January 27, 2014
In recognition of having closed 66 transactions totaling $38 billion, Law360 has named the Project Finance practice of Latham & Watkins as “Project Finance Practice Group of the Year” for 2013.
Law360 highlighted Latham’s work and global presence in assisting a number of diverse clients, including some of the world’s largest oil and gas, electric energy, infrastructure and telecommunication developers, investors and financiers. For example, the legal news service noted the firm’s work during the past year having represented the Ichthys LNG project in Australia totaling $20 billion that “many have called the biggest project financing in history” according to Law360. “The project involves one of the world's largest LNG facilities, paving the way for Australia to surpass Qatar as the world's top exporter of the fuel by 2017,” said William Voge, a finance partner in London.
Latham attorneys have also represented the underwriters in the $1.1 billion project financing to develop a cable-stayed bridge crossing the Ohio River. “It’s always gratifying to work on a project like this. It was a true public-private partnership that will deliver critical infrastructure to support growth in the region,” said Warren Lilien, a finance partner in New York.
More recently, the Latham project finance team represented Citigroup Global Markets as lead purchaser and Union Bank NA as lead arranger, in a $1.32 billion financing for Solar Star Funding LLC. “One of the most important elements of our work on the Solar Star project was that we were able to play a major role in meeting the mutual timing goals of both parties, even despite the fact that it was very large — the largest solar PV project ever — and spread across and permitted in two California counties,” according to Kelley Gale, global chair of the firm’s Project Finance practice. “The depth of our experience, particularly over the last few years on similar projects, made us confident that we could work seamlessly between the borrower and the managers/lenders to keep things on track. And we were thrilled to deliver that for our client.”
“We do everything as ubiquitous as rooftop solar projects to the large LNG projects, and we work on projects everywhere from northern California to southern Australia,” said Jonathan Rod, New York finance partner and global chair of the firm’s Energy – Power industry group. “We really have worldwide practice groups, and project finance is an example of that.”