Cynthia Urda Kassis is a partner and Global Project Development & Finance Practice Group Leader.

She focuses on project finance, joint venture transactions and restructuring in the mining, energy and infrastructure industries.

Cynthia’s clients include corporations, traditional and alternative financiers, government agencies, and development institutions.

Mining & Metals

• Nevada Copper on the development and financing of their Pumpkin Hollow underground project. The financing package consists of a project financing from KfW IPEX-Bank, supported by a UFK guarantee, an advanced payment agreement from Concord Resources, stream and royalty financings with Triple Flag, a cost overrun facility and offtake agreements with Aurubis and Concord Resources. The project was named “North America Mining Deal of the Year” (2020) by IJGlobal
• Orion Mine Finance and Blackstone Tactical Opportunities on the financing of Lundin Gold’s $1B+ Fruta Del Norte Project in Ecuador, which consists of a prepaid gold loan, stream and equity investment from Orion/Blackstone, a project financing from KfW and a club of commercial banks (with a guaranty from Finnvera), a cost overrun facility and a strategic equity investment by Newcrest, Orion and the Lundin Family trusts. This transaction was the first large scale mine financing in Ecuador and was recognized as IJGlobal’s “Latin America Mining & Metals Deal of the Year” for two years running
• Mantos Copper (now known as Capstone Copper) in connection with the renegotiation with Osisko of the stream which partially financed the acquisition by the Orion Resources/Audley consortium from Anglo American of the Mantoverde and Mantos Blancos mines in Chile in anticipation of the advancement of the proposed Mantoverde Development Project and Mantos Blancos Concentrator De-Bottlenecking Project
• Société Générale and ING on the structured acquisition financing for the take private transaction by Pala Investments of Cobalt 27. The financing included a term credit and note purchase facility secured by, among other things, a first lien on the cobalt stream agreement between Cobalt 27 and Vale with respect to Voisey’s Bay. It also involved a borrowing base facility that was secured by a first lien on the cobalt inventory owned by Cobalt 27 and stored in warehouses in Baltimore, Belgium and The Netherlands. The acquisition by Pala Investments of Cobalt 27 resulted in the spinout of Conic Metals Corp. (previously known as Nickel 28)
• Orion Mine Finance on its acquisition and financing through Sweetwater Royalties of Occidental Petroleum Corporation’s (Oxy) Wyoming, Colorado and Utah Land Grant assets for about $1.33 billion. The Land Grant assets have a footprint of approximately 4.5 million mineral acres and 1 million fee surface acres. The assets include mineral rights to the world’s largest known trona deposit and originate from the land grants made by the US government in the building of the transcontinental railroad. Orion funded the acquisition in part through the offering of Senior Secured Notes due 2040, by Sweetwater Royalties, arranged by Citigroup Global Markets and RBC Capital Markets and the offering of Senior Secured Notes due 2027, by Sweetwater Trona HoldCo, arranged by Citigroup Global Markets
• Société Générale as mandated lead arranger, administrative agent and as lender together with several other commercial banks on structured senior secured revolving facilities to several SPVs as borrowers, secured by each such borrower’s inventory of various commodities and revenues derived from contracts for the sale of such commodities

Energy & Petrochemicals

• Engie Energía Chile on an unsecured loan facility from IDB Invest in its own capacity and in separate capacities as agent of the Inter-American Development Bank and as sub-implementing entity of the Trust Fund for the Clean Technology Fund for the design, construction, operation and maintenance of the 162 MW Calama Wind Farm to be located near the city of Calama in northern Chile. The Clean Technology Fund loan deploys a first-in-kind pilot financing structure that monetizes the actual displacement of CO2 emissions of existing fossil fuel fired power assets
• The four largest electric generation companies in Chile, being AES Gener, Colbun, Enel and Engie, on the securitization through Chile Electricity PEC SpA of certain credit rights generated by the 2019 Tariff Stabilization Law which put a temporary cap on electricity prices to Chilean households and small businesses. The securitization was funded by Senior Secured Zero Coupon 144/Reg S notes arranged by Goldman Sachs and financing provided by IDB and Allianz
• Transmisora Eléctrica del Norte S.A. (TEN) on the financing for the construction of its transmission line connecting the two major electrical grids in Chile (being the northern and central grids), transforming Chile’s energy market and involving an innovative and complex dual-currency (USD and CLP) multi-tranche financing
• Lenders on multiple aspects of the proposed $7.33 billion Gasoducto Sur Perúano project, a more than 1,000 km gas pipeline in Peru, including the workout thereof as a result of the Lava Jato corruption scandal. This was one of the largest infrastructure projects to come to market in the history of Peru’s energy sector
• BNDES, the National Development Bank of Brazil, on the proposed project financing of $3.2 billion for the initial nine of a portfolio of 24 deepwater drilling units of Sete Brasil Participações chartered by Petrobras
• Sasol Limited and its affiliates in connection with the entry by Sasol Chemicals North America LLC into a 50/50 joint venture with INEOS Olefins & Polymers USA to construct, finance, own and operate a high-density polyethylene plant in LaPorte, Texas and in connection with the project financing of such plant in the Term B market through a $420 million facility, as well as the subsequent sale of its interest in such joint venture

Infrastructure

• Private placement noteholders and designated lenders’ counsel in connection with the financing of the $2.8 billion acquisition of Skyway Concession Company, which operates, manages and maintains the Chicago Skyway toll road under a 99-year lease pursuant to a public-private partnership (P3) with the City of Chicago, which owns the Skyway; the consortium, comprising Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan, was the winning bidder in the sale by the prior holders of the Skyway lease
• The United States Department of Transportation (DOT) on the initial $526 million financing of the construction of the Moynihan Station Project in New York City. The project helped transform the James A. Farley Post Office Building to a modern, state-of-the-art train station and delivered critical improvements and expansions that will ease congestion and delays in Amtrak’s Northeast Corridor rail service
• The US Department of Transportation (DOT) on the restructuring of the Transportation Infrastructure Finance and Innovation Act loan made to SH130 Concession Company LLC (“SH130”), and the bankruptcy proceedings of SH130 and other debtors related to the Texas State Highway 130 project
• The United States Department of Transportation (DOT) in connection with the extension of Transportation Infrastructure Finance and Innovation Act loans to Plenary Roads, the winning bidder, for the US 36 Managed Lanes/Bus Rapid Transit Project in Colorado, through an innovative multi-tiered structure
• Export Development Canada (EDC) in connection with its portion of the financing, of an approximately $300 million co-financing with the Export-Import Bank of the United States and Israel Aerospace Industries Limited (as a vendor finance provider) for SpaceCom’s AMOS-6 satellite program
• Eutelsat S.A. in connection with an Export-Import Bank of the United States financing of Eutelsat’s interest in a 25B satellite constructed by Loral and located at the 25.5 degree East orbital location
• Panama Canal Authority with respect to the financing aspects of its $5.2 billion expansion program that created a third lane for transiting vessels, substantially increasing Canal capacity and allowing for the passage of larger ships (selected as “Project Finance Deal of the Year” (2009) by Latin Finance and “Project Finance Deal of the Year” (2008) by IFLR Americas)

Pro Bono

• The Nature Conservancy (TNC) on its Belize Blue Bonds transaction, the largest sovereign debt restructuring for marine conservation to-date, which used techniques from sovereign debt restructurings, structured financings, political risk insurance and debt swaps. It is the first major financing under TNC’s Blue Bond for Ocean Conservation Program, a TED Audacious Project Big Idea. The transaction enabled Belize to refinance its external debt, make ambitious commitments to protect 30% of its ocean, strengthen governance for fisheries and establish a coastal blue carbon project framework through a unique collaboration among a government, an environmental NGO, an investment bank, the US’ DFC and parametric insurers (selected as Environmental Finance’s Bond Awards 2022 as Innovative Bond Structure (Sustainability Bond) and Sustainability Bond of the Year (Sovereign))
• Public International Law & Policy Group (PILPG) in the supervision of the preparation of multiple memoranda over several years on transitional justice and other human rights matters covering a range of jurisdictions including Bangladesh, Burma, Sri Lanka, South Sudan, Tanzania and Yemen
• The Vance Center in supporting the United Nations Office of the High Commissioner for Human Rights (OHCHR) on a project that sought to promote responsible business conduct in Latin America and the Caribbean in line with international standards. The project involved assessing remedies for business-related violations, particularly in Colombia, Mexico, Costa Rica, Panama, Ecuador and Guatemala
• In partnership with NYU Law School’s International Transaction Clinic (ITC), various microfinance organizations, including Agora, Calvert and MCE, on financing transactions and form documentation

• Recognized in Who’s Who Legal 2022 as a Thought Leader for Project Finance and Mining and a Global Leader in Banking – Finance, Mining and Project Finance
• Ranked Band 1 for Projects by Chambers USA (2021); Band 1 for Latin America-wide Project Finance by Chambers Latin America (2022); Band 1 for Projects USA and for Latin America-wide Project Finance and noted for foreign expertise in Energy and Natural Resources and Projects in Chambers Global (2022)
• Listed as “Highly Regarded” by IFLR1000 (2020)
• Named a Leading Lawyer and to the Hall of Fame for Project Finance by The Legal 500 US (2021) and a Leading Lawyer for Projects and Energy (2018) and Banking and Finance (2022) by The Legal 500 Latin America
• Recipient of the Who’s Who Legal Project Finance Award (2018, 2019)
• Clients tell Chambers & Partners “[Cynthia] is a leader in her field…an excellent lawyer with a good understanding of business,” “excellent in terms of attention to the client and responsiveness,” that she has “highly detailed background knowledge of the [mining] industry, as well as commercial expertise,” is “phenomenally talented”, and is very pragmatic.” “She is a legend.”