Global energy, infrastructure and resources team advises on five winning deals at IJGlobal ESG Awards

Global law firm Norton Rose Fulbright has advised on five winning deals at this year’s IJ Global ESG Awards.

The annual awards event recognises and celebrates the achievements of the global infrastructure and energy community, recognising the organisations, individuals and projects that are making the greatest ESG impact.

Teams from across Norton Rose Fulbright’s international offices advised on the winning deals in the following categories:

Solar Deal of the Year (Africa): 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.

Wind Deal of the Year (Asia Pacific): 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.

Energy Transition Deal of the Year (Middle East): ADNOC’s Project Lightning, UAE
Led by Nicola 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$3.8 billion network will power ADNOC's offshore production operations with cleaner and more efficient energy, delivered through the Abu Dhabi onshore power grid.

Transmission Deal of the Year (North America): 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$6 billion 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.

Finance Innovation Deal of the Year (North America): Project Galaxy – the Hecate Energy pre-NTP loan
Led by Adrienne Sebring, Todd Alexander

• Advised Nomura Securities as initial Coordinating Lead Arrangers and Syndication Agent in relation to Hecate Energy’s five-year US$550 million credit facility package, inclusive of a US$250 million term loan and US$300 million Letter of Credit (“LC”) facility to support further expansion of its solar and energy storage project pipeline. The new credit facilities will be collateralized by Hecate Energy’s ~35 GW pipeline of renewables development projects, along with its minority ownership interests in Hecate Grid.

Norton Rose Fulbright’s global energy, infrastructure and resources team has led a number of successful and innovative ‘country first’ and ‘technological first’ transactions in 2023, having advised on a total USD$68.5 billion global energy and infrastructure transactions year-to-date (IJGlobal, 2023). IJGlobal’s ESG Awards recognised deals and market developments in the last financial year from April 2022 to March 2023.