28 December 2015
Latham & Watkins’ Project Development & Finance Practice advised on three groundbreaking matters named 2015 “Deals of the Year” by Project Finance International (PFI). The work advanced precedent-setting energy projects across the globe, while again demonstrating Latham’s exemplary leadership in the most significant, complex and innovative project financings.
The honored deals included:
Americas Renewables Deal of the Year: Block Island Wind — Advised the sponsors in the US$290 million project financing of a 30-MW offshore wind farm off the coast of Block Island, Rhode Island, marking “the first offshore wind farm to make it to financial close in the US” and “addressed many ‘first regional project’ issues.” This transaction was also the first to use Alstom’s new Haliade 150-6.0 MW wind turbine generators on a commercial basis.
Asia-Pacific Power Deal of the Year: San Buenaventura — Advised the borrower in the project financing of a 455-MW supercritical coal-fired power plant expansion project located in Mauban, Quezon Province, the Philippines, consisting of a 15-year Php 42 billion term loan. The transaction is a “landmark deal in the Philippines” representing “the largest peso-denominated project financing facility in the Philippines to-date that is funded by all local banks.”
Middle East and Africa Oil Deal of the Year: NNPC/Chevron — Advised the sponsors in the US$1.2 billion multi-year financing of 36 oil wells under a joint venture between the Nigerian National Petroleum Corporation (NNPC) and Chevron. The deal “set important new precedents” as “the first third-party financing for NNPC that funded onshore oil wells as well as offshore oil wells.”