IJ Awards 2013: The Winners
April 19, 2013
In the surroundings of the main hall at London’s National History Museum, Infrastructure Journal this week brought together industry leaders and celebrated significant achievements in financing global infrastructure in 2012.
On the winners’ rostrum Japanese heavyweight Bank of Tokyo Mitsubishi snatched the award for MLA of the year from the hands of its rival Sumitomo Mitsui Banking Corporation. Bouygues was named sponsor of the year, while Meridiam held firm as Infrastructure Fund of the year for the second year running.
In the advisory category Ernst and Young was named Financial Advisor of the year whilst Allen & Overy collected the award for Legal Advisor of the year. Following its earlier success on top of IJ’s Global FY 2012 League Tables for technical advisors Mott MacDonald scooped the award for Technical Advisor of the year at last night’s ceremony.
In 2012 the overall volume of project finance transactions fell dramatically with just 419 deals closed with a total value of US$182 billion – less than it was in 2009. 2012 was also the year that a number of banks withdrew from the infrastructure lending space. The volume of deals was certainly down but those deals and players that made it through have shown innovation and resilience. IJ’s deal of the year for 2012 is tantamount to this sentiment – Egyptian Refinery Company’s US$3.7 billion Mostorod Refinery project, located near Cairo in Egypt.
Deal of the Year
The deal that closed against a backdrop of huge political and economic turmoil is the largest ever project finance transaction in North Africa. Coupled with that the project saw a number of firsts: the first mezzanine loan from AfDB, the first loan from South Korean and Japanese ECA’s to Egypt, the first acceptance of Egyptian and regional banks as guarantors by EIB, and the first acceptance of the absence of completion guarantee in a project of this size.
Other worthy finalists for overall deal of the year were the Eurasia Tunnel PPP in Turkey, the Intercity Express Programme in the UK and Wiri Prison PPP in New Zealand.
Meanwhile, broken down by sector the NZ$840 million Wiri Prison PPP, the second largest PPP in New Zealand’s history was named Social Infrastructure deal of the year. In the Power sector the US$430 million Azito gas fired power plant expansion located near Abidjan, in Côte d’Ivoire was awarded deal of the year. For the Transport sector Turkey’s US$1.2 billion Eurasia Tunnel project – a huge achievement for the country – took home the deal of the year award.
The gong for acquisition of the year – energy was awarded to the €3.2 billion acquisition of Open Grid Europe. A Macquarie led consortium acquired the 12,000km network of gas pipelines in Germany, a crucial hub for transportation of Norwegian and Russian gas throughout the European Union, from E.on. In the Infrastructure sector the award for acquisition of the year went to the £1.4 billion acquisition of the UK’s leading provider of on campus managed university accommodation, University Partnerships Programme.
MLA of the Year
2012 was an outstanding year for BTMU. As well as the landmark Mostorod deal the bank was involved in a vast number of significant deals in the energy and transport sectors, including the Intercity Express Programme in the UK and three major LNG projects in the US and Asia Pacific. Unsurprisingly then, BTMU was also named as MLA of the year for the Oil and Gas, Power and Transport sectors.
Meanwhile SMBC took the prize for MLA of the year for Social Infrastructure. SMBC closed nine social infrastructure deals in 2012 worth a combined value of nearly US$2.6 billion. The gong for MLA of the year – Renewables went to Deutsche Bank, who financed 780MW of renewable energy projects in Europe and North America in 2012.
Infrastructure Fund of the year
Meridiam beat Global Infrastructure Partners and Europe’s Marguerite Fund to take the award for Infrastructure Fund of the year for the second year running.
In 2012 Meridiam closed both its US and European funds (Meridiam Infrastructure North America Fund II raised a total of US$1.05 billion, Meridiam II Europe raised €935 million) and closed a number of major transport projects both in the US and Europe. Of note was Meridiam’s collaboration with IJ’s sponsor of the year, Bouygues, in securing the tender for the €1.8 billion Nîmes-Montpellier highspeed rail bypass PPP as part of a larger consortium of investors.
2012 also witnessed Meridiam Infrastructure playing an active role in discussions between the UK Treasury and a number of UK pension funds over how institutional investors can increase their involvement in Greenfield infrastructure in the UK.
Meridiam was also crowned infrastructure fund of the year for infrastructure. Meanwhile the Marguerite Fund was named infrastructure fund of the year – energy, while the award for Infrastructure fund of the year – M&A went to Global Infrastructure Partners.
Sponsor of the Year
Bouygues received the accolade for sponsor of the year for its backing of a wide range of projects across diverse sectors, including a number of important firsts in project finance in emerging markets.
As well as partnering with Meridiam on the €1.8 billion Nîmes- Montpellier high-speed rail bypass PPP in France, Bouygues marked its return to West Africa with the Konan Bédié Toll Bridge Project in Ivory Coast.
Elsewhere the company’s UK subsidiary, Bouygues UK, reached financial close on a £30 million contract for the Quintin Kynaston Community Foundation School (QK) alongside Bouygues Bâtiment International’s strategic acquisitions of Thomas Vale. In Asia Pacific Dragages Hong Kong, a subsidiary of Bouygues Construction, was awarded a design-build contract worth £404 million to build the Cruise Terminal Building in Hong Kong harbour.
Other finalists included Amey and VTB Capital.
Financial Advisor of the Year
The accolade for Financial Advisor of the Year 2012 went to Ernst and Young, who beat HSBC and KPMG to claim the award.
Ernst and Young advised on a vast array of projects covering all sectors across the entire globe. Notable projects included Russia’s Western High Speed Diameter Motorway PPP, and the South African Government REIPPP Phase 1 – 5, under which this year’s renewables deal of the year, Khi Solar was procured.
Ernst & Young also advised on the Philippines’ first ever social infrastructure PPP, a project completed on a very short time frame, reaching financial close only nine months after requests for prequalification, and which stands as a model for future PPP developments in the country.
Ernst & Young also provided advisory services on the acquisition of the year, the €3.2 billion purchase of Open Grid Europe by a Macquarie-led consortium of investors.
As a result of this landmark deal for the Philippines, Ernst and Young were also named Financial Advisor of the year for Social infrastructure.
Finalist HSBC did not miss out altogether; the bank was named financial advisor of the year in the Oil and Gas and Power sectors. Meanwhile fellow finalist KPMG was also awarded claiming the title of Financial Advisor of the year for Transport. Meanwhile BNP Paribas was named Financial Advisor of the year – Renewables. For the M&A sector the Financial Advisor of the year award went to UBS investment Bank.
Legal Advisor of the Year
The award for legal advisor of the year went to Allen & Overy. The firm advised all manner of energy and infrastructure projects, including many of the shortlisted deals of the year and the deal of the year, Mostorod Refinery. In power, the firm advised on 11 deals with a total capital value of nearly US$7 billion, taking a 13 per cent market share. Throughout 2012 Allen & Overy advised many leading global infrastructure and energy investors on their most high profile and strategic M&A transactions.
Given its catalogue of projects the law firm was involved in last year, Allen & Overy was also named legal advisor of the year for the Oil and Gas, Power, Transport and M&A sectors.
The firm was shortlisted in the social infrastructure and renewables categories but lost out to Pinsent Masons and Clifford Chance respectively. Pinsent Masons advised on the majority of social infrastructure projects to reach financial close in the UK and, in a hugely significant move for the market, it completed a merger with Scottish infrastructure advisor McGrigors. Clifford Change confirmed its position as a top legal advisor for renewables though its involvement in some of the most important clean energy projects to reach financial close in 2012 – with a particular focus on innovative deals in North America.
Technical Advisor of the Year
Mott MacDonald took home the award for technical advisor of the year 2012 following its earlier success on top of IJ’s Global FY 2012 League Tables for technical advisors. Mott MacDonald advised on a diverse range of transactions including some of the most notable projects of 2012, including the Khi Solar project, the renewables deal of the year. Mott MacDonald was also named Technical Advisor of the year for the Energy and Infrastructure sectors.
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View the IJ Awards photo gallery here: http://www.flickr.com/photos/31208235@N06/sets/72157633278451645/