19 January 2018
Latham & Watkins’ Project Development & Finance Practice advised on three groundbreaking matters that Project Finance International (PFI) has named 2017 Deals of the Year. The work, which advanced market-shaping energy projects in North America and Latin America, reflects Latham’s key role in complex and innovative financings across diverse jurisdictions.
The honored deals included:
- North American Power Deal of the Year — AES Southland: Latham represented the sponsor in connection with its US$2.3 billion project financing for the development of the AES Southland Energy Project, a portfolio of two gas-fired power plants totaling 1244-MW, and two battery-energy storage systems totaling 110-MW, in Arizona and California. According to PFI, the complex transaction marked “the largest project finance bond issue executed in the 4(a)(2) private placement format.”
- North American Renewables Deal of the Year — sPower Wind & Solar: Latham represented the issuer in connection with the project financing and senior notes offering for a large portfolio of 41 solar and wind projects across California, Arizona, North Carolina, Massachusetts, Utah, Wyoming, and New York with a combined capacity of 565-MW. According to PFI, the transaction marked “the first-ever broadly distributed back-leverage private placement financing on nine distinct tax equity partnerships” amid a challenging renewables financing market reacting to “the unknown implications of tax reform” in 2017.
- Latin American Bond Deal of the Year — Stoneway Capital Corporation: Latham represented the bond purchasers in their acquisition of senior secured notes in connection with the development of four thermal generation power plants with a combined capacity of 686-MW in Buenos Aires, Argentina. PFI noted, “The deal represents the first project bond issue in Argentina and the first non-recourse project financing in the country in more than 20 years.”