Leading international law firm Clifford Chance has advised energy investor Daiwa Energy & Infrastructure Co. Ltd. (DEI) on the acquisition as part of an investor consortium of 100% of Celtic Roads Group (Waterford) DAC, which operates the N25 Waterford Bypass direct toll road Public-Private Partnership (PPP) project in Ireland. The consortium also includes IST3 Investments Foundation (acting in respect of and on behalf of its investment group IST3 Infrastruktur Global) as co-investor and Real Asset Investment Management (RAIM) as asset manager.
Partner Natsuko Sugihara led on the transaction, with counsel Masafumi Shikakura (Tokyo) and Dr. Tobias Nogami Kamerling (Düsseldorf) advising on the M&A aspects, and Luxembourg Senior Partner Christian Kremer and senior advisor Lauren Harris (Luxembourg) advising on the Luxembourg law aspects of the transaction. Counsel Maxime Budzin (Luxembourg) advised on the tax law aspects of the transaction.
Natsuko commented, “We are delighted to bring our market-leading expertise in complex PPP projects to advise DEI on this important transaction, which represents DEI’s first investment in the transportation infrastructure sector and a strategic expansion of its portfolio in Europe. Infrastructure investments that form the foundation for sustainable development will continue to be a priority for Japanese investors, who are traditionally some of the biggest and most active infrastructure investors in the world.”
The N25 Waterford Bypass, which includes the landmark Thomas Francis Meagher Bridge spanning the River Suir, connects the M9 Motorway, N24, N25 and N29 national route to complete a critical road access link and relieves congestion in the rapidly expanding region of South-East Ireland. A key contributor to the sustainable development of the region’s economy, the road network provides access to commercial ports on the eastern and southern seaboards, and improves accessibility to Waterford Airport.
Daiwa Energy & Infrastructure is a core strategic subsidiary of Daiwa Securities Group Ltd., for exploring further investment opportunities in infrastructure assets, renewable energy, and resource.
