Project Finance

Overview

Osler has extensive experience advising clients in all industry sectors on project development and finance matters. This involvement in an ongoing flow of projects and exposure to the challenges unique to project finance, in particular determining the optimal finance structure, allows us to help satisfy the borrowers financing needs while adequately protecting the lenders.

Our national project finance team advises from a uniquely integrated practice platform. Working seamlessly with energy, infrastructure, P3, construction, technology, and health industry experts, Osler provides seamless service from our Toronto, Montréal, Calgary, Ottawa and New York offices.

We have advised on all aspects of project financing, including:

  • Bank, bond, equity, subordinated debt and mezzanine financing including complex combined financing;
  • Capital market platforms and bridge financings;
  • Assisting in developing the financing structure and bid packages;
  • Negotiation and drafting of project finance documentation;
  • Project contract review, risk assessment, risk matrix analysis, and other due diligence;
  • Securities issues and documentation in connection with bond, private note and equity issues;
  • Cross-border issues in connection with issues to foreign lenders and investors;
  • Direct agreements between lenders and project participants; and
  • Assisting in structuring, presentation and responding to rating agencies.

Representative Work

Electricity

For the borrower:

  • York Energy CentreBrighton Beach Power and East WindsorJoffreCoryScotford and Muskeg Cogeneration projects.

For the lenders:

  • Calgary Energy CentreIsland CogenerationAltaLink and TerrawindsBear MountainErie Shores andFirelight Infrastructure Partners wind projects.

Transportation

For the borrower:

  • Lester B. Pearson AirportOttawa International AirportPrince Rupert Container Terminal and Blue Water Bridge Authority.

For the lenders:

  • Highway 407Confederation BridgeMontréal-Trudeau AirportDeh Cho Bridge and Ontario Highway Service Centres.

Oil & Gas

For the borrower:

  • Maritimes & Northeast PipelineTrans-Northern PipelineHibernia ConsortiumMezzappa Gas Plant andValue Creation Inc.

For the lender:

  • Mackenzie Valley Aboriginal Pipeline Group and Husky Terra Nova.

Health

For the borrower:

  • Windsor RegionalVictoriaSt. Joseph’s and Hamilton General Hospitals.

For the lender:

  • Women’s CollegeCredit Valley and Bridgepoint Hospitals and Runnymede Health Care Centre.

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Related Expertise

Chris Bennett

Partner, Chair of Financial Services Practice
Toronto

Lorne Carson

Partner, Corporate
Calgary

Rocco Sebastiano

Partner, Commercial
Toronto

Danna Donald

Partner, Commercial
Toronto
  • Greengate Power Corporation

    Greengate Power Corporation in its $100 million strategic co-development partnership with Fengate Real Asset Investments

  • Henvey Inlet Wind LP

    Henvey Inlet Wind LP in the $1 billion financing and construction of the Henvey Inlet Wind Farm

  • BluEarth Renewables Inc.

    BluEarth Renewables Inc. in connection with the project financing by National Bank of Canada of a 15MW run-of-river hydro project located near Squamish, British Columbia, being developed by Culliton Creek Power Limited Partnership, a subsidiary of BluEarth Renewables Inc.

  • South West Calgary Ring Road P3 Project

    Acted for the preferred proponent for the $1.42 billion South West Calgary Ring Road P3 project

  • Canadian Natural Resources Limited

    Canadian Natural Resources Limited, Canadian Natural Upgrading Limited and Canadian Natural Resources, in matters relating to the bridge financing and project financing of the North West Redwater refinery project in Alberta, including a syndicated revolving credit facility, bond issuance and subordinated debt facilities.

  • Centre Hospitalier de l’Université de Montréal

    Centre Hospitalier de l’Université de Montréal (the agents), in $148.5 million offering of debentures by Centre hospitalier de l’Université de Montréal (CHUM)

  • Bank of Montreal and the Toronto Dominion Bank

    Bank of Montreal and the Toronto Dominion Bank (the senior lenders on the project) in the financing of the Moncton Event Centre

  • The Toronto-Dominion Bank, Alberta Treasury Branches and Business Development Canada

    The senior lenders in the financing of the City of Calgary Composting Facility P3 Project

  • Find More

  • The Canadian Legal Lexpert Directory, 2017-2018, Osler’s Project Finance Group, Toronto, Ontario, Most Frequently recommended.
  • The Canadian Legal Lexpert Directory, 2017-2018, Osler’s Project Finance Group, Calgary, Alberta, Repeatedly recommended.
  • The Legal 500, 2018, recognized in the area of Infrastructure and Projects.
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms, 2014-2018, Osler ranked in the area of  Project Finance.
  • The Best Lawyers in Canada, 2006-2018, Osler lawyers recommended in Project Finance.
  • Chambers Canada: Canada's Leading Business Lawyers, 2018, Osler ranked in Projects: PPP & Infrastructure.
    • "The team is one of the acknowledged leaders in the PPP space. The fact that they are consistently engaged on almost every PPP transaction means that they have up-to-date knowledge of the relevant issues from all aspects of a PPP transaction."
  • Chambers Global: The World's Leading Business Lawyers, 2015-2016, Osler lawyers ranked in Project Finance.
  • Chambers Canada: Canada's Leading Business Lawyers, 2016, Osler lawyers ranked in Project Finance.
  • Chambers Global: The World's Leading Business Lawyers, 2014-2015, Osler ranked in Projects: PPP & Infrastructure.
  • Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, 2014-2015, Osler lawyers, Most frequently recommended in Project Finance.