January 06, 2021
Project Finance International (PFI) recognized Latham’s Project Development & Finance Practice with six 2020 Deal of the Year awards for its work on landmark financings in the US, Europe, Africa, and the Middle East. The awards program highlights innovative transactions that shaped the industry landscape.
Jeff Greenberg, Global Chair of the Project Development & Finance Practice, said: “Our lawyers bring tremendous ingenuity and skill to these transactions and we are delighted to receive this recognition and share it with our industry-leading clients.”
The honored deals include:
- Global Multilateral Deal of the Year – Mozambique LNG: Latham advised the sponsors on a landmark US$20 billion financing for Mozambique’s first onshore liquefied natural gas (LNG) development – the largest project financing in Africa to-date. The Total-led project will initially comprise both an integrated offshore gas development and an onshore liquefaction plant, including two LNG trains with total nameplate capacity of 13.12 million tons per annum (MTPA), together with domestic gas and condensates production and storage facilities, and other associated infrastructure.
- US Energy Storage Deal of the Year – Bolt Energy: Latham represented LS Power Equity Advisors and Bolt Energy FinanceCo, the sponsor and borrower, in a US$300 million financing of multiple battery energy storage system expansions in California, including Gateway, the world’s largest battery storage project. This was the largest portfolio of battery storage assets financed to date.
- US Power Deal of the Year – CPV Three Rivers: Latham advised Competitive Power Ventures, Inc., a leading North American natural gas, solar, and wind powered and electric power generation development and asset management company, in connection with the project financing of a natural gas-fired electric generating facility in Grundy County, Illinois. The company sourced approximately US$875 million in debt and US$425 million in equity to back the 1,258-MW facility. This was the only major gas-fired power plant construction project financing in the U.S. in 2020.
- Europe Industrial Deal of the Year – Northvolt: Latham advised the European Investment Bank, Euler Hermes, the Export-Import Bank of Korea (KEXIM), Nippon Export and Investment Insurance (NEXI), BPI France, and 12 commercial banks on a US$1.6 billion financing package for Sweden’s Northvolt, a European sustainable battery developer and manufacturer specializing in lithium-ion technology for electric vehicles. The debt raise will support the creation of Europe’s first home-grown gigafactory for lithium-ion batteries.
- Europe M&A Deal of the Year – Brisa: Latham represented APG on a €770 million financing in connection with the acquisition of majority stake in Brisa Auto-estradas de Portugal, S.A, a Portuguese toll road operator, by APG, NPS and Swiss Life.
- Middle East Infrastructure Deal of the Year – Galaxy: Latham advised a consortium of investors on the financing of its US$8 billion acquisition of a 47.7% stake in ADNOC Gas Pipeline Assets LLC, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers, with ADNOC holding the majority stake. The firm subsequently advised on the refinancing.