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Latham Advised on Five Transactions Honored by Project Finance International as 2023 Deals of the Year

January 16, 2024
Project Finance International
PFI honors the work of Latham’s Project Development & Finance Practice in market-shaping deals.

Latham & Watkins advised on five transactions that Project Finance International recognized among its 2023 Deals of the Year. The awards identify the standout financings of the year and highlight innovative transactions that are changing the landscape of the industry.

The winning deals Latham publicly advised on include:

Americas Deal of the Year — Rio Grande LNG: Latham advised NextDecade in its final investment decision (FID) with respect to the equity and debt financing of the first three liquefaction trains of its multi-train Rio Grande LNG Facility near Brownsville, Texas. The approximately US$18.5 billion in equity and debt commitments made this project financing the largest greenfield energy equity and non-recourse debt financing in the history of the United States.

Americas Digital Deal of the Year — Gigapower: Latham advised the lenders in the US$1.65 financing deal for AT&T and Blackrock joint venture Gigapower to conduct a greenfield multi-gig fibre-to-the-home project for 1.5 million customer locations outside of AT&T’s existing 21-state footprint. The new infrastructure will the first of its kind to be built in target markets including Las Vegas, certain Phoenix suburbs, and northeastern Pennsylvania, as well as parts of Alabama and Florida.

Americas Renewables Deal of the Year — SB Orion: Latham advised the lenders in SB Energy Global’s US$2.4 billion finance to support energy communities with renewable energy in Milam County, Texas. The financing backs a 1.3GW portfolio of four utility-scale solar projects in energy communities that have seen above average unemployment due to coal closures or fossil fuel retirements.

Europe EV Deal of the Year — Gridserve: Latham advised the lenders in Gridserve’s financing as the sustainable energy company raised £326 million in project debt plus a £200 million accordion to back its sun-to-wheel EV charging network across the UK.