For the seventh time, Law360
has featured Orrick as a 2020 Project Finance Practice Group of the Year.
In its profile of the practice group, Law360
highlighted the team’s work on a $680 million acquisition of a Minnesota power plant from an investor-owned utility company. Orrick’s Blake H. Winburne
, who led the team on the deal, told Law360
that the deal initially started as an M&A deal and evolved as the pandemic hit and uncertainty over the industry mounted. "It was a significant financing, a complex financing structure even in the best of times, but certainly the timing made it remarkable and memorable," Blake noted, with the firm handling the matter remotely.
The profile also highlighted our work helping to “open up capital to oil and gas entities at an important time with a unique type of financing.” Dahl Thompson
, global head of Orrick's E&I Group, explained to Law360
that the availability of capital has dried up for oil and gas development assets and that Orrick has provided a new avenue for capital – advising investors in purchasing notes backed by securitized, non-operating interests in oil and gas wells.
These transactions showcased the team’s ability to "work in the seams" and find opportunities that intersect multiple areas including energy, infrastructure and finance, Dahl told Law360
. "This is a perfect example of that, creating an innovative structure that draws on our asset base, financing work, securitization team that we have, our oil and gas team, our project finance and straight-up finance to create something new," he said, adding that the structure could be adaptable to other circumstances.
The team’s infrastructure practice was also highlighted in the profile. Orrick’s Young Lee
, spoke with the publication about the team’s long-standing relationship with the Port Authority of New York and New Jersey. She explained that the "Port Authority has relied on Orrick and we are a trusted adviser to them because we have a tremendous baseline of experience, especially working for major New York metro-area public agencies." Orrick is currently assisting the Port Authority with lease negotiations on major terminal renovations and expansions at John F. Kennedy Airport.