Download - InfraDeals 1Q16 - Mazars · 2019-08-04 · InfraDeals 1Q16 Trend Report 2 Global: Regional overview North America USD 7.67bn USD 2.61bn USD 4.20bn USD 4.08bn USD 9.22bn USD 3.37bn

InfraDeals 1Q16

Project finance and advisory league tables

EMEA UKNorth

AmericaLatin

America

A

Asia Pacific PPP RenewablesGlobal

InfraDeals 1Q16 Trend Report 2 www.infra-deals.com

Global: Regional overview

North America

USD 7.67bn

USD 2.61bn

USD 4.20bn

USD 4.08bn

USD 9.22bn

USD 3.37bn

9 Deals3 Deals

Latin America & the Caribbean

USD 7.68bn

USD 3.52bn

USD 0.92bn

USD 8.73bn

USD 7.42bn

USD 0.74bn

8 Deals3 Deals

EMEA

USD 11.63bn

USD 11.76bn

USD 12.73bn

USD 9.42bn

USD 15.91bn

USD 12.24bn

18 Deals26 Deals

Asia Pacific

USD 9.46bn

USD 1.98bn

USD 4.28bn

USD 5.79bn

USD 7.69bn

USD 1.42bn

8 Deals6 Deals

Greenfield

Greenfield PPP activity

Brownfield

Refinancing

1Q16 1Q15 Greenfield


Brownfield

Refinancing

1Q16 1Q15

Greenfield


Brownfield

Refinancing

1Q16 1Q15

Greenfield


Brownfield

Refinancing

1Q16 1Q15


Global: Sector overview

*Percentage of activity by transaction volumes

30%

31%27%

5%

2%

5%

Transport

Greenfield


Brownfield

Refinancing

USD 10.40bn

USD 3.61bn

USD 12.42bn

USD 8.64bn

USD 12.76bn

USD 4.47bn

18 Deals13 Deals

Social Infrastructure

USD 3.67bn

USD 1.35bn

USD 0.26bn

USD 2.50bn

USD 0.62bn

USD 0.96bn

18 Deals19 Deals

Renewables

USD 13.86bn

USD 4.93bn

USD 4.27bn

USD 4.78bn

USD 15.10bn

USD 20.97bn

90 Deals48 Deals

Power

USD 7.15bn

USD 5.06bn

USD 2.01bn

USD 10.40bn

USD 8.26bn

USD 8.28bn

8 Deals13 Deal

Telecoms

USD 0.27bn

USD 4.58bn

-

USD 0.43bn

USD 1.17bn

USD 0.24bn

1 Deal0 Deals

Environment

USD 1.01bn

USD 0.02bn

USD 3.17bn

USD 1.10bn

USD 2.33bn

USD 0.86bn

5 Deals6 Deals

1Q16 1Q15

Greenfield


Brownfield

Refinancing

1Q16 1Q15

Greenfield


Brownfield

Refinancing

1Q16 1Q15

Greenfield


Brownfield

Refinancing

1Q16 1Q15

Greenfield

Greenfield activity

Brownfield

Refinancing

1Q16 1Q15Greenfield

Greenfield activity

Brownfield

Refinancing

1Q16 1Q15


Global overview

There were 299 transactions, worth a combined USD 86.03bn that reached financial close in Q1 2016. InfraDeals recorded USD 46.96bn of project financing – USD 41.82bn of bank financing (89%) and USD 5.14bn of capital markets financing (11%). The volume of finance raised was a slight decrease on the USD 53bn raised for 304 deals in the same period of 2015. The UK (73 deals), USA (36 deals), France (22 deals) and Spain (20 deals) were the most active countries, accounting for half of all deal-flow. Sectorally, power accounted for 31.3% of transactions, transportation 30.1% and renewables 26.6%.

Japanese lenders continued to dominate

the global MLA tables with SMBC (USD 2.58bn, 31 deals) and MUFG (USD 2.56bn, 29 deals) securing the top positions. Clifford Chance was once again top legal advisor, closing 30 deals worth over USD 14.5bn in the period.

Regional overview:

EMEA In the EMEA region, highlights included the USD 2.65bn acquisition of London City Airport by a consortium of institutional investors, including AIMCo, Borealis, OTTP and the Kuwait Investment Authority. A debt package of over USD 1bn is understood to have supported the deal with margins starting between 125bps and 150bps over Libor.

Solar plant and highway sponsors refinanced existing debt facilities in eight transactions worth a combined USD 2.47bn. Infra funds were also active with EQT Infrastructure Fund II divesting EEW Energy from Waste in Germany and North Haven Infrastructure Partners II (NHIP II) raising USD 1.15bn in bank financing to build an Italian gas storage project. The PP11 1729MW Gas-fired power plant secured a USD 1.5bn refinancing package as one of the larger deals to close outside of Europe.

The outlook for infrastructure investors provides a number of opportunities with notable sales processes including the

M6, Thames Water, Thyssengas, Parkia, SGI and Transitgas.

Canada P3

Two municipal P3s reached financial close in the first quarter. These were the USD 1.26bn Edmonton LRT project, and in the city of Saint John a USD 143m wastewater deal.. This compares to eight P3s that reached financial close in 1Q15. According to analysis by InfraDeals it is unlikely that more than ten P3s will reach financial close in Canada in 2016. This year is being described as a bidding year and InfraDeals places the Canadian P3 pipeline at between the CAD 30-50bn mark.

0

20,000

40,000

60,000

80,000

100,000

120,000

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q12013 2014 2015 2016

US

D (m

)

0 20 40 60 80 100

1Q2016

2015

2014

2013

%

Global transaction breakdown by value and number

Regional breakdown by value

Greenfield Brownfield RefinancingProject Finance

EMEANorthAmerica

Latin America & the Caribbean Asia Pacific


Global overview

US P3

In the US P3 market the Purdue University's USD 70m State Street Redevelopment project reached financial close, marking the emergence of smaller capex projects. The La Guardia redevelopment, the SH288 and the Purple Line are all expected to reach financial close in 2Q16.

M&A US and Canada

M&A activity in North America was relatively strong, with 22 deals closing in the first three months of the year. The major highlight of the quarter was Borealis, CPPIB and OTPP's USD 2.9bn acquisition of the Chicago Skyway, which was the fourth largest North America brownfield deal in the last five years. The energy

sector proved to be healthy as ever, as the vast majority, 20 out of 22 to be exact, of M&A deals occurred in the sector. Asia Pacific

1Q16 was a quiet quarter for Asia, with thirty six transactions closing worth more than USD 17bn. Nine transactions were in Australia and the remaining 27 were located in APAC ex Australia and New Zealand. Eight deals reached financial close in Australia, which were worth USD 6.89, compared to USD 9.18bn in the first quarter of 2015. Political disputes delayed several projects including the Port of Melbourne sale in Victoria and the sales of Utah Point and Fremantle port in Western Australia.

Activity in the Philippines, another active market, slowed down due to forthcoming Presidential elections in May. The regional pipeline in 2016 includes the USD 7bn Manila Bay Coastal Expessway in the Philippines which is undergoing feasibility studies. The USD 6.8bn Asciano privatisation is due for an ACCC ruling in May. EOIs were released for the USD 4bn Port of Melbourne privatisation in March. Latin America

Twenty-seven deals reached financial close in Latin America and the Caribbean in 1Q16. 48% were in the transport sector, 41% in renewables, 7% in power and 4% in telecommunications. 41% of projects to close were greenfield and 27% of those were PPPs.

Brazil remains the biggest market in the region with 11 deals closing in the quarter and the largest deal, the USD 3.43bn Ilha Solteira and Jupiá hydro plant acquisition by China Three Gorges. Both Chile and Mexico closed five deals each. Notable projects that are set to close in 2Q16 are the Santiago airport expansion, awarded to the consortium Aéroports de Paris, Astaldi and Vinci worth USD 900m. In Colombia, the Santana-Mocoa-Neiva Highway, part of the 4G highway program is set to reach financial close. Brazil should see more brownfield activity with many of the country’s biggest construction companies selling their assets. A notable sale set to close in 2Q is the acquisition of Ecorodovías by Italian companies SIAS and Atlantia.

1Q16

1Q15

30.1%

4.7%

26.6%

31.3%

5.4%

18.1%

4.9% 2%

33.7%

6.7%

29.4%

6.2%

0

5,000

10,000

15,000

20,000

25,000

20

30

40

50

60

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q12015 20142013 2016

Sector comparison by value - 1Q15:1Q16

Greenfield PPP by value and number - 1Q15:1Q16

Transport

SocialInfrastructure

Renewables

Power

Environment

Telecoms

Other

TransactionValue

No. ofdeals

US

D (m

) No. of deals


Global: Notable deals

UK

An innovative new financing solution for funding rolling stock projects.

Financial close - February 2016

Sponsors - Rock Rail, SL Capital Infrastructure Fund I.

Financing - Aviva.

Advisors - Eversheds (Grantor LA), Operis (SPV FA & MA), Pinsent Masons, Stephenson Harwood (SPV LA), Interfleet Technology (SPV TA), Marsh (SPV IA), CMS (Funders LA) KPMG (SPV Tax).

USD 287mGovia Thameslink Railway Rolling Stock

USD 71mState Street Redevelopment

USA

The State Street Redevelopment project reached financial close just 22 days after authorities had selected the preferred proponent and was the only U.S. PPP to close in 1Q16.

Financial close - January 2016

Sponsors - Plenary Group.

Financing - Babson Capital Management, SMBC.

Advisors - KPMG (Grantor FA), Barnes & Thornburg (Grantor LA), Parsons (Grantor TA), Greenberg Traurig Law, Fasken Martineau (SPV LA), Ashurst (Funders LA), BTY Group (Funders TA), Intech Risk Management (Funders IA).

Colombia

The first PPP in Colombia's 4G road program to reach a full financial close, including a mixture of bank debt and capital market financing.


Sponsors - Construcciones El Cóndor, Constructora Meco, Mario Huertas Cotes.

Financing - Bancolombia, Goldman Sachs.

Advisors - Bonus Banca de Inversión (Grantor FA) Técnica y Proyectos, WSP Group (Grantor TA), Goldman Sachs, Structure Banca de Inversión (SPV FA), Milbank (SPV LA) Clifford Chance (Funders LA), Arup (Funders TA), Holland & Knight (FDN LA), Steer Davies Gleave (TA).

USD 447mPacific Link 3

Norway

This project is Europe's largest wind farm with some of the best conditions for renewable energy on the continent. The acquisition was backed by Swiss, Finnish and German pension and insurance funds.


Sponsors - BKW Group, ELO, Statkraft, Talanx, TrønderEnergi, VWDA, WPV.

Financing - EFK, SEB.

Advisors - Swedbank (SPV FA), DLA Piper (SPV LA).

USD 1.21bnFosen Vind1GW Onshore Wind

Spain

A UK pension fund has made a major direct equity investment in a Spanish utility company.

Financial close - March 2016

Sponsors - Lancashire County Council Pension Fund.

Financing - All-equity transaction.

Advisors - Santander (Acquirer FA) Cuatrecasas, Gonçalves Pereira (Acquirer LA).

UndisclosedMadrileña Red de Gas (12.5% stake)

http://www.infra-deals.com


Global: Financial and legal advisory

Financial advisors by valueRanking 1Q16 1Q15

1Q16 1Q15 Company name Value (USD m)

Deal count

Value (USD m)

Deal count

1 - Credit Suisse 10,408 7 - -2 11 Santander 8,753 13 3,103 113 - Bank of America Merrill Lynch 8,201 4 - -4 5 Rothschild 7,288 6 5,533 25 9 Royal Bank of Canada 7,190 6 3,614 86 3 Goldman Sachs 6,992 4 6,270 57 12= Citigroup 6,124 4 2,747 18 6 Macquarie Capital 5,950 9 5,203 129 7 Morgan Stanley 4,853 4 5,010 310 4 EY 4,620 9 5,609 1311 47 BNP Paribas 4,076 4 290 112 31 Banco Itaú 3,434 1 798 213 - Mizuho Bank 3,252 2 - -14 34 Banco Bilbao Vizcaya Argentaria 3,200 3 653 215 16 Sumitomo Mitsui Banking Corporation 2,862 2 1,667 3

Financial advisors by numberRanking 1Q16 1Q15

1Q16 1Q15 Company nameDeal

countValue

(USD m)Deal

countValue

(USD m)

1 5 Santander 13 8,753 11 3,1032= 4 Macquarie Capital 9 5,950 12 5,2032= 1= EY 9 4,620 13 5,6092= 1= KPMG 9 1,637 13 6,4975= - Credit Suisse 7 10,408 - -5= 1= PricewaterhouseCoopers 7 1,975 13 6,5227= 15= Rothschild 6 7,288 2 5,5337= 6 Royal Bank of Canada 6 7,190 8 3,6147= - Caledonian Ecomonics 6 229 - -10 15= Deloitte 5 223 2 812

11= - Bank of America Merrill Lynch 4 8,201 - -11= 7 Goldman Sachs 4 6,992 5 6,27011= 27= Citigroup 4 6,124 1 2,74711= 11= Morgan Stanley 4 4,853 3 5,01011= 27= BNP Paribas 4 4,076 1 290

Legal advisors by numberRanking 1Q16 1Q15


countValue

(USD m)Deal

countValue

(USD m)

1 1= Clifford Chance 30 14,594 21 12,7072 1= Allen & Overy 19 11,185 21 8,150

3= 7= Linklaters 17 9,982 11 12,5683= 5= Ashurst 17 5,150 12 6,1203= 9= DLA Piper 17 3,879 10 3,7256= 3 Norton Rose Fulbright 14 5,655 20 6,7476= 13= Pinsent Masons 14 1,707 8 1,1558= 17= Watson Farley & Williams 13 1,584 7 7058= 26= CMS 13 1,526 4 76710 9= Milbank 10 6,848 10 2,96611 4 Chadbourne & Parke 9 4,326 15 4,37712 19= White & Case 8 6,221 6 2,983

13= 13= Herbert Smith Freehills 6 5,749 8 4,69713= 26= Orrick Herrington & Sutcliffe 6 460 4 67813= 45= Shepherd & Wedderburn 6 263 2 483

Legal advisors by valueRanking 1Q16 1Q15


Deal count

Value (USD m)

Deal count

1 1 Clifford Chance 14,594 30 12,707 212 3 Allen & Overy 11,185 19 8,150 213 2 Linklaters 9,982 17 12,568 114 5 Freshfields 7,342 5 6,256 85 20 Milbank 6,848 10 2,966 106 18 White & Case 6,221 8 2,983 67 9 Herbert Smith Freehills 5,749 6 4,697 88 4 Norton Rose Fulbright 5,655 14 6,747 209 6 Ashurst 5,150 17 6,120 1210 13 Chadbourne & Parke 4,326 9 4,377 1511 14= Sullivan & Cromwell 4,045 2 3,824 112 16 DLA Piper 3,879 17 3,725 1013 11 King & Wood Mallesons 3,363 4 4,638 514 28 Shearman & Sterling 3,106 3 2,276 415 48 Roschier 2,970 2 839 2


Global: Bank and capital market debt financing

Bank debt providers by valueRanking 1Q16 1Q15


Deal count

Value (USD m)

Deal count

1 4 Sumitomo Mitsui Banking Corporation 2,577 31 1,521 162 1 Mitsubishi UFJ Financial Group 2,557 29 1,979 243 52 Industrial and Commercial Bank of China 1,747 7 209 34 3 Santander 1,731 28 1,575 275 10 Mizuho Bank 1,341 14 1,059 186 - China State Construction 1,250 1 - -7 65 Citigroup 1,189 6 159 38 2 Crédit Agricole 1,040 15 1,903 229 8 Société Générale 862 10 1,104 1010 33 Nord LB 857 17 345 711 14 ING Group 803 13 871 1212 18 Natixis 771 11 571 913 51 Intesa Sanpaolo 701 7 211 314 7 Commonwealth Bank of Australia 700 10 1,193 815 40 Aviva 660 9 274 2

Bank debt providers by numberRanking 1Q16 1Q15


countValue

(USD m)Deal

countValue

(USD m)

1 5 Sumitomo Mitsui Banking Corporation 31 2,577 16 1,5212 2 Mitsubishi UFJ Financial Group 29 2,557 24 1,9793 1 Santander 28 1,731 27 1,5754 18= Nord LB 17 857 7 3455 3 Crédit Agricole 15 1,040 22 1,9036 4 Mizuho Bank 14 1,341 18 1,0597 7 ING Group 13 803 12 8718 13= Natixis 11 771 9 571

9= 9= Société Générale 10 862 10 1,1049= 16= Commonwealth Bank of Australia 10 700 8 1,19311 57= Aviva 9 660 2 274

12= 41= Industrial and Commercial Bank of China 8 1,812 3 20912= 33= CIBC 8 574 4 27512= 9= Banco Bilbao Vizcaya Argentaria 8 547 10 60012= 18= Rabobank Group 8 536 7 427

Capital market debt providers by numberRanking 1Q16 1Q15


countValue

(USD m)Deal

countValue

(USD m)

1 2= Royal Bank of Canada 3 1,303 3 3552= 7= Santander 2 540 2 1092= 2= Citigroup 2 417 3 2062= - TradeRisks Limited 2 334 - -2= 1 BNP Paribas 2 330 4 2896= 18= Royal Bank of Scotland 1 308 1 1086= - Skandinaviska Enskilda Banken 1 308 - -6= 7= Credit Suisse 1 214 2 2806= 2= Société Générale 1 158 3 6376= - Bancolombia 1 130 - -6= - Goldman Sachs 1 130 - -6= 7= Barclays 1 109 2 1626= - Casgrain 1 94 - -8= 2= Scotiabank 1 94 3 2808= 18= Actinver 1 79 1 54

Capital market debt providers by valueRanking 1Q16 1Q15


Deal count

Value (USD m)

Deal count

1 4 Royal Bank of Canada 571 3 355 32 27 Santander 540 2 109 23 17 Citigroup 417 2 206 34 - TradeRisks Limited 334 2 - -5 7 BNP Paribas 330 2 289 4

6= 28 Royal Bank of Scotland 308 1 108 16= - Skandinaviska Enskilda Banken 308 1 - -8 9 Credit Suisse 214 1 280 29 1 Société Générale 158 1 637 3

10= - Bancolombia 130 1 - -10= - Goldman Sachs 130 1 - -12 23 Barclays 109 1 162 213 - Casgrain 94 1 - -14 8 Scotiabank 94 1 280 315 31= Actinver 79 1 54 1


Global: Technical advisory

Technical advisors by valueRanking 1Q16 1Q15


Deal count

Value (USD m)

Deal count

1 3 AECOM 7,406 8 3,488 62 1 Arup 6,375 12 10,496 83 20 Steer Davies Gleave 2,459 7 600 14 25 Fichtner 2,296 4 282 25 2 Mott MacDonald 2,178 9 7,113 246 15 Stantec 1,421 4 807 67 13 DNV GL 1,102 9 896 4

8= - IBI Group 930 1 - -8= 35 Altus Group Limited 930 1 99 110 27 WSP Group 766 6 246 111 4 Atkins 541 1 2,472 112 - Técnica y Proyectos 447 1 - -13 26 OST Energy 439 3 262 214 - Analysys Mason 430 1 - -15 - RPS Group 370 1 - -

Technical advisors by numberRanking 1Q16 1Q15


countValue

(USD m)Deal

countValue

(USD m)

1 2 Arup 12 6,375 8 10,4962= 1 Mott MacDonald 9 2,178 24 7,1132= 5= DNV GL 9 1,102 4 8964= 3= AECOM 8 7,406 6 3,4884= 14= Currie & Brown 8 329 1 656 14= Steer Davies Gleave 7 2,459 1 6007 14= WSP Group 6 766 1 246

11= 9= Fichtner 4 2,296 2 2828= 3= Stantec 4 1,421 6 8078= 5= Natural Power 4 241 4 6528= - Johnston Houston 4 109 - -11= 9= OST Energy 3 439 2 26211= 14= Gleeds 3 160 1 6514= 8 BTY Group 2 217 3 1,55414= - Infrata 2 - - -


Global: Model auditors and insurance advisory

Model auditors by valueRanking 1Q16

1Q16 Company name Value (USD m) Deal count

1 BDO 2,918 142 Mazars 2,321 223 Operis Group 1,654 64 EY 1,393 15 Corality Financial Group 631 46 Deloitte 341 37 KPMG 148 28 H3P 57 1

Model auditors by numberRanking 1Q16

1Q16 Company name Deal count Value (USD m)

1 Mazars 22 2,3212 BDO 14 2,9183 Operis Group 6 1,6544 Corality Financial Group 4 6315 Deloitte 3 3416 KPMG 2 148

7= EY 1 1,3937= H3P 1 57

Insurance advisors by numberRanking 1Q16

1Q16 Company name Deal count Value (USD m)

1 Marsh 10 3,1212 AON 6 333

3= Intech Risk Management 2 1,0003= Benatar 2 5843= JLT 2 5703= Willis 2 4243= Arthur J Gallagher 2 1208 Crotty Group 1 73

Insurance advisors by valueRanking 1Q16

1Q16 Company name Value (USD m) Deal count

1 Marsh 3,121 102 Intech Risk Management 1,000 23 Benatar 584 24 JLT 570 25 Willis 424 26 AON 333 67 Arthur J Gallagher 120 28 Crotty Group 73 1


EMEA: Notable deals

Germany

EQT Infrastructure Fund II divestment of its stake in energy-from-waste company EEW.


Sponsors - Beijing Enterprises Holdings.

Advisors - Morgan Stanley (Seller FA), Clifford Chance (Seller LA), Lazard, UBS (Acquirer FA), Mayer Brown (Acquirer LA).

USD 1.59bnEEW Energy from Waste

USD 2.97bnFortum Finland (Caruna) Refinancing

Finland

Borealis and First State Investments refinancing of acquisition and capex debt associated with Fortum Finland (Caruna).


Sponsors - Borealis, First State Investments.

Financing - BNP Paribas, CIBC, Citigroup, CBA, EDC, ING, Pohjola Bank, RBC, RBS, Scotiabank, SEB, SMBC.

Advisors - BNP Paribas (SPV FA), Linklaters, Roschier (SPV LA), A&O, Waselius & Wist (Funders LA) EY (SPV Tax).

Italy

Development of a 1.3bn cubic meter capacity underground gas storage facility in a depleted gas field near Cornegliano Laudense, Italy.


Sponsors - North Haven Infrastructure Partners II (NHIP II), Whysol.

Financing - BBVA, CA CIB, Helaba, ING, Intesa, MUFG, Natixis, Santander, SocGen, UBI Banca.

Advisors - Arcus Infrastructure Partners (Seller FA), EY (SPV MA), GOP (SPV LA), Bonelli (Funders LA), Fichtner (Funders TA), Marsh (Funders IA).

USD 1.39bnItal Gas Storage

UK

GIP and Oaktree Capital's sale of London City Airport.


Sponsors - Alberta Investment Management Corporation (AIMCo), Borealis Infrastructure, Kuwait Investment Authority, Ontario Teachers' Pension Plan.

Financing - CIBC, Commerzbank, CBA, EDC, MUFG & BTMU, National Bank of Kuwait, Natixis, RBS, Santander, Scotiabank, SEB, SMBC.

Advisors - Credit Suisse (Seller FA), Freshfields, Slaughter and May (Seller LA), Macquarie Capital, RBC (Acquirer FA), Linklaters (Acquirer LA), A&O (Funders LA) BAML (FA).

USD 2.65bnLondon City Airport Sale

Norway

Credit Suisse Energy Infrastructure Partners-led acquisition and development of the 1GW Fosen Vind onshore wind farm in Norway.








EMEA: Financial and legal advisory


1Q16 1Q15 Company name Value (USD

Deal count

Value (USD

Deal count

1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



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1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



countValue (USD

Deal count

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Deal count

Value (USD m)

Deal count

1 15 Macquarie Capital 5,254 7 1,140 82 17 Royal Bank of Canada 4,186 4 1,015 23 - BNP Paribas 4,076 4 - -4 - Credit Suisse 3,161 2 - -5 - Bank of America Merrill Lynch 2,647 1 - -6 7= Citigroup 2,544 2 2,747 17 1 Rothschild 2,434 4 5,533 28 4 Morgan Stanley 2,072 2 4,480 29 9 EY 2,066 8 2,376 810 10 UBS Investment Bank 1,914 2 2,368 3



Deal count

Value (USD m)

Deal count

1 2 Clifford Chance 10,685 23 9,513 142 3 Allen & Overy 10,159 18 6,646 163 1 Linklaters 9,810 16 12,257 94 9 Freshfields 4,788 4 3,336 45 8 DLA Piper 3,864 16 3,671 96 16 Ashurst 3,187 13 1,523 9

7= 27 Roschier 2,970 2 839 27= - Waselius & Wist 2,970 1 - -9 - Slaughter and May 2,647 1 - -10 10 Norton Rose Fulbright 2,580 10 2,993 15



countValue

(USD m)Deal

countValue

(USD m)

1 2= EY 8 2,066 8 2,3762= 2= Macquarie Capital 7 5,254 8 1,1402= 2= KPMG 7 636 8 1,0544= 1 PricewaterhouseCoopers 6 1,829 9 4,7684= - Caledonian Ecomonics 6 229 - -6= - Santander 5 1,873 - -6= 17= Deloitte 5 223 1 658= 9= Royal Bank of Canada 4 4,186 2 1,0158= - BNP Paribas 4 4,076 - -8= 9= Rothschild 4 2,434 2 5,533



countValue

(USD m)Deal

countValue

(USD m)

1 3 Clifford Chance 23 10,685 14 9,5132 1 Allen & Overy 18 10,159 16 6,646

3= 4= Linklaters 16 9,810 9 12,2573= 4= DLA Piper 16 3,864 9 3,6715= 4= Ashurst 13 3,187 9 1,5235= 11= Watson Farley & Williams 13 1,584 6 5125= 14= CMS 13 1,526 4 7675= 7= Pinsent Masons 13 1,190 8 1,1559 2 Norton Rose Fulbright 10 2,580 15 2,99310 25= Shepherd & Wedderburn 6 263 2 483


EMEA: Bank debt financing and technical advisory



Deal count

Value (USD m)

Deal count

1 9 Mitsubishi UFJ Financial Group 1,035 13 628 72 70= Citigroup 988 3 42 13 11 Santander 929 14 537 94 10 Sumitomo Mitsui Banking Corporation 825 11 621 55 30 Nord LB 760 15 203 46 23 Aviva 660 9 274 27 8 ING Group 591 9 642 88 3 BNP Paribas 557 7 1,066 99 2 Crédit Agricole 528 8 1,177 1310 22 Skandinaviska Enskilda Banken 486 7 287 5



Deal count

Value (USD m)

Deal count

1 2 Mott MacDonald 2,178 9 3,951 132 13 Fichtner 2,296 4 282 23 1 Arup 1,802 7 6,677 34 6 DNV GL 1,102 8 896 45 - Steer Davies Gleave 986 5 - -6 5 AECOM 760 4 923 47 3 Atkins 541 1 2,472 18 14 OST Energy 439 3 262 29 - RPS Group 370 1 - -10 21= Currie & Brown 329 8 65 1



countValue

(USD m)Deal

countValue

(USD m)

1 19= Nord LB 15 760 4 2032 3= Santander 14 929 9 5373 9 Mitsubishi UFJ Financial Group 13 1,035 7 6284 13= Sumitomo Mitsui Banking Corporation 11 825 5 621

5= 33= Aviva 9 660 2 2745= 7= ING Group 9 591 8 6427 1 Crédit Agricole 8 528 13 1,177

8= 3= BNP Paribas 7 557 9 1,0668= 13= Skandinaviska Enskilda Banken 7 486 5 2878= 19= Natixis 7 441 4 246



countValue

(USD m)Deal

countValue

(USD m)

1 1 Mott MacDonald 9 2,178 13 3,9512= 2= DNV GL 8 1,102 4 8962= 8= Currie & Brown 8 329 1 654 4 Arup 7 1,802 3 6,6775 - Steer Davies Gleave 5 986 - -

6= 5= Fichtner 4 2,296 2 2826= 2= AECOM 4 760 4 9236= 8= WSP Group 4 258 1 2466= 8= Natural Power 4 241 1 -10= 8= Gleeds 3 160 1 65


UK: Notable deals

Total's sale of its North Sea gas assets; including the 362km Frigg UK Pipeline (FUKA) and a 67% stake in the 234km Shetland Island Regional Gas Export System (SIRGE).


Acquirer - Arclight Energy Partners Fund V.

Financing - ABN Amro, BAML, Barclays, BNP Paribas, CIBC, Crédit Agricole CIB, Intesa Sanpaolo, MUFG & BTMU, RBC, RBS, Santander, Scotiabank, Siemens Financial Services, SocGen, SMBC, Wells Fargo.

Advisors - Freshfields (Acquirer LA), Linklaters (Funder LA).

USD 1.07bnTotal North Sea Gas Pipeline Assets Sale

Dong Energy's divestment of a 50% stake in the Burbo Bank Extension offshore wind farm to pension fund PKA and Danish investor KIRKBI, the parent company of toy maker Lego Group.


Acquirer - KIRKBI AS, PKA Pensionskassernes Administration.

Advisors - Citigroup (Seller FA); Watson, Farley & Williams (Seller LA); FIH Partners (Acquirer FA); Clifford Chance (Acquirer LA).

USD 954mBurbo Bank Offshore Wind Sale (50% Stake)

Motorola Solutions' acquisition of UK emergency communications asset Airwave from Macquarie’s MEIF II.


Acquirer - Motorola.

Advisors - Macquarie, Rothscild (Seller FA); Jones Day (Seller LA); Goldman Sachs (Acquirer FA); Sullivan & Crowmwell, Winston & Strawn (Acquirer LA).

USD 1.17bnAirwave Sale

Provision of a training school, offices, facilities, ICT and the Ground Based Training Equipment for the UK Ministry of Defence.


Sponsors - Babcock International, Lockhead Martin.

Financing - Crédit Agricole CIB, Helaba Landesbank, MUFG & MTMU, SMBC.

Advisors - EY (Grantor FA); Simmons & Simmons (Grantor LA); PwC (SPV FA); Mazars (SPV FMA); Burges Salmon, DLA Piper (SPV LA); Ashurst, Linklaters (Funders LA); Mott MacDonald (Funders TA).

USD 876mUKMFTS Phase 1B

USD 2.65bnLondon City Airport Sale

GIP and Oaktree Capital's sale of London City Airport.


Sponsors - Alberta Investment Management Corporation (AIMCo), Borealis Infrastructure, Kuwait Investment Authority, Ontario Teachers' Pension Plan.

Financing - CIBC, Commerzbank, CBA, EDC, MUFG & BTMU, National Bank of Kuwait, Natixis, RBS, Santander, Scotiabank, SEB, SMBC.

Advisors - Credit Suisse (Seller FA), Freshfields, Slaughter and May (Seller LA), Macquarie Capital, RBC (Acquirer FA), Linklaters (Acquirer LA), A&O (Funders LA) BAML(FA).



UK: Financial and legal advisory



Deal count

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Deal count

Value (USD m)

Deal count

1 4 Macquarie Capital 4,415 5 1,056 52 5 Royal Bank of Canada 3,774 3 1,015 23 - Credit Suisse 3,161 2 - -4 - Bank of America Merrill Lynch 2,647 1 - -5 - Rothschild 2,263 3 - -6 3 EY 1,436 6 1,390 67 - Goldman Sachs 1,166 1 - -

8= - FIH Partners 954 1 - -8= - Citigroup 954 1 - -10 1 PricewaterhouseCoopers 876 1 3,016 2



Deal count

Value (USD m)

Deal count

1 4 Linklaters 6,196 8 3,195 42 5 Freshfields 4,299 3 3,126 33 6 Clifford Chance 3,813 6 2,312 44 3 Allen & Overy 3,586 4 3,475 95 - Slaughter and May 2,647 1 - -6 7 Ashurst 2,197 7 1,356 87 - Simmons & Simmons 1,666 3 - -8 13 CMS 1,526 12 729 39 21 Watson Farley & Williams 1,386 5 298 310 18 Eversheds 1,316 4 470 6



countValue

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1= 1 EY 6 1,436 6 1,3901= - Caledonian Ecomonics 6 229 - -3= 2 Macquarie Capital 5 4,415 5 1,0563= 7= Deloitte 5 223 1 655 7= Elgar Middleton 4 140 1 75

6= 5= Royal Bank of Canada 3 3,774 2 1,0156= - Rothschild 3 2,263 - -6= 7= QMPF 3 236 1 2129= - Credit Suisse 2 3,161 - -9= 3= KPMG 2 126 3 704



countValue

(USD m)Deal

countValue

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1= 10= CMS 12 1,526 3 7291 2= Pinsent Masons 12 1,040 8 1,1553 8= Linklaters 8 6,196 4 3,195

4= 2= Ashurst 7 2,197 8 1,3564= 4= DLA Piper 7 1,216 6 3,5546= 8= Clifford Chance 6 3,813 4 2,3126= 17 Shepherd & Wedderburn 6 263 2 4838 10= Watson Farley & Williams 5 1,386 3 298

9= 1 Allen & Overy 4 3,586 9 3,4759= 4= Eversheds 4 1,316 6 470


UK: Bank debt financing and technical advisory



Deal count

Value (USD m)

Deal count

1 - Citi 818 1 - -2 7 Mitsubishi UFJ Financial Group 709 8 316 23 8 Aviva 660 9 274 24 20 Nord LB 449 11 115 25 2 Sumitomo Mitsui Banking Corporation 382 6 529 36 12 Santander 265 3 238 47 1 Royal Bank of Scotland 237 4 854 88 16 National Australia Bank 226 2 163 2

9= - CIBC 150 2 - -9= 15 Scotiabank 150 2 164 3



Deal count

Value (USD m)

Deal count

1 2 Mott MacDonald 1,811 4 1,756 72 3 AECOM 703 3 579 23 - Arup 572 2 - -4 - RPS Group 370 1 - -5 11= Currie & Brown 329 8 65 16 - Interfleet Technology 287 1 - -7 8 WSP Group 258 4 246 18 14 Natural Power 241 3 - 19 6 Fichtner 230 1 282 110 11= Gleeds 160 3 65 1



countValue

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1 13= Nord LB 11 449 2 1152 13= Aviva 9 660 2 2743 13= Mitsubishi UFJ Financial Group 8 709 2 3164 7= Sumitomo Mitsui Banking Corporation 6 382 3 5295 1 Royal Bank of Scotland 4 237 8 8546 3= Santander 3 265 4 238

7= 13= National Australia Bank 2 226 2 1637= - CIBC 2 150 - -7= 7= Scotiabank 2 150 3 1647= 7= Barclays 2 112 3 254



countValue

(USD m)Deal

countValue

(USD m)

1 4= Currie & Brown 8 329 1 652= 1 Mott MacDonald 4 1,811 7 1,7562= 4= WSP Group 4 258 1 2462= - Johnston Houston 4 109 - -5= 2= AECOM 3 703 2 5795= 4= Natural Power 3 241 1 -5= 4= Gleeds 3 160 1 658 - Arup 2 572 - -

9= - RPS Group 1 370 - -9= - Interfleet Technology 1 287 - -


North America: Notable deals

Canada

The construction of the southeast leg of the Southeast to West LRT from Mill Woods to downtown Edmonton.


Sponsors - Bechtel, Bombardier, EllisDon Capital, Fengate.

Financing - Casgrain, RBC, SMBC, Scotiabank.

Advisors - KPMG (Grantor FA), Borden Ladner Gervais (Grantor LA), AECOM (Grantor TA), Scotiabank (SPV FA), BDO (SPV FMA), Davies Ward Phillips & Vineberg (SPV LA), Arup (SPV TA), IBI Group (SPV TA), Farris (Funders LA), Altus Group (Funders TA), Intech (Funders IA), Aird & Berlis (Sub-Contractor Counsel).

USD 1.36bnEdmonton LRT - Valley Line

USD 2.88bnChicago Skyway Acquisition

US

Macquarie and Cintra's sale of the Chicago Skyway.


Acquirer- Borealis, CPPIB, OTPP.

Financing - Allianz, Babson, CIBC, Citi, CBA, CA CIB, EDC, ING, MUFG, NAB, RBC, SunLife.

Advisors - Goldman Sachs (Seller FA), Gibson Dunn & Crutcher (Seller LA), RBC (Acquirer FA), Sullivan & Cromwell (Acquirer LA), AECOM (Acquirer TA), Shearman & Sterling (Funders LA).

US

Maryland-based CPV's construction financing for the 785MW Towantic Energy Center.


Sponsors - General Electric, Global Infrastructure Partners II.

Financing - CA CIB, CIT Group, Helaba Landesbank, ICBC, ING, MUFG, NAB, NORD/LB, Natixis, SocGen ,SunTrust Robinson Humphrey, Wells Fargo.

Advisors - Milbank (Funders LA), Stantec (TA).

USD 1.14bnTowantic 785MW Energy Center

US

Cheniere Energy Partners' refinancing for the Sabine Pass LNG and Creole Trail pipeline projects.


Sponsors - Cheniere Energy Partners.

Financing - ABN AMRO Capital, BAML, CBA, CIBC, Credit Suisse, FirstBank Florida, HSBC, ING, Intesa, JP Morgan, MUFG, Mizuho, Morgan Stanley, SMBC, SocGen.

Advisors - SocGen (SPV FA), Chadbourne & Parke (Funders LA).

USD 2.8bnSabine Pass LNG / Creole Trail Refi

Canada

The acquisition of TransForce's Matrec solid waste division.


Sponsors - GFL Environmental, Highbridge Capital, MIP III.

Financing - Credit Suisse.

Advisors - Fasken Martineau (Seller LA), Macquarie Capital (Acquirer FA), Stikeman Elliot (Acquirer LA).

USD 572mMatrec Solid Waste Acquisition



North America: Financial and legal advisory



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Deal count

Value (USD m)

Deal count

1= - Goldman Sachs 2,879 1 - -1= 4= Royal Bank of Canada 2,879 1 1,340 53 11= Société Générale 2,800 1 360 14 - Credit Suisse 2,547 2 - -5 - JP Morgan 1,890 1 - -6 6 KPMG 1,000 2 1,063 27 - Scotiabank 930 1 - -8 2 Macquarie Capital 571 1 1,416 29 - Bank of America Merrill Lynch 500 1 - -10 9 Morgan Stanley 227 1 530 1



Deal count

Value (USD m)

Deal count

1 4 Chadbourne & Parke 3,564 5 2,364 82 19 Shearman & Sterling 3,106 3 595 2

3= - Sullivan & Cromwell 2,879 1 - -3= 29 Gibson, Dunn & Crutcher 2,879 1 325 15 2 Milbank 2,158 5 2,490 8

6= - Davis Polk & Wardwell 1,890 2 - -6= - Faegre Baker Daniels 1,890 1 - -6= 21 Bracewell 1,890 1 465 19 7 Latham & Watkins 1,195 2 1,215 410 11 Davies Ward Phillips & Vineberg 1,076 2 1,075 3



countValue

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1= - Credit Suisse 2 2,547 - -1= 3= KPMG 2 1,000 2 1,0633= 1 Royal Bank of Canada 1 2,879 5 1,3403= - Goldman Sachs 1 2,879 - -3= 9= Société Générale 1 2,800 1 3603= - JP Morgan 1 1,890 - -3= - Scotiabank 1 930 - -3= 3= Macquarie Capital 1 571 2 1,4163= - Bank of America Merrill Lynch 1 500 - -3= 9= Morgan Stanley 1 227 1 530



countValue

(USD m)Deal

countValue

(USD m)

1= 2= Chadbourne & Parke 5 3,564 8 2,3641= 2= Milbank 5 2,158 8 2,4903 1 McCarthy Tétrault 4 588 11 2,969

4= 13= Shearman & Sterling 3 3,106 2 5954= 4= Fasken Martineau 3 888 5 2,4636= - Davis Polk & Wardwell 2 1,890 - -6= 6 Latham & Watkins 2 1,195 4 1,2156= 7= Davies Ward Phillips & Vineberg 2 1,076 3 1,075

6= - King & Spalding 2 657 - -6= 7= Norton Rose Fulbright 2 651 3 1,411


North America: Bank debt financing and technical advisory



Deal count

Value (USD m)

Deal count

1 1 Mitsubishi UFJ Financial Group 806 10 458 92 3 Santander 506 6 381 53 5 Sumitomo Mitsui Banking Corporation 506 7 311 64 8 Rabobank Group 427 6 240 45 20 Société Générale 331 2 149 16 19 Industrial and Commercial Bank of China 329 3 170 27 2 Mizuho Bank 283 3 433 98 - ABN Amro 270 1 - -9 - HSBC 269 2 - -10 14 Investec 250 1 195 1



Deal count

Value (USD m)

Deal count

1 12 AECOM 3,809 2 365 12 9 Stantec 1,421 4 807 6

3= 5= Arup 930 1 1,000 13= - IBI Group 930 1 - -3= 16 Altus Group Limited 930 1 99 16 2 BTY Group 217 2 1,554 37 - CBCL 146 1 - -8 - Parsons 71 1 - -9 - WSP Group 61 1 - -



countValue

(USD m)Deal

countValue

(USD m)

1 1= Mitsubishi UFJ Financial Group 10 806 9 4582 3 Sumitomo Mitsui Banking Corporation 7 506 6 311

3= 4= Santander 6 506 5 3813= 8= Rabobank Group 6 492 4 2405= 18= CIBC 4 249 2 1015= 18= ING Group 4 212 2 1287= 18= Industrial and Commercial Bank of China 3 329 2 1707= 1= Mizuho Bank 3 283 9 4337= 11= KeyBank 3 198 3 2677= 8= Crédit Agricole 3 151 4 175



countValue

(USD m)Deal

countValue

(USD m)

1 1 Stantec 4 1,421 6 8072= 6= AECOM 2 3,809 1 3652= 2 BTY Group 2 217 3 1,5544= - IBI Group 1 930 - -4= 6= Arup 1 930 1 1,0004= 6= Altus Group Limited 1 930 1 994= - CBCL 1 146 - -4= - Parsons 1 71 - -4= - WSP Group 1 61 - -


Latin America and the Caribbean: Notable deals

Brazil

Partners Group and Seaborn Network have signed an agreement to construct and operate a 10,000km submarine fiber optic cable from New York to Sao Paulo, Brazil.


Sponsors - Partners Group Direct Infrastructure 2011, Seaborn Networks.

Financing - Commerzbank, Intesa Sanpaolo, Natixis, Santander.

Advisors - Appleby Global, BM&A, Harris, Wiltshire & Grannis, Milbank (SPV LA); Benatar (SPV IA); Clifford Chance, Conyers Dill & Pearlman, Sidley & Austin, Veirano Advogados (Funders LA); Analysys Mason (Funders TA).

USD 430mSeabras 1 Fibre Optic

USD 3.43bnIlha Solteira and Jupiá Hydro Plants

Brazil

China Three Gorges' acquisition of the 1.5 GW Jupiá and the 3.4GW Ilha Solteira hydropower plants.


Sponsors - China Three Gorges.

Financing - China Latin America Fund, ICBC.

Advisors - Banco Itaú, Santander (Acquirer FA), White & Case (Acquirer LA).

Chile

DBFOM of three new substations: Cardones, Maitencillo y Pan de Azúcar in the centre of Chile and the construction of a double-circuit 500kV transmission line.


Sponsors - Interconexión Electrica (ISA).

Financing - Banco Bice, Banco Estado, BBVA, CA CIB, MUFG, Natixis, SMBC.

Advisors - BBVA (SPV FA), Milbank, Morales & Besa (Funders LA).

USD 1bnChile Transmission Bundle

Colombia

Brookfield's acquisition of a 57.6% stake in Colombia’s third largest electricity generator.


Sponsors - Brookfield Asset Management, Brookfield Renewable Energy Partners (BREP).

Financing - EDC, Scotiabank, SMBC.

Advisors - BBVA, Credit Suisse (Seller FA), Appleby Global Gomez-Pinzon Zuleta (Seller LA), Baker & McKenzie, Conyers Dill and Pearman, Philippi Prietocarrizosa & Uría, Torys, Milbank (Funders LA).

USD 2.2bnIsagen (57.6% Stake)

Chile

Abertis' follow-on acquisition of a 50% stake of the Chilean capital’s most heavily used urban toll road concession.


Sponsors - Abertis.

Advisors - A&O, Stikeman Elliott (Seller LA), Citi (Acquirer FA), Ashurst (Acquirer LA), Steer, Davies, Gleave (TA).

USD 948mAutopista Central PPP (50% Stake)



Latin America and the Caribbean: Financial and legal advisory



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Value (USD

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Deal count

Value (USD m)

Deal count

1 1 Santander 4,263 6 3,103 112 4 Banco Itaú 3,434 1 798 23 7= Banco Bilbao Vizcaya Argentaria 3,200 2 600 14 - Credit Suisse 2,200 2 - -5 - Citigroup 1,026 1 - -

6= 9 Goldman Sachs 447 1 542 16= - Structure Banca de Inversión 447 1 - -6= 5= Bonus Banca de Inversión 447 1 650 19 - MTH Investment Bank 283 1 - -10 - Latam Capital Advisors 260 1 - -



Deal count

Value (USD m)

Deal count

1 20 Milbank 4,077 4 187 12 14 White & Case 3,609 2 456 2

3= - Appleby Global 2,630 2 - -3= - Conyers Dill and Pearman 2,630 2 - -5= - Philippi Prietocarrizosa & Uría 2,200 1 - -5= 5 Torys 2,200 1 2,000 15= - Gomez-Pinzon Zuleta 2,200 1 - -5= 13 Baker & McKenzie 2,200 1 461 29 1 Clifford Chance 1,355 5 2,995 610 21 Morales & Besa 1,265 2 120 1



countValue

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countValue

(USD m)

1 1 Santander 6 4,263 11 3,1032= 3= Banco Bilbao Vizcaya Argentaria 2 3,200 1 6002= - Credit Suisse 2 2,200 - -4= 2 Banco Itaú 1 3,434 2 7984= - Citigroup 1 1,026 - -4= 3= Goldman Sachs 1 447 1 5424= - Structure Banca de Inversión 1 447 - -4= 3= Bonus Banca de Inversión 1 447 1 6504= - MTH Investment Bank 1 283 - -4= - Latam Capital Advisors 1 260 - -



countValue

(USD m)Deal

countValue

(USD m)

1 2 Clifford Chance 5 1,355 6 2,9952 11= Milbank 4 4,077 1 187

3= 7= White & Case 2 3,609 2 4563= - Appleby Global 2 2,630 - -3= - Conyers Dill and Pearman 2 2,630 - -3= 11= Morales & Besa 2 1,265 1 1203= 3= Machado Meyer Sendacz e Opice 2 543 5 6413= 11= Ferrere 2 319 1 1023= 3= Chadbourne & Parke 2 184 5 97610= - Gomez-Pinzon Zuleta 1 2,200 - -


Latin America and the Caribbean: Bank and capital market debt financing



Deal count

Value (USD m)

Deal count

1 - Industrial and Commercial Bank of China 1,231 2 - -2 14 Sumitomo Mitsui Banking Corporation 373 2 75 13 - Goldman Sachs 354 1 - -4 - Scotiabank 250 1 - -5 10 Natixis 179 2 102 2

6= - Banco Estado 146 2 - -6= 2 Banco Bilbao Vizcaya Argentaria 146 1 194 48 - Intesa Sanpaolo 131 2 - -

9= 9 Crédit Agricole 123 1 109 29= 15 Mitsubishi UFJ Financial Group 123 1 65 2



countValue

(USD m)Deal

countValue

(USD m)

1 1 Santander 7 87 12 471 2= - Industrial and Commercial Bank of China 2 1,231 - - 2= 13= Sumitomo Mitsui Banking Corporation 2 373 1 75 2= 7= Natixis 2 179 2 102 2= - Banco Estado 2 146 - - 2= - Intesa Sanpaolo 2 131 - - 2= - Banco de Crédito e Inversiones 2 86 - - 2= 13= Inbursa 2 0 1 85 9= - Goldman Sachs 1 354 - - 9= - Scotiabank 1 250 - -


Asia Pacific: Notable deals

South Korea

The development of a 18.36km double-track railway line from Sosa district in Bucheon city to Daegok station in Seoul.


Sponsors - KIIP.

Financing - Hanwha Life, Hanwha Non-life, Heungkuk Fire & Marine, Heungkuk Life, KB Insurance, KDB, KDB Life, KIAMCO Daegok-Sosa Double Track Railway Private Fund Special Asset Trust 1, KIAMCO Daegok-Sosa Double Track Railway Private Fund Special Asset Trust 2, Kyobo Life, National Agricultural Cooperative Federation, National Credit Union Federation of Korea, Nonghyup Life, Samsung Fire & Marine, Samsung Life.

Advisors - KDB (SPV FA), KDB (Funders FA).

USD 1.3bnDaegok Sosa Line

USD 2.5bnPacific Hydro Sale

Australia

IFM's sale of the Australia-based hydroelectric and wind generation company Pacific Hydro, with assets in Australia, Chile and Brazil.


Acquirer- SPIC.

Financing - Bank of Communications, BOC, China State Construction, DBS Bank, ICBC, Santander, SocGen.

Advisors - BAML, Credit Suisse (Seller FA), GS, Santander (Acquirer FA), Herbert Smith Freehills (Seller LA), King & Wood Mallesons (Acquirer LA).

Japan

The development of a 1200MW combined cycle gas turbine power plant in Moka city, Tochigi.


Sponsors - Kobe Steel.

Financing - Mizuho, MUFG, SMBC.

Advisors - Mizuho (SPV FA).

USD 698mKOBELCO Moka GTCC 1200MW

Japan

Privatisation of the Kansaid and Osaka-Itami airports.


Acquirers - ASICS, Daiwa House Industry Co Ltd, Mizuho Bank, MUFG, Orix Corporation, SMTB, Suntory, The Senshu Ikeda Bank, Vinci Airports.

Financing - CA CIB, DBJ, Kyoto Bank, Mizuho Bank, MUFG, Nanto Bank, Nippon Life, Private Finance Initiative Promotion Corp of Japan, Resona Bank, SMBC, SMTB, The Kiyo Bank, The Senshu Ikeda Bank, The Shiga Bank.

Advisors - Citigroup, EY, SMBC (Seller FA), Rothschild (Acquirer FA), Anderson Mori & Tomotsune, Freshfields (Seller LA), Clifford Chance (Acquirer LA), Arup (Seller TA), AECOM (Acquirer TA).

USD 2.4bnKansai and Osaka-Itami Airports

Australia

Plenary Living's refinancing of debt associated with its Australian Defence Force Single LEAP 2 project.


Sponsors - CDPQ, PASIF, Plenary Group.

Financing - ANZ, CBA, CA CIB, MUFG, NAB, Natixis.

Advisors - Allens (SPV LA), Herbert Smith Freehills (Funders LA).

USD 544mSingle LEAP Project Phase 2 Refinancing



Asia Pacific: Financial and legal advisory



Deal count

Value (USD

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1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



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1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



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1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



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1 - - - - - -2 - - - - - -3 - - - - - -4 - - - - - -5 - - - - - -6 - - - - - -7 - - - - - -8 - - - - - -9 - - - - - -10 - - - - - -



Deal count

Value (USD m)

Deal count

1 - Bank of America Merrill Lynch 5,054 2 - -2 - Rothschild 4,854 2 - -3 - Mizuho 3,252 2 - -

4= - Morgan Stanley 2,554 1 - -4= 12 Sumitomo Mitsui Banking Corporation 2,554 1 221 14= 3= EY 2,554 1 1,388 14= - Citigroup 2,554 1 - -8= - Santander 2,500 1 - -8= - Credit Suisse 2,500 1 - -8= 6 Goldman Sachs 2,500 1 1,147 2



Deal count

Value (USD m)

Deal count

1 3 Herbert Smith Freehills 5,623 5 4,191 52 2 King & Wood Mallesons 3,292 3 4,638 4

3= 23 Clifford Chance 2,554 2 200 13= 35 Freshfields 2,554 1 70 13= - Anderson Mori & Tomotsune 2,554 1 - -6 - Veirano Advogados 2,500 1 - -7 7 Norton Rose Fulbright 2,425 2 2,343 28 21= Lee & Ko 1,350 1 216 19 4 Ashurst 867 2 3,588 210 1 Allens 698 2 5,379 6



countValue

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countValue

(USD m)

1= - Bank of America Merrill Lynch 2 5,054 - -1= - Rothschild 2 4,854 - -1= - Mizuho 2 3,252 - -4= - Morgan Stanley 1 2,554 - -4= 5= Sumitomo Mitsui Banking Corporation 1 2,554 1 2214= 5= EY 1 2,554 1 1,3884= - Citigroup 1 2,554 - -4= - Santander 1 2,500 - -4= - Credit Suisse 1 2,500 - -4= 1= Goldman Sachs 1 2,500 2 1,147



countValue

(USD m)Deal

countValue

(USD m)

1 2 Herbert Smith Freehills 5 5,623 5 4,1912 3= King & Wood Mallesons 3 3,292 4 4,638

3= 12= Clifford Chance 2 2,554 1 2003= 7= Norton Rose Fulbright 2 2,425 2 2,3433= 7= Ashurst 2 867 2 3,5883= 1 Allens 2 698 6 5,3797= 12= Freshfields 1 2,554 1 707= - Anderson Mori & Tomotsune 1 2,554 - -7= - Veirano Advogados 1 2,500 - -7= 12= Lee & Ko 1 1,350 1 216


Asia Pacific: Bank debt financing



Deal count

Value (USD m)

Deal count

1 - China State Construction 1,250 1 - -2 6 Sumitomo Mitsui Banking Corporation 873 11 514 43 10 Mizuho Bank 861 9 254 44 3 Mitsubishi UFJ Financial Group 593 5 827 65 2 Commonwealth Bank of Australia 289 5 1,007 66 - Industrial and Commercial Bank of China 253 3 - -7 7 Crédit Agricole 238 3 441 3

8= - Bank of China 208 1 - -8= - Bank of Communications 208 1 - -9= 19 SocGen 208 1 95 1



countValue

(USD m)Deal

countValue

(USD m)

1 5= Sumitomo Mitsui Banking Corporation 11 873 4 5142 5= Mizuho Bank 9 861 4 254

3= 2= Mitsubishi UFJ Financial Group 5 593 6 8273= 2= Commonwealth Bank of Australia 5 289 6 1,0075= - Industrial and Commercial Bank of China 3 253 - -5= 8 Crédit Agricole 3 238 3 4415= 4 National Australia Bank 3 110 5 5935= 5= Australia and New Zealand Banking Group 3 88 4 5579= 18= Sumitomo Mitsui Trust Bank 2 203 1 409= - First Commercial Bank of Taiwan 2 42 - -


PPP: Notable deals

Spain

Cintra and Unicaja's refinancing of debt associated with their Costa del Sol Highway.


Sponsors - Cintra, Unicaja.

Financing - Santander.

Advisors - Santander (SPV FA), Arup (SPV TA), SDG (TA).

USD 608mAusol Refinancing

USD 948mAutopista Central (50% Acquisition)

France

Development of a 24km bypass, expected to help reduce traffic congestion around Strasbourg.


Sponsors - Vinci Concessions.

Advisors - EY (Grantor FA), Clifford Chance (Grantor LA), CA CIB (SPV FA).

USD 606mA355 Highway

USD 544Single Leap Phase 2Refinancing

USD 930mEdmonton LRT - Valley Line P3

Chile

Abertis' follow-on acquisition of a 50% stake of the Chilean capital’s most heavily used urban toll road concession.


Sponsors - Abertis.

Advisors - A&O, Stikeman Elliott (Seller LA), Citi (Acquirer FA), Ashurst (Acquirer LA), Steer, Davies, Gleave (TA).

Canada

The construction of the southeast leg of the Southeast to West LRT from Mill Woods to downtown Edmonton.


Sponsors - Bechtel, Bombardier, EllisDon Capital, Fengate.

Financing - Casgrain, RBC, SMBC, Scotiabank.

Advisors - KPMG (Grantor FA), Borden Ladner Gervais (Grantor LA), AECOM (Grantor TA), Scotiabank (SPV FA), BDO (SPV FMA), Davies Ward Phillips & Vineberg (SPV LA), Arup (SPV TA), IBI Group (SPV TA), Farris (Funders LA), Altus Group (Funders TA), Intech (Funders IA), Aird & Berlis (Sub-Contractor Counsel).

Australia

Plenary Living's refinancing of debt associated with its Australian Defence Force Single LEAP 2 project.


Sponsors - CDPQ, PASIF, Plenary Group.

Financing - ANZ, CBA, CA CIB, MUFG, NAB, Natixis.

Advisors - Allens (SPV LA), Herbert Smith Freehills (Funders LA).



PPP: Financial and legal advisory



Deal count

Value (USD

Deal count

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Deal count

Value (USD m)

Deal count

1 2 EY 4,620 9 4,397 102 5 Rothschild 3,720 2 1,708 13 - Citigroup 3,580 2 - -4 - Sumitomo Mitsui Banking Corporation 2,862 2 - -

5= - Morgan Stanley 2,554 1 - -5= - Mizuho Bank 2,554 1 - -5= - Bank of America Merrill Lynch 2,554 1 - -8 14 Santander 2,190 6 807 29 8 Macquarie Capital 1,761 4 1,332 410 3 KPMG 1,637 7 4,298 10



Deal count

Value (USD m)

Deal count

1 7 Clifford Chance 5,226 10 3,315 72 1 Ashurst 3,697 11 5,421 83 8 Allen & Overy 2,566 8 2,886 8

4= - Anderson Mori & Tomotsune 2,554 1 - -4= 11 Freshfields 2,554 1 2,472 16 10 Linklaters 1,897 7 2,488 27 9 DLA Piper 1,783 5 2,772 48 64 Simmons & Simmons 1,594 2 84 19 56 Lee & Ko 1,350 1 216 1

10= - Jones Day 1,166 1 - -



countValue

(USD m)Deal

countValue

(USD m)

1 1= EY 9 4,620 10 4,3972 1= KPMG 7 1,637 10 4,298

3= 6= Santander 6 2,190 2 8073= 1= PricewaterhouseCoopers 6 1,434 10 5,3063= - Caledonian Ecomonics 6 229 - -6 6= Deloitte 5 223 2 8127 4 Macquarie Capital 4 1,761 4 1,3328 13= QMPF 3 236 1 212

9= 13= Rothschild 2 3,720 1 1,7089= - Citigroup 2 3,580 - -



countValue

(USD m)Deal

countValue

(USD m)

1 1= Ashurst 11 3,697 8 5,4212 3 Clifford Chance 10 5,226 7 3,3153 19= Pinsent Masons 9 1,085 2 608

4= 1= Allen & Overy 8 2,566 8 2,8864= 11= CMS 8 409 3 7296 19= Linklaters 7 1,897 2 2,4887 19= Shepherd & Wedderburn 6 263 2 4838 6= DLA Piper 5 1,783 4 2,7729 5 Norton Rose Fulbright 4 978 5 3,634

10= - Addleshaw Goddard 3 266 - -


PPP: Bank debt financing and technical advisory



Deal count

Value (USD m)

Deal count

1 1 Mitsubishi UFJ Financial Group 636 7 739 72 8 Sumitomo Mitsui Banking Corporation 603 10 376 33 46 Nord LB 449 9 65 14 2 Crédit Agricole 395 6 734 65 - Goldman Sachs 354 1 - -6 7 Santander 294 8 382 67 - Bankia 222 3 - -8 5 Mizuho Bank 211 2 406 59 35= Sumitomo Mitsui Trust Bank 203 2 97 110 3 Commonwealth Bank of Australia 190 2 650 3



Deal count

Value (USD m)

Deal count

1 1 Arup 5,584 8 3,819 52 3 AECOM 3,944 6 2,608 33 13 Steer Davies Gleave 2,459 7 600 14 2 Mott MacDonald 1,465 5 3,050 12

5= - IBI Group 930 1 - -5= 22 Altus Group Limited 930 1 99 17 19 WSP Group 705 5 246 18 - Técnica y Proyectos 447 1 - -9 - RPS Group 370 1 - -10 27 Currie & Brown 329 8 65 1



countValue

(USD m)Deal

countValue

(USD m)

1 9= Sumitomo Mitsui Banking Corporation 10 603 3 3762 31= Nord LB 9 449 1 653 2= Santander 8 297 6 3824 1 Mitsubishi UFJ Financial Group 7 636 7 7395 2= Crédit Agricole 6 395 6 7346 31= Aviva 5 155 1 170

7= - Bankia 3 222 - -7= 9= Société Générale 3 150 3 1887= 31= Bayern LB 3 145 1 977= 9= Natixis 3 129 3 275



countValue

(USD m)Deal

countValue

(USD m)

1= 2 Arup 8 5,584 5 3,8191= 7= Currie & Brown 8 329 1 653 7= Steer Davies Gleave 7 2,459 1 6004 3= AECOM 6 3,944 3 2,608

5= 1 Mott MacDonald 5 1,465 12 3,0505= 7= WSP Group 5 705 1 2467 - Johnston Houston 4 109 - -

8= 7= Gleeds 3 160 1 659= 3= BTY Group 2 217 3 1,5549= - Infrata 2 - - -


Renewables: Notable deals

USD 2.50bnPacific Hydro Sale

USD 3.43bnIlha Solteira and Jupiá Hydro Plants

UK

The Green Investment Bank and BlackRock acquisition of a 194 MW wind farm from GLID, a joint venture comprised of EIG Global Partners and Centrica.


Sponsors - BlackRock, UK Green Investment Bank Offshore Wind Fund.

Financing - All-equity transaction.

Advisors - RBC (Seller FA), Milbank (Seller LA), Eversheds (Acquirer LA).

USD 613mLynn and Inner Dowsing 194MW Wind


USD 954mBurbo Bank Offshore Wind Sale (50% Stake)

Brazil

China Three Gorges' acquisition of the 1.5 GW Jupiá and the 3.4GW Ilha Solteira hydropower plants.


Sponsors - China Three Gorges.

Financing - China Latin America Fund, ICBC.

Advisors - Banco Itaú, Santander (Acquirer FA), White & Case (Acquirer LA).

Australia

IFM's sale of the Australia-based hydroelectric and wind generation company Pacific Hydro, with assets in Australia, Chile and Brazil.


Acquirer- SPIC.

Financing - Bank of Communications, BOC, China State Construction, DBS Bank, ICBC, Santander, SocGen.

Advisors - BAML, Credit Suisse (Seller FA), GS, Santander (Acquirer FA), Herbert Smith Freehills (Seller LA), King & Wood Mallesons (Acquirer LA).

Norway

Credit Suisse Energy Infrastructure Partners-led acquisition and development of the 1GW Fosen Vind onshore wind farm in Norway.





UK

Dong Energy's divestment of a 50% stake in the Burbo Bank Extension offshore wind farm to pension fund PKA and Danish investor KIRKBI, the parent company of toy maker Lego Group.


Acquirer - KIRKBI AS, PKA Pensionskassernes Administration.

Advisors - Citigroup (Seller FA); Watson, Farley & Williams (Seller LA); FIH Partners (Acquirer FA); Clifford Chance (Acquirer LA).



Renewables: Financial and legal advisory



Deal count

Value (USD

Deal count

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countValue (USD

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Deal count

Value (USD m)

Deal count

1 7 Santander 6,564 6 644 82 - Credit Suisse 5,214 3 - -3 8= Banco Itaú 3,434 1 542 1

4= 8= Goldman Sachs 2,500 1 542 14= - Bank of America Merrill Lynch 2,500 1 - -6 - Banco Bilbao Vizcaya Argentaria 2,200 1 - -7 - Swedbank 1,213 1 - -8 26= Royal Bank of Canada 1,127 2 - 2

9= - FIH Partners 954 1 - -9= - Citigroup 954 1 - -



Deal count

Value (USD m)

Deal count

1 9 Milbank 3,831 6 1,087 72 36 White & Case 3,699 4 355 2

3= - Veirano Advogados 2,500 1 - -3= 30 Herbert Smith Freehills 2,500 1 416 33= 70= King & Wood Mallesons 2,500 1 - 16 1 Clifford Chance 2,353 8 4,958 10

7= - Philippi Prietocarrizosa & Uría 2,200 1 - -7= 4 Torys 2,200 1 2,322 57= - Gomez-Pinzon Zuleta 2,200 1 - -7= 10 Baker & McKenzie 2,200 1 987 2



countValue

(USD m)Deal

countValue

(USD m)

1 1 Santander 6 6,564 8 6442= 9= Elgar Middleton 4 140 1 752= 5= Green Giraffe 4 232 2 1,6354 - Credit Suisse 3 5,214 - -

5= 5= Royal Bank of Canada 2 1,127 2 -5= - Astris Finance 2 224 - -5= - Jones Lang LaSalle 2 84 - -5= 5= KPMG 2 - 2 2,0189= 9= Banco Itaú 1 3,434 1 5429= - Bank of America Merrill Lynch 1 2,500 - -



countValue

(USD m)Deal

countValue

(USD m)

1 7= Watson Farley & Williams 12 1,333 5 5332 7= DLA Piper 11 1,724 5 7883 3 Clifford Chance 8 2,353 10 4,9584 4= Milbank 6 3,831 7 1,087

5= 1 Norton Rose Fulbright 5 1,115 13 1,7745= 7= Linklaters 5 976 5 2,7485= 17= Orrick Herrington & Sutcliffe 5 410 3 5988= 28= White & Case 4 3,699 2 3558= 40= CMS 4 830 1 388= 2 Chadbourne & Parke 4 736 11 1,837


Renewables: Bank debt financing and technical advisory



Deal count

Value (USD m)

Deal count

1 - Industrial and Commercial Bank of China 1,504 4 - -2 2 Santander 1,135 15 740 153 21 Sumitomo Mitsui Banking Corporation 717 9 178 44 1 Mitsubishi UFJ Financial Group 689 10 839 105 6 Rabobank Group 536 7 427 76 4 Mizuho Bank 386 7 539 107 27 Nord LB 347 7 155 48 - Scotiabank 299 2 - -9 42 National Australia Bank 263 3 90 110 9 Investec 250 1 332 3



Deal count

Value (USD m)

Deal count

1 8 DNV GL 1,102 9 352 32 10 Fichtner 594 2 282 23 1 Mott MacDonald 586 3 2,656 104 11 OST Energy 439 3 262 25 6 Natural Power 241 4 652 46 2 Sgurr Energy 154 1 1,754 47 12 Stantec 135 2 209 38 - SWECO 68 1 - -9 - WSP Group 61 1 - -10 - Everoze 24 1 - -



countValue

(USD m)Deal

countValue

(USD m)

1 1 Santander 15 1,135 15 7402 2= Mitsubishi UFJ Financial Group 10 689 10 8393 12= Sumitomo Mitsui Banking Corporation 9 717 4 178

4= 4= Rabobank Group 7 536 7 4274= 2= Mizuho Bank 7 386 10 5394= 12= Nord LB 7 347 4 1557 - Industrial and Commercial Bank of China 4 1,504 - -

8= 40= National Australia Bank 3 263 1 908= 8= Banco Bilbao Vizcaya Argentaria 3 191 5 1698= 12= Caixabank 3 86 4 162



countValue

(USD m)Deal

countValue

(USD m)

1 4= DNV GL 9 1,102 3 3522 2= Natural Power 4 241 4 652

3= 1 Mott MacDonald 3 586 10 2,6563= 6= OST Energy 3 439 2 2625= 6= Fichtner 2 594 2 2825= 4= Stantec 2 135 3 2096= 2= Sgurr Energy 1 154 4 1,7546= - SWECO 1 68 - -6= - WSP Group 1 61 - -6= - Everoze 1 24 - -

Established in 2002, The Inframation Group employs over 45 people with offices in London, Hong

Kong, New York, S ã o Paulo, Singapore and Sydney. The company, and everything we do, is dedicated

to the global infrastructure finance market, covering both greenfield and brownfield transactions.

We provide real-time news, market intelligence, research and data that enables individuals

and companies working in infrastructure finance to gain a competitive business advantage.

We are the leading provider of high value business information to the sector with over

600 corporate subscribers including many of the world’s leading developers, institutional

investors, private equity funds, banks, developers, law firms, advisors and insurers.

InfraDeals endeavours to guarantee the accuracy of the transaction information used to compile

the league tables. At the end of each quarter, organisations are invited to email us a quarterly

deal summary to ensure that all relevant deals are reflected in the league tables.

League table submission forms are available from the InfraDeals website. All submissions

should be emailed to [email protected] or jcarmody@inframationgroup.

com

Data used in InfraDeals is subject to retroactive modifications and may differ from published

league tables.

By submitting material, each contributor acknowledges and accepts as reasonable that InfraDeals

reserves exclusively and in its sole discretion the right to review all submissions, the right to

determine at any time whether or not to include and/or withdraw them, the right to determine

valuation, database and league table eligibility, and the right to determine the validity of any

challenge (including the right to request further information as required).

Please note – All information supplied for inclusion in this document will enter the public domain.

Do not supply any information which may not enter the public domain.

About Inframation Group:


Criteria

Part of

The 1Q16 league tables have been compiled using submissions received from banks, financial, legal and

technical advisors and research conducted by InfraDeals.

InfraDeals tracks and will include the project financing of greenfield projects, brownfield projects,

expansion of existing assets, refinancing of existing project finance debt and financing of acquisitions

of infrastructure assets across the following sectors:

-Environment: Waste, wastewater and water treatment facilities;

-Power: The acquisition of energy assets by infrastructure funds and institutional investors along the

following parts of the energy value chain:

1.) Generation of power with a single contracted off-taker;

2.) Energy storage including gas storage facilities;

3.) Energy transmission assets;

4.) In some circumstances, the acquisition of vertically integrated energy utility companies.

-Renewables: Onshore wind, offshore wind, solar pv, solar csp, biomass, hydro;

-Social Infrastructure: Healthcare, education, prisons, defence, social accommodation, street lighting,

leisure;

-Telecommunications: Fixed line, wireless, broadcast and telecoms tower assets;

-Transport: Airports, roads, rail, ports, bridges, tunnels, light rail, car parks.

Qualifying transactions must have reached financial close between 1 January 2016 and

31 March 2016.

NB: As a rule InfraDeals league tables exclude mining, oil & gas and greenfield non-renewable energy

transactions. However, transactions in this sector may be included on an ad-hoc basis when backed by

infrastructure funds.

Advisors to grantors/sellers, acquirers/sponsors and lenders are eligible for inclusion. For advisor league

tables, deal credit is defined as the total value of the completed transaction.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of

financial close.

The United Kingdom is included in the EMEA section but its importance is reflected with a unique UK

section.

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Managing Director - Jonathan Goor T: +44 20 3741 1262 E: [email protected]

Head of Sales Asia - Laurence Edwards T: +852 2158 9771 E: [email protected]

Managing Editor - Thomas Williams T: +44 20 3741 1272 E: [email protected]

Head of Sales EMEA - Felipe Poveda T: +44 (0) 20 3741 1258 E: [email protected]

Global Head of Research - Paul Tilt T: +44 20 3741 1269 E: [email protected]

Head of Sales Americas - Brett Birman T: +1 212 686 3015 E: [email protected]

US 330 Hudson Street, New York, 10013+1 212 390 7812

UK 10 Queen Street Place, London, EC4R 1BE +44 (0) 20 3741 1000

Singapore 96 Robinson Road, Singapore, 068899+65 6349 8059

Hong Kong Suite 1602-06, Grand Millennium Plaza, 181 Queen’s Road Central+852 2158 9764

Brazil Avenida Paulista 453, São Paulo, 01311+55 11 3262 3207

Australia Lv 2, 40 King Street, Sydney, NSW 2000+61 2 9002 3131

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Download - InfraDeals 1Q16 - Mazars · 2019-08-04 · InfraDeals 1Q16 Trend Report 2 Global: Regional overview North America USD 7.67bn USD 2.61bn USD 4.20bn USD 4.08bn USD 9.22bn USD 3.37bn

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