Norton Rose Fulbright awarded nine ‘deals of the year’ by Project Finance International

Global law firm Norton Rose Fulbright has advised on nine winning deals across Europe, Middle East, Africa, Asia and the United States at this year’s Project Finance International (PFI) Awards.

The awards celebrate the most innovative deals and market activity over the course of the past year.

This year’s winners were announced in PFI’s 2024 yearbook, which reviews the events of 2023 and predicts trends for 2024 through in-depth case studies and interviews.

Norton Rose Fulbright advised on the following winning deals:

America

Americas Deal of the Year, Rio Grande LNG

Led by Noam Ayali, Rebecca Abou-Chedid and Charles Hord

Norton Rose Fulbright represented the debt providers to Houston-based energy company Next Decade Corporation's Rio Grande liquified natural gas (LNG) export terminal. With a total debt and equity financing value of US$18.4bn, the project financing is the largest single LNG project financing in the United States to date and, according to the company and other sources, is also the largest greenfield energy project financing in US history.
 
Phase one of the Rio Grande LNG Project, located in Brownsville, Texas, includes the construction of the first three liquefaction trains at the company’s 27 million tonnes per annum (MTPA) LNG export facility. This landmark project financing emphasises the significant role that natural gas will continue to play in the global energy transition.

Americas Power Deal of the Year, IRGAH acquisition of US$1.5bn renewables portfolio from AEP

Led by Sameer Ghaznavi, Hilary Lefko and Jared Kaplan

The US Projects team advised IRG Acquisition Holdings (IRG), a partnership between Invenergy, CDPQ and funds managed by Blackstone Infrastructure, as lead deal counsel through the purchase and closing of a 1,365-megawatt (MW) unregulated, contracted renewables portfolio from American Electric Power (AEP) for an enterprise value of US$1.5bn.

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.

Americas Infrastructure Deal of the Year, Aguas Horizonte (Codelco)

Led by Charles Whitney, Chris Down, George Gibson, Marian Baldwin Fuerst

Norton Rose Fulbright advised a consortium, consisting of Marubeni Corporation and Transelec, on the development and financing of an independent water plant (IWP) in Chile. The project will supply water to three mines belonging to Chilean state-owned mining company Codelco, the offtaker, in the Antofagasta region. The reverse osmosis desalination plant will have an initial capacity of 840 litres per second with the potential for later expansion of up to 1,956 litres per second, reducing Codelco’s groundwater consumption by 60 percent.

Europe

Europe Power Deal of the Year, Moray West

Led by Rob Marsh

Norton Rose Fulbright advised the sponsors on the approximately GB£2bn financing and development of the Moray West offshore wind farm in the Moray Firth, Scotland. Located in the North Sea approximately 22.5km from the Scottish coast, Moray West is being developed by OceanWinds (a 50:50 joint venture between EDPR Renewables and ENGIE), with a small minority stake held by UAB Ignitis Renewables.

The project is the first offshore wind farm in the UK to enter into corporate power purchase agreements for the sale of the majority of its generated power. Comprised of 60 wind turbines generating 14.7 MW each, the project will provide electricity to up to 1.33m households and save 1.1m tonnes of CO2 per annum, with an operational life of 25 years. The project is set to be generating full power by 2025.

Middle East and Africa

Middle East and Africa Central Asian Deal of the Year, Syrdarya 2

Led by Chris Down, Nicky Davies, Charles Whitney

Norton Rose Fulbright advised the winning consortium, comprising EDF (Électricité de France), Nebras Power, Sojitz Corporation and Kyuden International Corporation, on its development and financing of the 1500 MW gas fired IPP in Uzbekistan. The work included the evaluation of project documents, negotiation with the GOU, drafting and negotiation of the EPC contract and LTSA with the gas turbine manufacturer and financing of the project.

Middle East and Africa Sustainable Deal of the Year, Wave

Led by Angela Croker and Nicholas Kramer

Norton Rose Fulbright advised a consortium of financiers comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank, Gulf Investment Bank, Natixis and Warba Bank, on their circa US$2.2bn investment in a new independent water treatment (IWP) and transportation system project in Abu Dhabi (Project Wave), procured by ADNOC. The new IWP and transportation system will replace the current aquifer water injection systems across ADNOC’s onshore operations and will utilise seawater as an additional source for enhanced oil recovery-based injection into the fields, enhancing energy efficiency by up to 30 percent.

Middle East and Africa Deal of the Year, Infinity/Lekela

Led by James Collis, Jason Moss, Chris Down, Stephen Rigby, Jackie Midlane, Madhavi Gosavi

The Norton Rose Fulbright team advised Infinity Power in connection with its acquisition of the entire shareholding of Lekela Power (Lekela), an Africa-based wind power platform, from a consortium led by Actis and Mainstream funds. Lekela currently operates 1 gigawatt (GW) of wind power projects in South Africa, Egypt and Senegal, and has a 1.8 GW project pipeline, which are in various stages of development. This acquisition makes Infinity Power Africa's largest pure play renewable power company.

Middle East and Africa PPP Deal of the Year, Al Wakrah

Led by Paul Mansouri, Nicholas Kramer

Norton Rose Fulbright acted for the consortium comprising Metito, Gulf Investment Corporation and Al Attiyah Motors & Trading Company in connection with the Al Wakrah and Al Wukair STP PPP project. The project, which comprises a US$720m 150,000 m3/day sewage treatment plant and associated Kharamaa facilities, with an option to expand, is Qatar’s first sewage treatment PPP project, and is part of Qatar’s 2030 vision to streamline water consumption.

Asia

Asia Pacific Indian Deal of the Year, Serentica Renewables

Led by Stephen Begley

Norton Rose Fulbright advised a group of six lenders on the financing to Serentica Renewables India 4 Private Limited for the 200 MW round the clock project (wind and solar) in Rajasthan and Maharashtra, India.