Allens Arthur Robinson dominates Dealogic project finance legal adviser tables
25 January 2008
Allens Arthur Robinson (AAR) has again dominated the Australian project finance legal adviser tables for 2007, according to the Dealogic Project Finance Legal Advisor Review released today.
AAR had a greater dollar amount and a greater volume of projects of project finance deals in 2007 than any other Australian firm, according to Dealogic.
It is the fourth consecutive time that AAR has led all Australian firms in global project finance, underlining the breadth of experience AAR has developed advising in different sectors and market conditions.
In 2007, AAR advised on global project finance deals worth US$4.9 billion (AU$5.6 billion), making it the 10th-largest adviser of deals among all law firms internationally and the only Australian firm to have appeared in the top 10 global table for the past four years.
AAR Partner and head of the Project Finance practice group, Phillip Cornwell, said: '2007 was a difficult year for the Australian project finance market; however, we are very pleased that our clients have continued to entrust us with quality projects in the region. The Phu Kam Copper-Gold project in Laos was particularly noteworthy.'
Highlight transactions for 2007 include:
- the A$1.4 billion Victorian Royal Children's Hospital redevelopment PPP;
- the A$1.5 billion Newcastle Coal Terminal project;
- the A$1.4 billion acquisition of the Basslink Interconnector from Tasmania to mainland Australia;
- the complex US$205 million Phu Kham Copper-Gold Project in Laos;
- the A$1.8 billion Bluewaters Power Station financing; and
- the A$460 million Queensland State Wind and Gas sales.
'We believe that overall deal volume was down because of the buoyant global share and bond markets. In such conditions small to medium sized resources and energy players find it easier to raise funds through rights issues, placements, convertible note issues and bond deals.'
'For our team in 2007, the year was interesting and challenging as the deal flow covered a range of project-classes, from social infrastructure PPPs to energy and resources and mining projects. We are proud of the breadth of skills, experience and resources within our team which have made it possible to deliver these projects for our clients.'
Looking at 2008, Phillip said the portents were good. 'We may see greater volatility on the commodity price front, but as long as China keeps growing there will be a steady flow of resources projects.'
'There is a clear commitment at both the State and Federal Government levels to increase infrastructure development, and we already have some major toll road and desalination projects on the books. Add to that the privatisation of energy assets in one or more states and the introduction of the 20 per cent by 2020 renewable energy target and you already have a busy year.
'Having added two offices in Vietnam to our Asia-Pacific network at the start of 2007, and with the relocation of one of our project finance partners, Thomas Miller, to the Ho Chi Minh City office, we are expecting some exciting deals in Indo-China, especially in the power sector.'
The depth of our project finance team has helped us advise a range of clients across Australia and manage a number of complex and demanding deals in different places at the same time, Mr Cornwell said.
Ends
For further information, please contact:
- Sarah StubbsBusiness Development Manager, Banking & Financial Services,
Sydney
Ph: +61 2 9230 4400
Sarah.Stubbs@aar.com.au
Notes for editors.
Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.
