Norton Rose Fulbright recognised in three 'deals of the year' in TXF ‘Perfect 10’

Global law firm Norton Rose Fulbright has advised on three winning deals at the Trade and Export Finance (TXF) Perfect 10: Export Finance Deals of the Year.

These awards seek to recognise and celebrate benchmark deals from across the export finance sector during the previous calendar year.

TXF, which is a specialist digital provider of news, data and events for the trade finance community, noted the shared theme of sustainability amongst this year’s winning deals: ‘The most important theme across all of the winning deals was the stronger focus on sustainability with the lion's share of these transactions helping to drive energy transition and the race to net-zero emissions.’

Norton Rose Fulbright advised on:

Transport Export Finance Deal of the Year – Carnival Corporation
Led by London partner and Global Co-head of Shipping Simon Hartley

A cross-border Norton Rose Fulbright team advised Carnival Corporation on the SACE-backed financing for three vessels. The financing, backed by the Italian export credit agency SACE with SIMEST interest make-up support, also involved a syndicate of lenders with BNP Paribas as agent.

The signing of the SACE financings was completed at the end of October 2024 following discussions which had been taking place since the start of the year. The ships are due for delivery in 2029, 2031 and 2033.

The Norton Rose Fulbright team was led by partner and Global Co-head of Shipping Simon Hartley (London), with support from senior associate Helen Davies (London) and partner Arturo Sferruzza (Milan).

Africa Export Finance Deal of the Year – Ministry of Finance Angola
Led by Partner and EMEA Head of Banking Madhavi Gosavi and London Partner Jessica Melville

A London-based Norton Rose Fulbright team advised Angola’s Ministry of Finance on the signing of a €157 million Euler Hermes-backed loan to fund the rehabilitation of a 146km section of the EN140 national road in the African country. The public works will be performed by GAUFF GmbH & Co. Engineering KG and INZAG Germany GmbH.

The road rehabilitation will enable and promote fast, convenient and safe transportation of goods and people.

The Norton Rose Fulbright team was led by Madhavi Gosavi and Jessica Melville, with support from associate Emmanuel Alabi.

Renewables Export Finance Deal of the Year – Ministry of Finance Angola
Led by Partner and EMEA Head of Banking Madhavi Gosavi and London Partner Jessica Melville

A cross-border Norton Rose Fulbright team also advised Angola’s Ministry of Finance on the receipt of a $872 million direct loan from US EXIM to finance the consultation of two photovoltaic (PV) solar power plants. The plants will be constructed by Sun Africa and will generate more than 500 megawatts of renewable power to the region’s national grid, providing access to clean energy resources across Angola whilst supporting the country’s climate commitments.

The deal marks the largest ECA loan for an integrated solar plant in Africa. It is also EXIM’s largest renewables deal and its largest deal in Sub-Saharan Africa.

The Norton Rose Fulbright team was led by Partner and EMEA Head of Banking Madhavi Gosavi and London Partner Jessica Melville.

Norton Rose Fulbright’s energy, infrastructure and natural resources lawyers have been at the heart of many of the world’s leading energy and infrastructure projects, including innovative and first-to-market transactions across a variety of sectors.