Norton Rose Fulbright advised on four winning deals at this year’s IJGlobal 2024 ESG Awards

Global law firm Norton Rose Fulbright advised on four transactions that won the Bond Award, Power-to-X Award, Renewable Energy Award and Energy Transition Award at this year’s IJGlobal 2024 ESG Awards.

The IJGlobal 2024 ESG Awards, held in London on October 17, recognize the market participants involved in the energy and infrastructure space that demonstrate innovation, impact and expertise with regards to ESG principles and metrics.

The Galápagos Marine Bond won the Bond Award

Led by Washington, DC-based partner Ken Hansen, Norton Rose Fulbright advised the Inter-American Development Bank (IDB) in a US$85 million partial credit guarantee. Bond proceeds were applied to retire US$1.628 billion of Ecuador’s international bonds for a US$656 million loan on better terms. The refinancing marks the world’s largest debt-for-nature conversion, with an estimated US$1.126 billion lifetime debt service savings. The savings will be invested in marine conservation projects in the Galápagos Islands. Payments on the bond were supported by the IDB guaranty, coupled with a US$656 million political risk insurance policy issued by the US International Development Finance Corporation.

The SAEL Biomass Energy Project won the Power-to-X Award

Led by Singapore-based partner Nick Merritt, Norton Rose Fulbright advised Asian Development Bank (ADB) on INR7.5 billion (approximately US$91.14 million) loan facilities to five subsidiaries of SAEL Industries Limited, one of India’s leading renewable energy companies. The funds were used to set up biomass power plants in Rajasthan. The financing from ADB will support SAEL Industries’ sustainability goals in promoting the generation of biomass energy using agricultural residue and reducing carbon intensity in India.

Eavor-Loop™ Geothermal Plant won the Renewable Energy Award

Led by Munich-based partner Dirk Trautmann, Norton Rose Fulbright advised a consortium of the European Investment Bank, Japan Bank for International Cooperation, ING Bank and Mizuho Bank as well as Nippon Export and Investment Insurance (NEXI) on the financing of the innovative geothermal power and heating project Eavor-Loop™ in Geretsried, Bavaria, Germany. The closed-loop technology developed by Eavor works like a giant underground radiator. The first commercial-scale Eavor-Loop™ is being built with the additional support of a EUR91.6 million grant from the EU Innovation Fund. The EIB loan comes with a guarantee by the European InvestEU-programme.

The Blue Astra Maritime Transaction won the Energy Transition Award

Led by Amsterdam partner Wouter Hertzberger, Norton Rose Fulbright advised Blue Astra Maritime as borrower for the innovative retrofit of four bulk shipping vessels by integrating eight different proven technologies to cut fuel use and GHG emissions. The bulk shipping vessels are anticipated to consume at least 20% less fuel and reduce up to 99% GHG.

MetLife Investment was the sole debt provider and Atal Solutions together with Damen Green Solutions structured the export finance transaction. Atal will provide a supplier’s credit amounting to 105.2 million USD, requiring vessel owners to provide limited equity, and having a 10-year repayment period with competitive interest rates. The project is currently being implemented and is expected to come to fruition by Q1 2025.

Norton Rose Fulbright has over 3,000 lawyers across all practice areas and is renowned for advising on significant, ‘first of a kind’ cross-border deals. Over the past five years, Norton Rose Fulbright’s global team has advised on nearly 600 energy, infrastructure and natural resources transactions with a value of over US$358 billion in the aggregate (IJGlobal, Q3 2024).