Stephen P. McWilliams

Stephen’s experience includes:

Australia

• Ichthys LNG Project: advised:
  • Lenders in the US$20 billion project financing of the Ichthys LNG project, the largest project financing ever taken to market, globally
  • Export credit agencies and a consortium of commercial bank lenders in the US$8.3 billion refinancing
  • Investors on the private placement refinancing of the commercial bank debt on the project
• Australia Pacific LNG Project: Advised lenders in the project financing of a fully integrated coal seam gas-to-LNG development
• Barossa LNG: Advised the export credit agencies and commercial bank lenders on the proposed financing of SK E&S’s 37.5% share of the Barossa LNG gas field
• Roy Hill Iron Ore Project: Advised:
  • Hancock Prospecting Pty. Ltd., an Australian iron ore exploration and development company, in a Japanese-Korean consortium’s acquisition of a stake in the Roy Hill Iron Ore project in Western Australia
  • Roy Hill Holdings in the project financing for the Roy Hill 1 Iron Ore Project — one of the largest integrated mining projects in the world, consisting of the development of a very large high-grade iron ore deposit and the construction of the supporting port and rail infrastructure
• Ironbark Zinc Project: Advised Australian project company Ironbark Zinc on the planned EXIM 402A financing of a zinc mine in northern Greenland

Bangladesh

• Spectra Solar Power Project: Advised the Asian Development Bank (ADB) and Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG) in the project financing of the 35 MW Spectra Solar Power Project in Paturia
• Bibiyana IPP Project: Advised International Finance Corporation (IFC) in their advisory role to the Government of Bangladesh in the development of a new IPP program for Bangladesh
• Meghnaghat Power Project: Advised Infrastructure Development Corporation Ltd. (IDCOL) as subordinated lender in the financing of the Meghnaghat I Power Project, a 450 MW gas-fired power project

China

• Fujian Petrochemicals Project: Advised ExxonMobil, SaudiAramco, and Sinopec as sponsors in the development and financing of the greenfield Fujian petrochemicals complex in Fujian Province — at the time the largest project financing for a Sino-foreign joint venture, the largest integrated refinery-petrochemical complex in China, and the first project financing for a joint venture to be conducted entirely under Chinese law
• Nanhai Petrochemicals Project: Advised both the Renminbi and US Dollar lenders, which included seven PRC and 12 international banks, in the project financing of the greenfield Nanhai Petrochemicals Complex in Guangdong Province

India

• Bauxite Mine and Alumina Refinery Project: Advised Alcan and Indian Aluminium Company, owned by Norsk Hydro, as project company in the development of a major bauxite mine and alumina refinery
• Naphtha Fired Power Project: Advised the lenders in the financing of a 700 MW naphtha fired power plant in Dholpur
• Neyveli Power Project: Advised the lenders in the successful limited recourse financing of a 250 MW lignite fueled power plant

Indonesia

• Muara Laboh Geothermal Power Project Expansion: Advising JBIC, NEXI, Asian Development Bank, and commercial bank lenders on the project financing for the expansion of the Muara Laboh geothermal power project in West Sumatra, Indonesia
• Muara Laboh Geothermal Project: Advised the export credit agencies and commercial bank lenders in the US$440 million project financing of the 80 MW Muara Laboh geothermal power project in West Sumatra, Indonesia
• Rantau Dedap Geothermal Power Project: Advised the export credit agencies and commercial bank lenders in the US$701 million project financing of the 98.4 MW Rantau Dedap Geothermal Power Project in South Sumatra
• Jambaran-Tiung Biru Gas Project: Advised PT Pertamina EP Cepu in the US$1.8 billion financing for the construction and development of a gas processing facility and pipelines in East Java
• Tanjung Jati B 5 & 6 Power Project: Advised the export credit agencies and commercial bank lenders in the US$3.55 billion project financing of the 2x1,000 MW coal-fired power project expansion in Central Java
• Tanjung Jati B Power Project: Advised Sumitomo Mitsui Banking Corporation as lead arranger and the other commercial bank lenders in the US$1.6 billion financing of the 2x660 MW coal-fired power plant in Central Java, with loans and credit support from Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI), and a liquidity facility from the Ministry of Finance of Indonesia
• Gresik Copper Project: Advised Mitsubishi Materials Corporation in the refinancing of a smelter and refinery project, a 300,000 TPY copper cathode production plant
• Paiton III Power Project: Advised the lenders in the US$1.215 billion financing of the Paiton III coal-fired power project in Java
• Sarulla Geothermal Power Project: Advised Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), and the commercial bank lenders in the financing of the Sarulla geothermal power project in North Sumatra
• Wayang Windu Unit 2: Advised Standard Chartered Bank and the other commercial bank lenders in the financing of the Unit 2 expansion and the refinancing of the existing Unit 1 of a geothermal power project

Korea

• Gangwon Wind Power Project: Advised BNP Paribas and Eksport Kredit Fonden (EKF), the Danish Government’s export credit agency, in the €97 million financing of a 99 MW wind power project developed by Unison Co., Ltd. — the largest wind financing in Asia and one of the first projects to be signed following the implementation of the Kyoto Protocol in February 2005 and certified under the Kyoto Protocol’s Clean Development Mechanism (CDM) program
• K-Power Project: Advised the lenders, led by The Korea Development Bank, in the KRW440.5 billion financing of a 1,074 MW gas-fired combined cycle plant in Kwangyang, with sponsors SK Corporation and BP plc
• Yeong Yang Wind Power Project: Advised the lenders in the KRW104 billion bridge loan financing for construction and development of the Yeong Yang wind power project in Gyeongsangbuk
• Youngduk Wind Power Project: Advised BNP Paribas as lender in the US$66 million financing of a 39.6 MW wind farm power project in North Kyongsang

Laos

• Hongsa Mine-Mouth Project: Advised Bangkok Bank and the commercial bank lenders in the US$2.97 billion financing of the Hongsa coal-fired mine-mouth power project in Hongsa
• Houay Ho Hydropower Project: Advised a group of Thai commercial banks in the US$100 million (including THB1.2 billion) project financing of a 150 MW hydropower project sponsored by Tractebel
• Theun-Hinboun Power Project:
  • Advised Theun-Hinboun Power Company Limited as borrower and GMS Power Private Company Limited as sponsor in the US$152 million (including THB3 billion) refinancing of a power project 
  • Advised on the project financing and development in connection with the expansion of the 210-MW Theun-Hinboun hydroelectric power project in Laos. The expansion increased the capacity of the facility to 460-MW. This transaction was awarded Asian Renewable Deal of the Year by Project Finance International and Asia Pacific Multi-source Deal of the Year by Project Finance Magazine for 2008. 
• Xe-Pian Xe-Namnoy Hydroelectric Power Project: Advised the Export-Import Bank of Thailand (EXIM Thailand) and the commercial bank lenders in the US$1.04 billion financing for a 410 MW hydroelectric power project

Myanmar

• Mandalay Solar Power Project: Advised the lenders in the project financing of a solar power project
• Gas-Fired Power Project: Advised the turnkey contractor on a 350 MW gas-fired power plant

Malaysia

• Pengerang Petrochemical Project: Advised the project company on the development and financing of an aromatics complex, including a fully integrated condensate splitter and aromatics plant, in Pengerang, Johor, Malaysia

Pakistan

• Metro Power Wind Power Project: Advised Metro Power Company as borrower, Infraco Asia, and other shareholders in the US$131.5 million project development and financing of a 50 MW wind power project in Jhimpir, Sindh Province, financed by Eco Trade and Development Bank, the International Finance Corporation, National Bank of Pakistan, and United Bank
• Uch II Power Project: Advised International Power and the project company as sponsor/borrower in the US$390 million development and financing of a power project

Papua New Guinea

• Papua LNG Project: Advising the ECAs and lenders on the project financing of the proposed Papua LNG Project in Papua New Guinea

Philippines

• Bulacan Airport: Advised San Miguel Corporation on the US$2.165 billion Phase 1 financing of the land development works for a new airport to be constructed
• Mariveles Coal-Fired Power Plant: Advised Denham Capital Management in the US$728 million project financing for a 600 MW coal-fired power facility, including a private port facility and associated facilities
• CBK Hydroelectric Power Plant: Advised J-Power and Sumitomo Corporation in the acquisition from IMPSA and Edison Mission Energy of a power project and the concurrent acquisition financing provided by Japan Bank for International Cooperation (JBIC), Mizuho, and ING

Singapore

• Desalination Project: Advised BNP Paribas in the successful bid by Hyflux to develop a desalination project
• Jurong Aromatics Petrochemicals Project: Advised Jurong Aromatics and its affiliates in the US$2.08 billion development and financing of a petrochemicals project
• Marina Bay Integrated Resort and Casino, Singapore: Advised Harrah’s in their multi-billion dollar bid with Keppel Corporation to build and operate the Marina Bay Integrated Resort and Casino
• Senoko Power Acquisition and Financing: Advised Lion Power Holdings Pte Ltd, a consortium comprising Marubeni Corporation, GDF SUEZ S.A, The Kansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc., and Japan Bank for International Cooperation (JBIC) in the successful acquisition, through a SG$2.9 billion bridge credit facility, of Senoko Power Limited, which also included the refinancing of certain indebtedness of the company, and a ¥67 billion (approximately SG$895 million) repowering credit facility

Thailand

• BLCP Power Project: Advised:
  • Asian Development Bank and the Thai and international commercial bank lenders in the US$1.34 billion financing of a 1,434 MW, coal-fired power project in Map Ta Phut industrial estate, Rayong Province, with sponsors CLP Holdings Limited and Banpu Public Company Limited
  • The lenders in the refinancing of BLCP’s 2 x 717 MW (gross) coal-fired power generating facilities in Map Ta Phut, Thailand
• Bowin Power Project: Advised the lenders in the financing of the Bowin power project, a 713 MW gas-fired power plant
• Eastern Power Project: Advised the commercial bank lenders in the US$250 million (includes THB875 million) financing of the 350 MW gas-fired Eastern power project in Bang Bo, Samut Prakarn Province, with sponsors GMS Power, China Development Industrial Bank, Marubeni Corporation, and Total Fina, as well as a facility supported by MITI
• Independent Power Company Power Project: Advised the lenders in the refinancing of the Independent Power (Thailand) Company Limited’s offshore credit facilities in the amount of approximately US$50 million for a 700 MW gas fired power project in Sriracha, Cholburi Province
• Ratchaburi Power Project: Advised Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, and a syndicate of other banks as lenders in the privatization of the Ratchaburi power project with the acquisition by Ratchaburi Electricity Generating Co. Ltd. financed by an IPO of the THB equivalent of US$480 million and US$1.1 billion in debt financing
• Tri Energy Power Project: Advised Sanwa Bank, DKB, Bank of Tokyo-Mitsubishi, and Fuji Bank in the US$290 million refinancing of a 700 MW gas-fired power project

Vietnam

• Mong Duong II Power Project: Advised the lenders in the financing and development of a 1,240 MW power project — the first coal-fired Build-Operate-Transfer project in Vietnam, the largest independent power project ever undertaken in the country, and the first financing for an independent power project in Vietnam since 2003
• Nghi Son 2 Power Project: Advised International Finance Corporation (IFC) and the Government of Vietnam in the structuring and overseeing the tender process for the Nghi Son 2 coal-fired power project in Nghi Son