Project Finance

  • With a team of lawyers ranked among the top tier of Israeli law firms for project finance, S. Horowitz & Co. has extensive experience advising concessionaires, private equity funds, EPC contractors, O&M operators, lenders, civil engineers, consultants, sponsors and host governmental organisations on the full range of Israel’s major projects.

     

    As a full service projects law firm, we have acted on a large number of ground-breaking projects that have significantly transformed Israel’s landscape and the country’s level of services to the Israeli public, including the Cross-Israel Highway, the Jerusalem Light Railway, Dalia power plant, Ashdod Assuta Hospital (the first hospital PFI project in Israel), Tamar Gas fields (in a project valued at over $8 billion), the construction, launch and operation of the Amos-2 and Amos-6 telecommunication satellites and the construction and laying of underwater telecommunication cables in the Mediterranean Sea.

     

    From transportation to desalination, from power plants to telecommunications and from hospitals to aerospace and defence, our practice is distinguished by its capability over a wide spectrum of industries and the range of clients for whom we act. We understand the local risks and issues on projects and are able to tap into the wealth of our expertise to provide solutions and allocate risks in a fair manner.

     

    Our team includes experts from construction law, tenders, regulatory law, infrastructure, tax, energy, environmental law, insurance and finance, who work together in order to provide our clients, at each stage of the project development process, with the integrated service and expertise required for the most complex and innovative of projects.

     

    The firm's services include:

     

    • Acting for consortia members in relation to all aspects of the tenders process, including, where necessary, negotiations with the relevant authorities (see our Tenders practice area)
    • Representing lenders and borrowers on the financing of projects
    • Advising on projects structured on a BOT, BOO, DBFO or BOOT basis
    • Conducting legal due diligence and risk assessment
    • Reviewing project structures
    • Drafting and negotiating construction and collaboration agreements between consortia members (including EPC contracts and O&M contracts)
    • Advising on the regulatory aspects arising from specific projects
    • Representing Shapir Civil and Marine Engineering Ltd. and Impresa Pizzarotti & C. S.p.A , one of Italy's major infrastructure companies, on their joint bid to build and construct the A-1 high-speed railway to Jerusalem which will connect the cities of Tel Aviv and Jerusalem in Israel. This will be the first high-speed rail in Israel and will serve as the main rail link between Tel Aviv and Jerusalem
    • Representing the joint venture vehicle of Shafir Engineering Ltd. (Israel's largest civil engineering company) and Ashtrom Properties Ltd. (one of Israel's largest construction companies) in their bid to construct the new South Port in Ashdod and the new Bay Port in Haifa. Shafir and Ashtrom won the tender to construct the Bay Port
    • Representing Bank Hapoalim and Bank Leumi in connection with the financing, re-financing and monitoring of the Jerusalem Light Railway BOT project (Israel’s only light railway project)
    • Representing the State of Israel on Israel's largest BOT Project – the Cross Israel Highway (Cvish 6), including concerning the northern extension of the toll road (which extended the road by a further 50%) and on the mezzanine debt offerings made by the concessionaire of the project
    • Representing Bank Leumi Le-Israel in the NIS 530 million (approximately US$ 135 million) financing of the establishment by the Assuta Medical Centre of a public hospital in Ashdod, the first of its kind - a public hospital planned and run by a private organisation
    • Acting for  IEC on the tendering for a project relating to the design, delivery, installation, integration, testing, and operation of a Smart Grid system that will enable bi-directional communication to smart meters, in-home display of consumption data, and low voltage power lines. Deal value: NIS 3 billion (US $850 million)
    • Representing Space Communication Ltd., the sole provider of private satellite services in Israel, on its US$ 293 million project financing for the construction, launch and operation of the AMOS-6 satellite. This project was a finalist for the Infrastructure Journal Deal of the Year Award
    • Representing the Israel Infrastructure Fund, the first Israeli private equity fund specialising in infrastructure related projects, in the US$ 110 million preferred stock financing (the first of its kind in Israel) of Dalia Power Energies Ltd., for the planning and construction of an 834MW private gas-powered electricity station in Tel Tzafit, the largest private power plant in Israel operated by natural gas
    • Representing Mizrahi Bank (senior lender) in connection with its participation in the NIS 2 billion (approximately US$ 500 million) financing of the construction of Dorad Energy’s independent power station (Israel’s largest private power station with an output of 850 MW – equivalent to 8% of Israel's total installed capacity)
    • Representing Hadassah Hospital on the BOT of the shopping centre and a hotel, the BOT of the biotechnology park buildings and the BOT of the parking building centre in and around the hospital complex
    • Representing Paz Batei Zikuk in connection with the planning, administration and construction of a solar powered power station in Ashdod pursuant to a BOT tender issued by the State of Israel
    • Representing Bank Hapoalim, Bank Leumi, Israel Discount Bank, First International Bank of Israel, Harel Insurance and Union Bank of Israel, as lenders, and, separately, Export-Import Bank of the United States, as lender, on the US$ 900 million financing of the construction of a hydrocracker by Bazan Oil Refineries Ltd.
    • "extensive experience advising on major projects in various sectors"