WWW.LEXPERT.CA
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2017
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LEXPERT 37
Zacher, Glenn M. Stikeman Elliott LLP
(416) 869-5688 gzacher@stikeman.com
Mr. Zacher is a partner in the Litigation Group and Co-Head of the Energy
Group. His practice focuses on complex commercial disputes in the
energy sector and energy regulatory matters. He represents clients before
courts and tribunals (including the OEB, NEB) in regulatory and appeal
proceedings, including in regards to the approval and permitting of major
infrastructure projects.
Younger, Douglas Aird & Berlis LLP
(416) 865-4140 dyounger@airdberlis.com
Mr. Younger is Chair of the firm's Infrastructure Group. He has advised
on P3 projects since their inception in Canada, including some of the largest
transactions in the country. With domestic and international experience,
he provides sound advice to governments, equity sponsors, funders
and subcontractors on a wide variety of civil, transportation and
accommodation projects.
LEXPERT-RANKED LAWYERS
and by Fasken Martineau DuMoulin LLP, with a
team that included Peter Ascherl, Will Shaw and Laura
Fetter (M&A), Jon Holmstrom, Jay Choi and Noel
Chow (project finance) Chris Steeves (tax), Huy Do
(competition) and Paul King (real estate).
e syndicate of lenders was represented by Blake,
Cassels & Graydon LLP, with a team that included
Sébastien Vilder, Aude Godfroy, Mahnaz Jan Ali, Gab-
riel Bastien and Rebecca Dawe (project financing ).
DP WORLD PARTNERS
WITH CDPQ ON US$3.7B
INVESTMENT PLATFORM
On December 2, 2016, DP World Limited (DP World)
entered into a joint venture with Caisse de dépôt et
placement du Québec (CDPQ) to create an investment
platform focused on investing in ports and terminals
globally (excluding the UAE).
e investment platform totals US$3.7 billion, with
DP World holding a 55-per-cent share and CDPQ
the remaining 45 per cent and seeded with two of DP
World's Canadian container terminals, in Vancouver
and Prince Rupert, with CDPQ acquiring a 45-per-
cent stake of the combined assets for US$640 million.
DP World was represented in-house by Ian Le Pel-
ley, Vice President and General Counsel. Linklaters
LLP acted as UK and Dutch counsel to DP World
with a team consisting of David Martin, Robert Ferag
and Nicholas Edwards. Blake, Cassels & Graydon
LLP acted as Canadian counsel to DP World, with a
team that included Graham Smith, Kurt Sarno, Max
Ettinger, Arash Amouzgar, Andrew Clark and Austin
White (corporate), Navin Joneja (competition) and Jef-
frey Shafer (tax).
In relation to financing, DP World was repre-
sented in-house by Catherine Mansfield, by Clifford
Chance LLP in the UK, with a team consisting of
Robin Abraham, Mark Valenzia and Tom Bamford,
and by McCarthy Tétrault LLP in Canada, with a
team that included Linda Brown, Jeffrey Knowles
and Ailbish Skinner.
CDPQ was represented by in-house senior counsel,
François Duquette, and was also represented by Allen
& Overy LLP in the UK and Netherlands, with a team
consisting of Richard Evans, Claire Coppel and Diana
Nardelli, and by Torys LLP in Canada, with a team
that included Phil Symmonds, Matthew Atkey, David
Leith, Simonne Horwitz and Sharon Au (corporate),
Omar Wakil and Marina Chernenko (competition)
and Saira Bhojani (tax).
EDC PROVIDES US$50M
"MASALA LOAN" TO INDIA'S IL&FS
On November 18, 2016, Export Development Can-
ada (EDC) provided the rupee equivalent of US$50
million in financing to IL&FS Transportation Net-
works Limited (ITNL), which is the largest "build–
operate–transfer" road asset owner in India in terms
of length of road in its portfolio. ITNL is a wholly
owned subsidiary of Infrastructure Leasing & Finan-
cial Services (IL&FS), a major infrastructure develop-
er based in Mumbai, India.
is is the first-ever disbursed "Masala Loan" under
the new ECB regulatory framework notified by the
Reserve Bank of India on November 30, 2015.
ese loans allow an eligible financial institution out-
side India to make an Indian rupee loan to a borrower
in India. Masala Loans may now be made thanks to
Reserve Bank of India changes introduced with effect
from December 2, 2015.
e goal of this landmark financing is to fulfill the
needs of Indian companies and to make it easier for
Canadian suppliers to do business in India, thus enhan-
cing the Indo-Canadian partnership in various areas of
infrastructure development.
e financing generates new opportunities for small-
and medium-sized Canadian companies to get new
business from IL&FS.
e Masala Loan proceeds will be used for refinan-
cing of existing domestic debt and for general corpor-
ate purposes.
Since 2013, IL&FS has procured approximately
US$2 million in goods and services from Canadian
companies. EDC's financing aims to increase this
amount to more than US$4 million per year.
Stikeman Elliott LLP teamed up with India's AZB
& Partners to assist EDC in its collaboration with e
Bank of Nova Scotia, the agent bank. EDC was repre-
sented by an in-house team led by Valérie Martin. e
Stikeman Elliott legal team was comprised of Érik Rich-
er La Flèche, Sylvia Avedis, François Gilbert and Jeffrey
Keey. e AZB & Partners legal team included Gautam
Saha and Pallavi Meena.
