Banking & Finance
Banking & Finance » Project Finance
In the post-GFC economy, the need for major projects and infrastructure remains, but the desire to take on debt and risk has reduced.
This has seen the rise in popularity of Public Private Partnerships to help create greater certainty and provide a vehicle through which Government and the private market can share risk.
There has also been a rise in privatisations, as Governments look to protect their credit ratings.
A low carbon economy will raise the issue of energy security.
The Australian market is challenging for existing, traditional power generators.
New technologies like CSG and solar are yet to be proven from a project finance perspective.
Corrs’ full service approach with experience across every aspect of Project & Development Finance (including PPPs, LNG projects, oil & gas projects, power & utilities projects and renewable), ensures commercial, legal and technical issues are addressed for successful funding arrangements.
Our Experts
Our Experience
Brisbane Airport Link
Corrs Project team advised BrisConnections on all aspects of its successful bid, including negotiation of the project deed with the State, the design and construction sub-contract, and the operations and maintenance contract with the other project participants.
The project involved a $1.2 billion initial public offering of securities in BrisConnections and a $3 billion debt financing package.
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Doing Business In Australia
Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
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MoreOur Experience
Brisbane Airport Link
Corrs Project team advised BrisConnections on all aspects of its successful bid, including negotiation of the project deed with the State, the design and construction sub-contract, and the operations and maintenance contract with the other project participants.
The project involved a $1.2 billion initial public offering of securities in BrisConnections and a $3 billion debt financing package.
Airport Link, a 6.7km multi-lane electronic free-flow toll road with dual 5.25km tunnels, will be Australia’s largest ever toll road infrastructure project by design and construction cost. The project is a priority transport infrastructure project for Brisbane and is designed to meet the needs of Brisbane’s rapidly rising population.
Corrs are the lead transaction lawyers for the BrisConnections consortium, which will deliver the Airport Link, Northern Busway and Airport Roundabout Upgrade projects. The Consortium, which includes Leighton Holdings, Macquarie Capital Group, Thiess and John Holland, was announced as preferred bidder for the project in May 2008.
Corrs advised on all aspects of its successful bid, including negotiation of the project deed with the State, the design and construction sub-contract, and the operations and maintenance contract with the other project participants.
The transaction was unusually complex. The design and construction sub-contract, for example, is the largest construction contract for an Australian Public-Private Partnership (PPP). It provides for the simultaneous design and construction of the publicly-financed and owned Northern Busway, the privately-financed and owned Airport Link toll road and publicly-financed and owned Airport Roundabout Upgrade.
Each type of work had its own challenges – the payment, environmental, approval, tenure and access regimes were different for each work package and had to be separately addressed in the subcontract.
Our Thinking
Doing Business In Australia
Australia is an exceptional place in which to do business. Find out how we can help you develop your business in Australia.
Eurozone crisis may have a silver lining for Australian infrastructure
The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?
The break-up of the Eurozone? Implications for Australia
Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.
Corrs In Brief: The Federal Court declines to expand the law of penalties
In a recent high profile decision, the Federal Court declined to expand the situations in which the law will strike down an agreed sum to be paid upon the happening of certain events (the law of penalties).
Our Experts
Brad Robinson
Partner Melbourne +61 3 9672 3550Clare Corke
Partner Melbourne +61396723255David Beckett
Partner Brisbane +61 7 3228 9318David Warren
Partner Melbourne +61 3 9672 3504Jeremy King
Partner Melbourne +61 3 9672 3431John Walter
Partner Melbourne +61 3 9672 3501Megan O'Rourke
Partner Perth +61 8 9460 1712Robert Drake
Partner Sydney +61 2 9210 6135Rommel Harding-Farrenberg
Partner Sydney +61 2 9210 6366