Milbank LLP is pleased to announce that the project financing of Northvolt AB’s car battery manufacturing project, in which Milbank advised the second lien lenders, was awarded “Deal of The Year – Energy Europe” at the inaugural IJGlobal ESG Awards 2021. IJGlobal announced the winners at a special gala dinner held at BAFTA in London on October 21, 2021.
The IJGlobal ESG Awards launched this year to recognize achievements on deals that contribute to the advancement of environmental, social and governance issues across the infrastructure and energy sectors in all regions around the world. “The Deal of the Year – Energy Europe” award is given to a transaction that is significant on the ESG front within the European market and sets a new standard in the space for similar deals.
Milbank acted for the second lien lenders in the $3 billion project financing for the construction of Northvolt AB’s car battery manufacturing project in Skellefteå, Sweden. In addition to being Europe’s largest lithium-ion battery plant, it is also one of Sweden’s biggest industrial projects in decades.
The plant will initially provide 16 GWh of cell manufacturing capacity and will eventually reach a 32 GW capacity. The project brings Europe a step closer to becoming self-sustaining in electric vehicle battery production and towards environmental sustainability overall.
The London-based Milbank team for the Europe Energy Deal of the Year was led by partner John Dewar and associate Suzanne Szczetnikowicz with support from partner Mattias Eisen and associate Yi Ming Chan.
“We are honored to have received another accolade for our work tied to Northvolt’s car battery project,” said Mr. Dewar. “Milbank continues to advise clients on some of the most prominent energy investments across the globe as the world becomes more ESG conscious.”
The project was also recently recognized by IJGlobal as “European Battery Storage Deal of the Year” and “European Export Finance Deal of the Year.” Project Finance International also awarded the deal “Europe Industrial Deal of the Year,” and Proximo named it the “Europe Emerging Energy Deal of the Year.”
