Project Finance International Honors Latham With Five 2022 Deal of the Year Awards

Project Finance International (PFI) has recognized Latham & Watkins with five 2022 Deal of the Year awards for its work on landmark financings in the US, Europe, and Africa. The awards identify the standout financings of the year and highlight innovative transactions that are changing the landscape of the industry.

The winning deals include:

• Americas Renewables Deal of the Year – Edwards Sanborn: Latham advised Terra-Gen, a leading renewable energy developer, in the US$958 million project financing and US$452 million tax equity financing for the second phase of the Edwards Sanborn Solar Project in Kern County, CA. The facility, composed of 410 MWac of solar modules and 1,443 MWh of battery storage, is currently one of the largest single solar and battery energy storage projects to reach this milestone to date.

• Americas LNG Deal of the Year – Plaquemines: Latham advised Venture Global LNG, a long-term and low-cost producer of North American liquefied natural gas, on the successful closing of the US$13.2 billion project financing for the initial phase of the Plaquemines LNG facility and the associated Gator Express pipeline. The proceeds of the debt and equity financing fully fund the balance of construction and commissioning of the initial phase of the Plaquemines LNG facility. The deal is one of the largest project financings in the world closed in 2022.

• Europe Renewables Deal of the Year – Finerge: Latham served as legal advisor to the borrower/sponsor in Finerge’s €2.3 billion syndicated green loan, which featured an innovative structure for renewable energy sector financing: variable amortization repayment mechanics. The financing helped reorganize and simplify a complex financing structure under a single comprehensive debt platform and supports the construction of Finerge’s 1,251w advanced pipeline of renewable energy assets on the Iberian peninsula.

• Europe Fibre Deal of the Year – Deutsche Glasfaser: Latham served as lenders’ counsel in German broadband group Deutsche Glasfaser’s €5.75 billion debt financing package. The financing refinances and simplifies Deutsche Glasfaser’s debt and provided capital to support the company’s plan to cover four million German homes with fibre-to-the-home by the end of 2025.

• African Deal of the Year – Chevron/NNPC JV: Latham served as sponsors’ counsel for a joint venture between Chevron and the Nigerian National Petroleum Company, in a US$1.4 billion financing that that will be partially used by the JV, one of the largest producers and investors in Nigeria, to increase gas production and support Nigeria's energy transition aspirations.