Firm continues streak with North America win at IJInvestor Awards

Global law firm Norton Rose Fulbright continued its winning streak at the IJInvestor Awards 2023 during the North America awards ceremony in New York City on December 13. The firm won “Renewables Acquisition of the Year, North America” for its representation of IRG Acquisition Holdings (IRG), a partnership between Invenergy, Caisse de dépôt et placement du Québec (CDPQ) and funds managed by Blackstone Infrastructure Partners, in connection with the purchase and closing of American Electric Power’s (AEP’s) renewables portfolio for an enterprise value of US$1.5bn.

This winning deal follows its awards for advising on two “Acquisitions of the Year” at the Europe, Middle East and Africa (EMEA) awards ceremony in London on November 30.

The fifth annual awards celebrate the innovation of companies, deals and individuals in funds and M&A activity in the energy and infrastructure sectors globally.

Norton Rose Fulbright advised on the deal below in the following category.

Renewables Acquisition of the Year, North America

The IRG purchase and closing of an AEP renewables portfolio

Deal team

Sameer A. Ghaznavi, partner; Hilary Lefko, partner; Jared D. Kaplan, partner; Jamal E. Abdulrasheed, associate; Erin Mitchell, associate; Geetika Jerath, associate; Laura Konkel, associate; Marjorie Glover, partner; Andrew E. Skroback, senior counsel; Madison Keeble, senior associate; Lauryn Robinson-Young, associate; Lauren Thomas, counsel; Vanisha Weatherspoon, associate; John F. Young, partner; Kayce Kasten Borders, counsel; Luke Edney, partner; Jesse Hollingsworth, senior associate; George Khoukaz, associate; Bob Greenslade, counsel; Caileen Kateri Gamache, partner; Kevin Gieseke, counsel; Justin S. Lee, associate; Rebecca Abou-Chedid, partner; Thomas J. Delaney, partner; Stefan H. Reisinger, partner; Andrew Eklund, senior counsel; Sol Kwon, associate; Leslie Roter Rebnord, senior associate; and Maeve C. Tibbetts, associate.

Description

The transaction, which closed on August 16, represents one of the largest, fully-operational renewables portfolios to come to market in years. Spanning 11 states, the portfolio includes 14 projects comprised of 1,200 MW of wind and 165 MW of solar energy. The renewable power from the projects is contracted under long-term agreements with other utilities, corporations and municipalities.

IRG secured committed financing for the deal from Banco Santander SA, New York Branch, who acted as Structuring Agent, Coordinating Lead Arranger, and Co-Green Loan Coordinator; Coöperatieve Rabobank UA, New York Branch, who acted as Coordinating Lead Arranger and Due Diligence Bank; Natixis CIB who acted as Coordinating Lead Arranger and Co-Green Loan Coordinator; and Export Development Canada who acted as Coordinating Lead Arranger. It also secured a US$580m commitment for a first-of-its-kind PTC tax credit transfer with Bank of America Securities who served as Transferability Underwriter and Placement Agent and Financial Advisor.

This recognition comes after another record year for the Norton Rose Fulbright team, having advised on a total US$75bn global energy and infrastructure transactions year-to-date (IJGlobal, 2023). The firm was shortlisted as Legal Advisor of the Year at both EMEA and North America awards.