Project Finance/PPP

Our Construction & Engineering Department advises in relation to all aspects of construction in Ireland with specialist expertise in Public Private Partnerships (PPPs) in the Republic of Ireland and Private Finance Initiatives (PFIs) in Northern Ireland.

As part of a multi-disciplinary team our banking lawyers work on the financial aspects of any deal, advising stakeholders, banks, bidders, promoters and spv's.

William Fry’s experience includes projects in the road, light rail, health, gas, power, airport, education, wind and other renewables, urban development and prison service sectors.

Financing options include project bonds, securitisation, portfolios financing, senior debt, mezzanine debt, EIB financing restructuring, investment funds and derivative products.  We also advise on co-financing involving multiple funding sources.


Our experience includes advising:

  • Chartered Land on Dublin Central Development, mixed use commercial property regeneration, anticipated capital development cost €1bn – one of Europe’s largest developments.
  • Point Village Development Limited on Point Village including 02 theatre, hotel, offices, retail, civic attractions and Luas infrastructure – one of the largest developments in Ireland.
  • University College Dublin on Gateway development – largest single capital project in higher education sector - international star-architect design competition and construction procurement using a PPP concession model.
  • Ramford on development of Daniel Libeskind designed office led development and theatre at Grand Canal Square - ‘Development of the Year 2008’
  • Dublin City Council on Fatima Mansions Regeneration PPP Project and developing legal model for such projects
  • University Pittsburgh Medical Center advising key stakeholder and named operator on three of the HSE Co-Location Hospitals Projects
  • Atlantic Fuel Supply Company on construction and financing of major oil storage and processing facility at Foynes Port
  • Aughinish Alumina Limited on all aspects of the procurement, construction and delivery of its 160MW gas fired combined heat and power plant adjacent to its alumina refinery
  • Leargas consortium (Barclays Private Equity, Michael McNamara & Co) and GSE (the UK Prison operator) on the Thornton Hall Prison PPP project, a project for the design, build, part operation and maintenance of a state of the art prison facility.
  • Syndicate of Lenders financing the N4/N6 Kinnegad-Kilcock, the funders of Eurolink, one of the two BAFO bidders on the M1 Dundalk Western Bypass and advised the funders on the East Link Toll Bridge concession.
  • EIB on the Five Group Schools PPP project.
  • Bank of Ireland as senior lender to E-net, the Limerick based technology company which was awarded the MSE (Management Services Entity) contract by the Department of Communications, Marine and Natural Resources to manage Ireland’s first regional broadband infrastructure, involving the establishment of Metropolitan Area Networks (MANS), comprising duct and fibre band around 19 cities and towns. 

There are no news related to this area

View all

We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.


  •  William Fry's Banking department have been described by clients as "excellent to deal with. Their level of market knowledge is very high, and they are proactive at finding solutions to problems  and good at pushing the transaction to close." Other clients adds that they are "very knowledgeable and have the capability to manage large and complex transactions seamlessly," as well being "massively respected by the team on the other side of the transaction." The team is also known for being a "very well-resourced team, providing excellent turnaround times and always ensuring partner availability." Legal 500 2020
  • "Excellent and no weaknesses." says one interviewee IFLR 2020
  • A client states "The team that I primarily deal with are excellent. The team is partner driven, and I can always get access when needed. Their attention to detail is first class but they explain it in layman terms. They are very well regarded within the legal community, and this can be of huge assistance when negotiating and closing complicated deals." Another clients states: "William Fry (partners David Maughan and Mary Ward) provide unparalleled service on Irish law matters. Their advice is always on the spot, and they are always available. I only go to other firms if William Fry is conflicted from advising my client.". With another saying: "Very professional firm with a good team in place. Their strength is their people and breadth of experience on various projects." IFLR 1000 2019
  • "They are very easy to deal with, you can pick up the phone to any of them and they are quick to come back and respond, even on small queries. They are very thorough, client friendly and they put time into developing the relationship". An interviewee appreciated that "the client service was very strong, they had an excellent understanding of the transaction and they showed good responsiveness to requests". Chambers Europe 2019
  • One happy client says: "Their legal expertise, service levels and business-friendly approach sets them apart. I have recommended the team to other parties and continue to do so." Another source notes: "The firm is committed to its clients and develops strong relationships with them." Chambers Europe 2018
  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Clients also point out that "they have a nice house style: professional, friendly and courteous." Chambers Europe, 2017 
  •  "The lawyers took a personal interest in the work and the overall objective was always in their minds. There was a big team offering a lot of strength throughout." 
    "This firm had the size and skills to handle a particularly complex transaction, and the commitment to throw the necessary resources at the job." Chambers Europe 2016
  • William Fry is an "excellent practice". Legal 500 EMEA 2016


Elaine Hanly

  • "Elaine Hanly has a long-standing presence in the market, advising borrowers on acquisition finance and refinancing. She also acts for lenders on project finance matters." Chambers Global 2020
  • "Ms Hanly's perspective and experience on banking issues is unmatched." IFLR 1000 2020 
  • Elaine has a "very strong technical understanding, is solution-driven and will seek to be very commercial in assessing transactions." Chambers Europe 2019
  • Sources say she is "pragmatic, diligent and goal-oriented," adding: "She tries to work with clients to find solutions rather than throwing up problems for the client and is comfortable driving an aggressive timetable." Chambers Global 2018 
  • William Fry excels in real estate finance, where practice head Elaine Hanly is "an excellent and thorough banking lawyer." Legal 500 EMEA 2017

David Maughan

  • David has been ranked in both Chambers Europe 2020 and Chambers Global 2020. Clients especially highlight him for his "excellent technical skills and strong commercial understanding of the aviation sector." Another client said that David "provides hands-on, pragmatic and on-the-point advice."
  • According to Legal 500 2020, David is "extremely knowledgeable and always has a practical solution to problems encountered" and "provides excellent commercial advice."
  • David is a widely respected figure in the market, particularly in relation to asset finance mandates including securitisations and structured finance deals. Interviewees attest that he "knows his stuff and is very approachable." Chambers Global 2019
  • David Maughan's practice revolves around the financing of aircraft and other assets. He also handles leases, joint ventures, refinancing and securitisations.  Sources see him as "a technically good lawyer." Chambers Global 2018
  • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
  • David takes an “excellent commercial approach”. IFLR 1000 2017
  • David is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 

Key Contacts

Elaine Hanly Consultant

Siobhan Carlin Partner