IJGlobal Awards 2022 recognizes outstanding year for firm’s energy, infrastructure and resources practice

Global law firm Norton Rose Fulbright has been named ‘Global Legal Adviser of the Year’ at the IJGlobal Awards 2022, which recognizes best-in-class transactions and organizations across the international energy and infrastructure industry.

The accolade, which was announced at regional IJGlobal Award ceremonies in London, New York, Singapore and Dubai, represents a rigorous judging process by an expert industry panel and celebrates the most outstanding legal adviser across all regions.

Recently, at the MENA awards held in Dubai on April 26, 2023, Norton Rose Fulbright was awarded the MENA Legal Adviser of the Year award—further acknowledgement of our team’s advice in 2022 on some of the largest and most complex energy and infrastructure mandates in the region.

In total, IJGlobal recognized the firm for its work advising on 15 award-winning deals of the year across all regions.

Noam Ayali, global co-head of energy, infrastructure and resources, commented: “This recognition of our global energy, infrastructure and resources practice is a reflection of our experience in and dedication to the sector. It has been a strong year for our team, and we have had the privilege of advising on a number of innovative and first-of-its-kind projects. We congratulate our clients for their best-in-class and ground-breaking deals across the board.”

Anne Lapierre, global head of energy, said: “It’s an honor to receive this prestigious award and it’s a testament to the strength of our global team and the integrated advice we provide to our clients. We remain grateful to our clients for placing their trust in us to advise on their most significant and complex global energy projects.” 

Doug Buchanan, global head of infrastructure and resources, added: “This industry recognition affirms our position as a go-to adviser on the most significant projects across the world, and we are pleased to have been able to make a positive contribution to each of the awarded projects. As the infrastructure and resources sector continues to face challenges, we remain committed to helping our clients find innovative solutions and identify opportunities.”

The firm advised on the following award-winning transactions:

Europe
March 9, 2023, London

European Mining Deal of the Year: Minas de Aguas Teñidas (MATSA), Spain
Led by Dan Metcalfe and Alen Pazin. 

• Advised on the US$650m debt financing transaction to fund the acquisition of MATSA and its copper projects by Sandfire Resources Limited. The firm advised the lenders on a syndicated secured revolving credit facility. This transaction contributed to making Sandfire one of the largest Australian copper focused producers. 

Renewables Deal of the Year (Wind): Zarafshan wind farm, Uzbekistan
Led by Charles Whitney and Chris Down.

• Represented Masdar in relation to the financing of a 500 MW onshore wind farm located in Uzbekistan, which will be the largest renewables project in Central Asia once completed. The firm advised on the development, construction, operation and financing aspects of the project, which is expected to reach commercial operation in 2024. The project consists of 110 wind turbines, providing enough electricity to power 500,000 homes and reduce carbon emissions by 1.1 MtCO2/year.

Americas

North America Power – Transmission Deal of the Year: Champlain Hudson Power Express (“CHPE”) 
Led by Noam Ayali, Paul Weber

• Advised CIBC, Mizuho, MUFG and Societe Generale as the Coordinating Lead Arrangers and Joint Lead Arrangers, on the approximately US$6bn senior term loan and senior working capital and letter of credit facilities financing for the CHPE Transmission Line. The project consists of a 339-mile fully-buried +/- 400 kV HVDC transmission line that will deliver approximately 1,250 MW of clean and renewable hydropower from Québec to New York City; high-voltage alternating current lines; and other appurtenant property and equipment. Under development for more than a decade in anticipation of New York state's energy transition, the CHPE transmission line will provide 20 percent of New York City's power supply. The project represents one of the largest green infrastructure projects in the US and the largest increase in renewable energy in New York state history.

North America P3 Deal of the Year: Washington, DC Street Lighting and Smart Cities P3 Project
Led by Doug Buchanan

• Advised Engie affiliates in their respective roles as EPC Contractor and O&M contractor on a successful bid team led by Plenary Americas US Holdings, Kiewit Development Company, and Phoenix Infrastructure Group in connection with the procurement by Washington, DC, of a P3 to modernize the City’s lighting system and the incorporation of other smart city infrastructure technology. This represented the nation’s largest urban streetlight modernization with conversion of the entire city’s street lights system to energy-efficient LED technology and the incorporation of other smart city infrastructure technologies. 

North America Transport Deal of the Year: JFK Terminal 1, Phase 1A
Led by Todd Alexander

• Advised Ullico Investment Advisors in connection with their investment in the redevelopment of JFK Airport’s Terminal One Project.

A dual win for Araguaia Nickel Mine, Brazil– LatAm Mining Deal of the Year | LatAm Export Finance, Mining Deal of the Year (EKF, Finnavera, SEB)
Led by Martin McCann

• Advised on a US$660m finance package to Horizonte Minerals in relation to the construction and development of the Araguaia ferronickel mine in Brazil. Araguaia is a high-grade, low-cost, long-life asset located south of the Carajas Mining District. The financing provided significant growth for Horizonte as major nickel producer amid the strong long-term outlook for the nickel market.

LatAm Power Deal of the Year: Termo Caribe Dual Fuel Power Facility, Colombia
Led by Dan Spencer, Cameron Royse

• Advised MUFG Bank, Ltd. as Coordinating Lead Arranger in connection with project financing for a 57 MW dual fuel reserve power plant in Colombia owned by Termo Caribe S.A.S. E.S.P. located in Santa Rosa, Bolivar, Colombia. The dual fuel reserve power plant benefits from a reliability charge providing a fixed monthly USD-indexed income to the project.

LatAm Export Finance, Power Deal of the Year: Angra 1 Nuclear Power Plant, Brazil (US Ex-Im Bank)
Led by Dan Spencer, José A. Cobeña

• Advised Banco Santander, S.A. in the closing of a US$22.3m ECA-backed loan to Brazilian utility company Eletronuclear for the financing of ongoing feasibility studies for the proposed lifetime extension of its Angra 1 nuclear plant, which was guaranteed by Eletrobras. EXIM Bank provided a comprehensive guarantee.

LatAm Oil & Gas, Floating Production Storage and Offloading (“FPSO”) Deal of the Year: Yellowtail’s One Guyana FPSO
Led by Giles Brand

• Advised a consortium of international lenders in relation to the US$1.75bn financing for the engineering, design, construction and installation of a new FPSO for ExxonMobil, which is to be based at the Yellowtail Offshore development, off the coast of Guyana.

Asia Pacific

March 23, 2023, Singapore 

Asia Pacific Social Infrastructure Deal of the Year: Frankston Hospital Redevelopment PPP 
Led by Rob White

• Advised Capella Capital as project sponsor of the Exemplar Health consortium for the successful tender regarding the design, construction, operation and financing of the AUS$1.2bn Frankston Hospital Redevelopment. Separate teams at NRF also advised Honeywell Limited as the Hard Facility Maintenance subcontractor as part of the Exemplar Health consortium and Lendlease and Aware Super as the equity investors for the project. This represents the largest ever health infrastructure investment in Melbourne’s south-east.

Asia Pacific Renewables Deal of the Year (Solar): Yatsubo Solar PV Plant, Japan
Team included Mari Toriyama

• Advised on the financing of Project Yatsubo which was the leading project within a portfolio of four greenfield utility scale solar projects in Tochigi prefecture, Japan, all of which were fully contracted with Tokyo Electric Power Co Holdings Inc and developed by First Solar International.

Middle East
April 26, 2023, Dubai

MENA Power Deal of the Year (Transmission): ADNOC’s Project Lightning, UAE
Led by Nicky Davies

• Advised Korea Electric Power Corporation (KEPCO), Japan's Kyushu Electric Power Co. and Électricité de France (EDF) on its combined 40 percent stake in a project, structured as a PPP, to develop and operate a high-voltage, direct current subsea transmission system. Jointly owned by Abu Dhabi National Oil Company (ADNOC) and TAQA (each holding a 30 percent stake) the first-of-a-kind US$3.8bn network will power ADNOC's offshore production operations with cleaner and more efficient energy, delivered through the Abu Dhabi onshore power grid.

MENA Water Deal of the Year (Water & Power): Shuaibah 3 Independent Seawater RO Desalination Project, KSA
Led by Paul Mansouri

• Advised the senior commercial and Islamic banks and in relation to the US$646m senior financing of Shuaibah 3 Independent Seawater RO Desalination Project developed by ACWA Power with a planned capacity of 600,000 m3/day, located in the town of Shuaibah in the Kingdom of Saudi Arabia and The Saudi British Bank (as equity bridge lender) on an US$135m EBL. In support of the Kingdom’s energy transition 2030 vision, ACWA Power and the offtaker of Shuaibah 3 IWPP—an oil-fired asset with thermal water desalination and power generation capacity of 880,000 m3 per day and 900 MW—agreed in June 2022 to amend and restructure the power and water purchase agreement of Shuaibah 3 IWPP and replace it with a new IWP (“Shuaibah 3 IWP”) corresponding to a 600,000 m3 per day reverse osmosis (“RO”) seawater desalination plant. The Shuaibah 3 RO plant is being developed under a concession period of 25 years, with commercial operations for the plant scheduled for 2Q 2025. The plant will use 20 percent of its energy from renewable sources. The team was led by partner Paul Mansouri, and included partners Chris Down, Robin Balmer, Colin Rice and David Johnston, counsel Jamie Munro, associates Harriet Bowers, Hesa Alsaad, Dima Khuffash, Francesca North and trainee solicitor Anita Perri.

MENA Renewables Deal of the Year (Solar): Abydos Solar, Egypt
Led by Chris Down and Andrew Hart

• Advised International Finance Corporation and Japan International Cooperation Agency in relation to the financing of the 560 MW Abydos Solar PV power project located in Kom Ombo, Egypt. The project has a 25-year PPA with the Egyptian Electricity Transmission Company (EETC) and represents part of the government of Egypt’s drive to raise the share of renewables in the country’s energy mix by 2035.

The Global Legal Adviser of the Year and MENA Legal Adviser of the Year awards are the latest accolades for the firm’s global energy, infrastructure and resources team.

Infralogic recently ranked Norton Rose Fulbright the number one global renewable energy legal adviser for 2022 by deal volume, with 77 transactions totaling more than US$14.5bn in value. 2022 marked the fifth consecutive full year that the firm ranked as a top three global renewable energy legal adviser by Infralogic – no other firm has matched this achievement.

Earlier this year, Norton Rose Fulbright was recognized at the Project Finance International (PFI) Awards for advising on six award-winning deals. PFI is one of the leading publications for global project finance intelligence and the annual awards identify standout financings of the year.