News

Garrigues has maintained its outstanding track record in global project finance in 2010.  By number of deals, the Firm has come out as the leading legal adviser worldwide after working on the most PFI/PPP Project Finance deals, a total of 18, according to the latest League Tables published by Dealogic Global Project Finance Review, a renowned publication in the field.

When it comes to value, Garrigues came second in the ranking, after having advised on deals worth over $4bn. Most of the transactions were carried out in the field of public infrastructure, and were related mainly to the development of projects such as airports, ports and hospitals.

One of the most relevant transactions completed in 2010 is the Castor gas storage scheme, off southern Spain. A syndicate of 19 banks will provide financing of more than $1.46 billion to meet the project costs. Castor, located about 22 kilometers offshore, close to Valencia, has been designed to store up to 67 billion cubic feet of gas and will have a withdrawal rate of up to 882 million cubic feet per day. The project is due online in 2012 via two fixed platforms and a pipeline to shore.

The key behind Garrigues’ success lies in the Firm’s international commitment, which has led it to focus primarily on Latin America and the CEE region.  

Amongst the 18 deals are the refinance of the Buenaventura port in Colombia, where Garrigues
acted as legal advisor of the Spanish sponsor; the finance of Piedra Larga’s wind farm in Mexico; the $150m financing of the construction, maintenance and exploitation of sections of the Motorway Nº 4 Pativilca-Santa-Trujillo and Salaverry-Empalme (part of the Northern Pan-American Highway, a major roadway in the region with the greatest concentration of businesses in Peru).