03 Jun 2021 | 08:50 am | 1 min. read
Multinational law firm Pinsent Masons has won Project Finance Deal of the Year at the Asian Legal Business China Law Awards 2021 for its work advising the Bank of China and a syndicate of 11 banks on the project financing of the USD$1billion Xiamen Xiangyu integrated stainless steel plant located in South Sulawesi, Indonesia.
Comprising a nickel mine, a 2.5 million mt/year stainless steel smelting plant, a 1,440MW (8X135MW) thermal power project and a 40 million mt multi-functional port, this project is the largest overseas investment from Xiamen in China’s history and is one of the largest project financings in Asia in 2020 and promoted by the Chinese government as a "a classic example of Belt-and-Road Initiative in practice".
The Pinsent Masons team was led by partner Kanyi Lui, with team members spanning across Beijing, Shanghai, Hong Kong and Singapore offices comprising specialists across in mining, construction, energy, infrastructure and financing. The teams included partners Kanyi Lui, Bryan Tan, David Platt, Paul Haswell and James Harris, legal director Norman Leung, solicitor Tiffany Ho, and associates Winnie Nie and Benjamin Tay.
Kanyi said "We are excited to have received this award. This landmark transaction demonstrates Pinsent Masons’ cutting edge project financing capabilities and our ability to provide full life-cycle expertise across mining, productive asset, power generation and transportation sectors in a way that is not only highly innovative but also commercially accepted by the market.”
Michael Watson, Partner and Head of Finance and Projects added, "This award is a testament to the expertise of the Pinsent Masons team in Asia. As we see more sophisticated financing deals in the region, we have the right resource and expertise to support clients, particularly Chinese clients on the financing of Belt and Road projects. Our deep understanding of the region and the underlying energy and infrastructure market gives us a unique advantage to our clients."
The ALB China Law Awards recognise the most innovative deals and outstanding achievements in the Greater China market.
This transaction was also shortlisted in the Financial Times Asia Pacific Innovative Lawyers Report.
Pinsent Masons has consistently been recognised for its work on Belt and Road projects and has been ranked No.1 in terms of Belt and Road deals according to research by The Lawyer. In Asia the firm has also recently won at the China Business Law Awards 2021 across a number of categories (Banking and Finance, Energy & natural resources, Construction & infrastructure), “Belt and Road Deal of the Year” and “Overseas Deal of the Year” at the China Business Law Journal’s Deals of the Year 2020, and “Energy and Resources Law Firm of the Year” at the ALB Hong Kong Law Awards 2020.
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