April 11, 2011
Deals handled by Latham & Watkins grabbed top honors in three Project Finance (PF) magazine 2010 “Deals of the Year” award programs: Americas; Asia-Pacific; and Europe, Middle East & Africa (EMEA). Lawyers from Latham offices around the world participated in the award-winning deals, a reflection of both the international strength of Latham’s project finance practice, and the depth of the firm’s experience in high-profile, high-stakes deal-making.
In the Americas awards, PF selected the LBJ Infrastructure Group’s $2.7 billion financing for the LBJ Freeway managed lanes project its “North American Project Bond Deal of the Year” and the debt financing for the Hudson Ranch 1 geothermal power project its “North American Geothermal Deal of the Year.” Latham advised the underwriters in the LBJ project, a deal that PF called “a well-executed bond deal for a US infrastructure asset, and the largest private activity bond for a PPP deal ever.” Latham acted as legal counsel to the lender in the Hudson Ranch 1 project, which PF noted was “the first utility-scale US geothermal construction financing since the 1980s to close with commercial bank lenders.”
Project Finance recognized two deals in its Asia-Pacific awards: the Hongsa Mine-Mouth Power Project in the Lao People’s Democratic Republic was named “Asia-Pacific Power Deal of the Year” and the brownfield financing for Paiton 3 was named “APAC Expansion Financing Deal of the Year.” In the former, Latham served as legal counsel to the lenders in connection with the financing, a US$2.7 billion debt facility, which PF recognized as "the largest project loan of any kind closed in the Thai bank market." Latham also served as counsel to the lender in the latter, a deal that PF called “an important benchmark in the Indonesian market.”
And in the EMEA awards, the ContourGlobal Solutions portfolio financing was named the “Europe, Middle East & Africa Power Portfolio Deal of the Year.” Latham & Watkins advised the sponsor, borrowers and project subsidiaries in the deal in connection with the development of ContourGlobal Solutions’ portfolio of 17 environmentally friendly quad-generation and tri-generation power plants located throughout Eastern and Western Europe, Nigeria and Russia.