Milbank LLP was recognised for its role on the $1.6 billion financing of car battery project Northvolt in the Project Finance Deal of the Year category at IFLR Europe Awards 2021.
IFLR Europe noted that the project comprised a first-of-a-kind financing for a new industry and new technology with bespoke project financing documentation, security and other structuring considerations and aspects. The financing had to accommodate the project’s unique risk profile and use a highly bespoke set of intercreditor arrangements to hold together senior lenders and senior and second lien facilities. Milbank was praised for its work advising the second lien lenders.
IFLR is the market-leading financial law publication in Europe, the US and Asia, connecting the global financial community through interactive, debate style events and exclusive awards dinners recognising today's leading individuals and firms in financial law.
The Milbank team for the Northvolt project was led by Project, Energy & Infrastructure Finance partner John Dewar, and associate Suzanne Szczetnikowicz with support from associate Yi Ming Chan in London. The team was further supported by partners Thomas Ingenhoven and Mathias Eisen with associates Odilo Wallner and Sebastian Trompler in Frankfurt and partner Jaime Ramirez in New York.
