
Port of Melbourne
- Advised Palisade Investment Partners on its acquisition and subsequent refinancing of the Snowtown 2 Wind Farm from vendor Tilt Renewables for a reported total enterprise value of AU$1.07bn.
- Advised KfW IPEX-Ban and the Northern Australia Infrastructure Facility (NAIF) as lenders under project finance facilities to fund the development of Kalium Lakes Potash project in Western Australia’s Pilbara region.
- Advised the financiers to a shortlisted bidder in relation to its bid for the ongoing Suburban Roads Upgrade PPP in Victoria.
The project finance team at Clayton Utz is headed up by Sergio Capelli and Alexander Schlosser, based in Sydney and Brisbane respectively. The practice works on a broad range of projects across Australia, with a strong focus on major road and rail developments, renewable energy, and PPP transactions. Clients include sponsor-side developers in the private and public sector, as well as financiers, which include financial institutions and private equity investors. Sydney's Peter Staciwa combines government-side infrastructure work with a growing practice advising private sector energy sponsors. Perth's Rohan Mishra specialises in cross-border mandates, having practiced in London and Toyko, and advising on major transactions in South Africa. In Melbourne, Marcus Davenport regularly advises on PPP infrastructure transactions within Australia, acting for governments, banks, and private developers, while Dan Fitts also focuses on PPP, advising government bodies on privately financed projects and refinancings.
Australia Pacific LNG (APLNG)
Department of Treasury and Finance (Northern Territory Government)
Evolution Rail Consortium (Plenary Group, Downer and CRRC)
Cross River Rail Delivery Authority
NSW Government – Northern Sydney Local Health District & NSW Treasury
Star of the South (SOTS) and Copenhagen Infrastructure Partners (CIP)
- Advised APLNG in relation to the refinancing of its existing facilities for the issue of bank guarantees and letters of credit.
- Advised the NT Government as lender of record in relation to the NAIF Master Facility Agreement with the NT Airports Pty Limited for a senior facility of AU$150m.
- Advising Evolution Rail Consortium (Plenary Group, Downer and CRRC), which won the State of Victoria tender to design, deliver, finance and maintain the new train fleet and associated train maintenance facilities.
Clifford Chance focuses on first-to-market deals, regularly leading complex cross-border and multijurisdictional financing transactions across the Asia-Pacific, drawing on the firm's regional and global platform for infrastructure and energy projects. The team also advises on privatisation transactions, acting for private equity sponsors and international banks. Banking and finance head Richard Gordon advises lenders and borrowers on a range of project and infrastructure transactions, many involving foreign investors. Perth's Philip Sealey advises international sponsors, lenders, and borrowers on renewable energy financings, while Nadia Kalic is active in oil and gas and natural resources transactions. Cameron Hassall takes the lead on disputes work. Chad Bochan advises on infrastructure and green financing projects as part of the firm's banking team. Lawyers are in Sydney unless otherwise stated.
Other key lawyers:
Three syndicates of Australian and international financiers to the Sydney Transport Partners consortium
Macquarie and Swancor Rewewable Energy
Land Services WA consortium
China Development Bank
Bank of China
- Advisingthe syndicates of Australian and international financiers in respect of the financing of each stage of the WestConnex project.
- Advised the lenders, arrangers and joint lead managers on the multi-sourced refinancing of Endeavour Energy’s initial acquisition financing.
- Advising Macquarie Capital and Swancor Renewable, on the financing of the development and construction of the Formosa 2 offshore wind farms.
Corrs Chambers Westgarth advises a number of major commercial entities, financial institutions, and state governments on the financing and refinancing of projects, including transport, oil exploration, infrastructure, and renewable energy mandates. The team is headed up by Sydney-based Rommel Harding-Farrenberg, who has broad expertise across banking and finance matters, and Melbourne-based Andrew Stephenson, who oversees the firm's projects team, assisted by Matthew Muir in Brisbane. Melbourne-based partner Clare Corke has experience in a variety of project financing matters in multiple sectors, while Brisbane's Vaughan Mills is highly recommended for his work on natural resources and energy projects, particularly in Papua New Guinea.
‘We have ready access to experienced senior practitioners, who, with their staff, work in a very collegial manner to develop practical solutions to problems.‘
‘There is a sense of professional calm and competency from partners to assistants that provides a great deal of comfort.‘
‘Excellent technical knowledge of complex project financings and focus on client outcomes.‘
‘Easy to work with and communicates well with strong technical knowledge of their banking and finance work. Clare Corke was outstanding in delivering our complex debt financings.‘
‘Rommel Harding-Farrenberg is a standout and very versatile and commercial.‘
‘Commercially pragmatic founded on a deep understanding of our business and a commitment to our success.‘
‘Rommel Harding-Farrenberg and Megan Russell are fantastic to work with.’
ANZ Banking Group
- Acting for Pulse Consortium on the AU$5.4bn financing of Cross River Rail with a syndicate of 11 multinational banks.
- Advising UGL Rail on financing and all other aspects of the AU$2.8bn regional rail PPP initiative of the NSW State Government, which includes construction of a new train maintenance facility.
- Advising Australian Paper on financing and all other aspects of procuring its energy-from-waste facility in Victoria.
Minter Ellison's project finance team is integrated with the firm's infrastructure practice, assisting public and private sector clients in securing funding for developments in social infrastructure, transport, road and rail, and privatisation initiatives. The firm is also highly active in financing student accommodation and affordable housing projects, maintaining strong relations with the National Housing Finance and Investment Corporation. The practice is led by James Mok and Paul Paxton, with the latter recognised for his record in financing a broad range of projects, with particular expertise in housing, PPP, and university accommodation. Melbourne's Peter Block has a similarly broad practice, advising on public and private sector infrastructure projects and sales, transport developments, and telecommunications projects. Daniel Marks is noted for his financier-side advice, regularly working with banks and equity investors in financing and restructuring infrastructure projects.
State Governments and various State government entities
CIMIC (including CPB)
Brookfield / Multiplex
- Advising NSW Ministry of Health and NSW Ambulance on their procurement of the commissioning, decommissioning, fit out and associated services for the NSW Ambulance fleet of ambulances and other emergency and support vehicles.
- Advised Tetris Capital on the structuring and documentation for its project financing of and sub-participation in the Social Affordable Housing Fund program executed by the State of New South Wales with Compass Housing Services.
- Advised on the National Housing Finance and Investment Corporation’s first ever construction loan to a Community Housing Provider.
Norton Rose Fulbright offers expertise in a variety of financing structures, including debt and equity, capital markets, and PPP arrangements. Clients include banks, investment funds, and corporate borrowers engaged in resources, technology, energy, and social infrastructure projects. The arrival of public sector and water projects specialist Joanne Emerson Taqi to the Sydney office from Bahrain bolstered the capabilities of the practice in long-term projects work. Melbourne-based Jo Crew advises on sponsor-side development work and lender-side financing matters, particularly in road, transport, and social infrastructure projects. Brisbane-based Chris Patten specialises in project finance and acquisition finance for infrastructure assets. Lisa Koch made partner in 2019 and has strong capabilities in African and emerging markets projects.
National Australian Bank
Australia and New Zealand Banking Corporation (ANZ Bank)
Clean Energy Finance Corporation (CEFC)
Dutch Infrastructure Fund
University of Wollongong (UOW)
Northern Territory Airport
HRL Morrison & Co
New Hope VIMG
- Advised CWP Renewables on all aspects of the development, construction and debt financing of the 244MW Bango Wind Farm in the southern tablelands.
- Advised National Australia Bank as senior financiers of the East Rockingham Resource Recovery Facility, only the second project-financed large-scale waste-to-energy facility to reach financial close in Australia.
- Advised Perth Airport on the successful closing of its $225m US Private Placement of senior secured notes.
White & Case is involved in project financing across Australia and the Asia-Pacific, as part of an integrated regional team. The practice acts for a combination of borrowers and government clients alongside banking syndicates and investment funds, and is active in transport, road and rail, social infrastructure, and energy projects, with strong cross-border capabilities. Practice head Brendan Quinn is involved in complex large-scale financings across the region, with particular expertise in renewables projects alongside work on transport and social infrastructure matters. Josh Sgro is highly active in the transport sector, advising on major Australian rail and tunnels projects, as well as regularly advising on social infrastructure and utilities matters. Sydney's Joel Rennie specialises in cross-border work involving export credit and international sponsors, primarily acting for inbound investors. Lawyers are in Melbourne unless otherwise stated.
‘Unique capabilities and understanding of the APAC project financing market in general, and in particular within financing large scale energy assets/projects involving multiple ECAs.‘
‘Brendan Quinn is the best financing lawyer I have worked with.‘
‘Extremely powerful team, best experience in the market.‘
Suburban Rail Loop Authority
Rail Projects Victoria
Copenhagen Infrastructure Partners (CIP)
Fotowatio Renewable Ventures (FRV)
Malakoff Corporation Berhad
Star of the South Wind Farm
Commonwealth Bank of Australia
Perdaman Chemicals and Fertilisers
Australia and New Zealand Banking Group (ANZ)
National Australia Bank (NAB)
- Represented the financiers and the ECAs in connection with the financing of wpd’s 640 MW Yunlin offshore windfarm project located off the coast of Yunlin County, Western Taiwan.
- Advising Copenhagen Infrastructure Partners as sponsor on the development and project financing of the 589 MW Changfang and Xidao offshore wind projects off the coast of Changhua County in Taiwan.
- Advised Malakoff Corporation Berhad, on the sale of its 50% interest in the Macarthur Wind Farm, located in Victoria’s Western District.
Baker McKenzie has particular expertise in financing matters relating to privatisations and purchases of state-owned assets, acting on the borrower and lender side and for both buyers and sellers. Additionally, the practice is also active in the renewable energy sector. Clients include government entities, international investment funds, and corporates. Michael Kunstler heads up the project finance team, advising on infrastructure asset sales in a variety of jurisdictions, with Sean Duffy and David Cooper also key members of the practice, advising sponsors, financiers, and governments on transactions in the infrastructure and energy sectors.
‘Bakers have a great Project Finance practice. They are particularly skilled in renewables and water projects but also in advising on core-plus infrastructure projects such as data centres and complex fund structures. The teamwork really well together, both on Bank and Sponsor mandates.’
‘David Cooper is very commercial and responsive and is a pleasure to work with. He is a great lawyer who works really hard for his clients and you can be sure he will lead his team to get the deal completed on time and on budget. He is a rising star in the market.‘
‘Charlie Detmold is a great addition to the Bakers team. He is a great lawyer with a strong reputation.’
Lendlease (Building, Engineering and Services divisions)
University of Technology Sydney
McConnell Dowell/ Built Environs
- Advised Macquarie Infrastructure and Real Assets (MIRA) on its acquisition of an 88% stake in AirTrunk by a consortium led by Macquarie Asia Infrastructure Fund 2.
- Advising Schiphol in respect of its proposed acquisition of an interest in Hobart Airport.
- Advising CDPQ in the acquisition of a 24.9% equity stake in the public-private partnership contract for the trains, systems, operations, and maintenance of Sydney Metro from Palisade Investment Partners and Partners Group.
DLA Piper advises lender and borrower clients, including financial institutions, banks, investment funds, and developers, on financing matters in Australia and across the Asia Pacific. Projects include energy, infrastructure, and transport matters, with a growing focus on the renewable energy sector in particular. Sydney-based Alex Regan is a key name in the team, offering significant international expertise to a client base that includes major private equity and asset managers, advising on a diverse range of sector-critical project financings. Kate Muller (neé Papailiou) focuses on energy and resources projects in Australia and Asia, advising investors, lenders, and developers.
TTCL Public Company and Sojitz Corporation
SUEZ Recycling and Recovery
Transport for NSW
Sacyr Environment Australia
Asian Development Bank (ADB) and Ministry of Healthcare of the Government of Kazakhstan (MHSD)
Castalia Limited and Government of the Solomon Islands
Pramerica Investment Management
Excel RE Holdings Pty Ltd as trustee of the Excel RE
Australian Renewable Energy Agency (ARENA)
- Advised TTCL Public Company, Sojitz Corporation and other confidential Japanese investors on all aspects of the development and financing of the $600m, 338MW Ahlone LNG-to-power project in Myanmar.
- Advised SUEZ Recycling and Recovery on all aspects of the project financing for the East Rockingham Resources Recovery Project, the AU$495m greenfield waste-to-energy facility in Western Australia.
- Advised Manuka Resources Limited on the financing package for the development of the Manuka Silver Project and the Mt Boppy Gold Project, both in New South Wales.
Pinsent Masons LLP
Pinsent Masons LLP advises lenders and borrowers on a range of financing transactions, with strong capabilities in debt financing and particularly in cross-border capital raising and transactions. The team advises domestic and international investors and developers on project financing and infrastructure asset acquisitions in the energy, social infrastructure, and mining sectors. In Melbourne, practice head Jeremy King advises on cross-border project financing transactions and asset acqusitions, with strong multi-jurisdictional capabilities. Jim Hunwick joined the Sydney office from Johnson Winter & Slattery in late 2019, and specialises in debt financing for corporate clients.
Other key lawyers:
International Parking Group
ING Bank and Canadian Imperial Bank of Commerce
SIMEC Zen Technologies
The Tokyo Star Bank
Australia and New Zealand Banking Group
- Advised International Parking Group on a funding competition to refinance secured debt facilities and its subsequent successful bid for the Queen Elizabeth II Medical Centre car park in Perth, Western Australia.
- Advised The Learning Communities South Australia Consortium on its bid for the SA Schools PPP to construct and maintain two new K-12 schools in South Australia.
- Advised SIMEC Zen Technologies on all aspects of financing for its first and only project in Australia, the 280MW Cultana Solar Farm Project.