O’Melveny Worldwide

Project Finance

We help clients engineer strong financial foundations for the projects and infrastructure that keep the world running.

Winner of Bond Buyer’s 2023 “P3 Financing Deal of the Year” 
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We help clients engineer strong financial foundations for the projects and infrastructure that keep the world running.

Winner of Bond Buyer’s 2023 “P3 Financing Deal of the Year” 
Read More

O’Melveny’s Project Finance team crafts innovative models that help project sponsors and other stakeholders finance, develop, and operate sophisticated major projects, from power plants, seaports, and airports to hospitals, museums, and master-planned communities.

Our team includes lawyers with expertise across industries and practices, ensuring that you get the best counsel on finance, corporate, tax, real estate, environmental, and other applicable law. We develop project structures that are tax efficient, that recognize every party’s roles and relationships, and that take advantage of available local, state, and federal government tools.

We advise a full array of clients, including lenders, public and private sponsors, developers, utilities, investors, and underwriters on every aspect of project finance across an array of project types. Our experience includes advising on:

  • Offtake-based, merchant, and hedge-based project financings
  • Acquisitions and dispositions
  • Public-Private ventures
  • Tax-equity investing
  • Tax-exempt financing
  • Regulatory compliance
  • Development matters
  • Operational matters
  • Restructuring

We are also leaders in structuring Public-Private Partnerships (P3s), having worked on some of the most groundbreaking and diverse transactions in the space. And we have led the way on other types of project-finance deals, too. Our track record of innovation includes:

  • The first-ever use of TIFIA funds to finance a transportation project
  • The largest-ever Genco financing in the US power sector
  • The first-ever leveraged renewable energy project to utilize Treasury grants
  • The first-ever leveraged lease financing of a wind power project
  • The first-ever public bid to privatize a large hub airport in the U.S.

Global Reach

We have a global network of offices across the United States, as well as in Asia and Europe, offering integrated services in the region for any project together with seamless international support to connect any project with a broader set of investors and other stakeholders.

Industry Experience

  • Aviation and airports
  • Cultural and education facilities
  • Energy, including clean and renewable energy, as well as fossil-fueled, nuclear and other conventional energy sources
  • Health care properties
  • Hospitality projects
  • Manufacturing and other industrial facilities
  • Mass transit
  • Master-planned communities
  • Mixed-use developments
  • Oil and gas, resources and mining, including LNG
  • Ports, maritime transport, shipping, and logistics
  • Public-private partnerships
  • Rail and railroads
  • Residential development and finance
  • Retail projects
  • Roads and other surface transportation
  • Stadiums and arenas
  • Waste
  • Water
Alameda Corridor Transportation Authority

Guided the Alameda Corridor Transportation Authority through a complex deal to refinance a substantial portion of its approximately US$1.8 billion of outstanding debt obligations.

Avports

O’Melveny client Avports LLC came to an agreement with Tweed New Haven Airport Authority on terms to embark on a landmark public-private-partnership encompassing long-term operation and major upgrades of the airport in New Haven, Connecticut. Avports also came to agreement with Avelo Airlines—America’s first new mainline airline in nearly 15 years—to make Tweed its first East Coast base. Avelo has already commenced operations at Tweed, offering nonstop scheduled service to more destinations than Tweed has previously been connected with, and is expected to add even more service as improvements are made under the P3 arrangement. In the first phase of upgrades, Avports will renovate the existing terminal at Tweed, make other infrastructure improvements, and pursue an environmental assessment for a runway extension and new terminal. The second phase of upgrades, requiring approvals from the FAA, calls for Avports to design, build, finance, and maintain a brand new passenger terminal at the airport and lengthen the existing runway to allow for more direct flights to more destinations. Additionally, under the P3 arrangement, Avports will operate and manage the airport for a period of 43 years. In exchange, Avports will have the right to earn ongoing revenues from the facilities.

Barclays Capital

Represented Barclays Capital and other underwriters in the issuance of nearly US$3 billion in bonds that will finance state-of-the-art hospitals at several University of California campuses.

The debt was issued for the benefit of the five medical centers that are affiliated with the UC system — at Davis, Los Angeles, Irvine, San Diego, and San Francisco — each of which provides educational and clinical opportunities for students in the UC’s Schools of Medicine and form the backbone of California’s health care delivery system. The majority of the proceeds from the 2022 bond issuance will be used to finance the construction of new state-of-the-art hospitals at several of the campuses.

California Science Center Foundation

Advised the nonprofit California Science Center Foundation on the issuance of US$145 million in revenue bonds to fund the construction of the Samuel Oschin Air and Space Center, which will be the permanent home of the Space Shuttle Endeavour.

Citigroup Global Markets

Counseled United Airlines and its financing team, led by Citigroup Global Markets, in connection with the issuance of US$148.5 million of special facility revenue refunding bonds that refinanced debt used to build terminal facilities at Houston’s George Bush Intercontinental Airport. The transaction, completed during the COVID-19 pandemic, helped United preserve cash and improve its liquidity amid historic airline-industry disruption caused by the pandemic.

The revenue refunding bond proceeds were used to refinance the cost of construction and improvement of various facilities in Terminals B, C and E at George Bush Intercontinental Airport/Houston, as well as certain non-terminal support facilities, including an aircraft hangar, a maintenance and parts storage facility, and in-flight training facilities. These refinancing transactions helped United preserve cash and enhanced its liquidity position at a critical time when it and other airlines were required to address the drastic impact of the effects of COVID-19 on their businesses. The transaction also marked United’s first completed capital markets transaction since the onset of the pandemic.

Delta Air Lines

Advised Delta and its financing team, led by Citigroup Global Markets, in the issuance of US$1.5 billion in specialty bonds for the ongoing redevelopment of Delta’s passenger terminal facilities at New York’s LaGuardia Airport.

Jefferies

Represented Jefferies as underwriters in the issuance of US$191 million of revenue bonds to fund a public-private development of new housing for 1,000 students at the University of California, Irvine.

Jefferies and UBS Financial Services

Advised Jefferies and UBS Financial Services Inc. as underwriters in the issuance of US$167 million of tax-exempt refunding revenue bonds used to refinance debt of the J. Paul Getty Trust, which operates the J. Paul Getty Museum in Los Angeles and the Getty Villa in Malibu.

Among the Getty Trust’s operating programs are the iconic J. Paul Getty Museum (in the Brentwood section of Los Angeles) and the Getty Villa (in Malibu),. Proceeds of the tax-exempt and taxable bonds were used to refund certain outstanding bonds issued for the benefit of the Getty Trust and pay termination, suspension and other related payments on certain interest rate swap agreements.

JFK Millennium Partners

Represented a consortium consisting of Vantage Airport Group, JetBlue, American Triple I, and RXR Realty in an agreement to build, finance, and operate a new US$4.2 billion passenger terminal at New York’s John F. Kennedy International Airport (JFK).

The financial close of the deal was announced on November 17, 2022.
The terminal, to be named Terminal 6, will be built as an extension of JetBlue’s existing JFK Terminal 5 and will eventually span across the entire site now occupied by JFK Terminal 7.

JFK Millennium Partners LLC, a joint-venture project company formed by the consortium, assumed operation of Terminal 7 on December 1, 2022, and began a multi-year demolition and construction process for the new Terminal 6.

Our team continues to assist with general post-closing support, operational, and finance matters as the construction process begins.

LAX Community Partners

Representing LAX Community Partners, LLC (LACP) regarding master development of cargo facilities and operations at Los Angeles International Airport. LACP is a partnership between Earvin "Magic" Johnson’s company JLC Infrastructure and Realterm. O’Melveny assisted the client with the successful May 2023 project award and pre-development agreement close. Current representation involves negotiation and advice regarding contracts related to pre-development stage activities and other consortium matters.

Puerto Rico Public-Private Partnership Authority

Advised the Puerto Rico Public-Private Partnerships Authority (“P3A”) on a long-term concession granted by the Puerto Rico Highways and Transportation Authority (“PRHTA”) to Spanish infrastructure operator Abertis Infraestructuras, S.A. (“Abertis”), pursuant to a US$2.85 billion concession agreement under which Abertis will have the responsibility for operating, maintaining, and improving four existing toll roads extending across the Commonwealth of Puerto Rico for the next 40 years. The agreement was announced on October 17, 2023, and reached financial close on December 14, 2023.

Sepulveda Transit Corridor Partners

Representing Sepulveda Transit Corridor Partners (STCP) in connection with its pre-development agreement with, and its bid for a long term-concession from, the Los Angeles Metropolitan Transportation Authority for the design, construction, and operation of a heavy-rail transportation line between the San Fernando Valley and the Westside of Los Angeles. This project represents a once-in-a-generation opportunity to remake the transit landscape and reduce congestion on one of the most heavily travelled corridors in the country.

Tax Equity Financing for Multinational Financial Institutions

O’Melveny is a leader in the project financing sector. As counsel to some of the largest banks and financial institutions in the world investing in development projects, we work seamlessly with their internal teams to efficiently and effectively structure and close deals on time and within budget.

United Airlines

Strategized with United Airlines on the development and financing of its “Global Gateway” hub at New Jersey’s Newark Liberty International Airport.

Representative Clients
Alameda Corridor Transportation Authority (ACTA)
Avports
Barclays
California Science Center Foundation
Delta Air Lines
Jefferies
JFK Millennium Partners
LAX Community Partners
Metrolink
MUFG Union Bank of California
Puerto Rico Public-Private Partnership Authority
Sepulveda Transit Corridor Partners
State of Hawaii

Winner of the “P3 Financing Deal of the Year” Award

Bond Buyer (2023)

“O’Melveny’s place among the country’s top project finance attorneys remains undisputed.” 

Chambers USA

“They go well beyond negotiating and structuring deals to add tangible business value. That means vetting financial advisors, introducing financing options, and leveraging our considerable professional network to generate opportunities and deal flow.”

IFLR1000

Four-time Winner, Project Finance Group of the Year 

—Law360 (2016, 2017, 2020, 2021)

O’Melveny is “behind many of the country’s largest infrastructure and energy projects rising up today.”

Law360, on awarding O’Melveny & Myers its Project Finance and Transportation Practice Groups of the Year award (2020)  

“In a year marked by uncertainty, O’Melveny produced successes in infrastructure work and in the energy space.” 

Law360 (2020)