Four project finance transactions handled in 2017 by Milbank LLP were honored at Project Finance International’s PFI annual awards ceremony in February in London.
PFI cited projects advised on by Milbank in Latin America and Asia across industry sectors including oil & gas and power generation.
Dan Bartfeld, practice group leader of the firm’s Global Project, Energy and Infrastructure Finance Group, said: “We are honored that Project Finance International has once again recognized Milbank for our lead role providing legal advice for some of the most groundbreaking energy and infrastructure transactions around the world. We view these awards as a tremendous recognition of our team of outstanding attorneys in our global network, as well as the trust our clients place in us to work on their most important and complicated transactions.”
Milbank advised on the following four projects recognized by Project Finance International PFI:
Latin American Power Deal – Continuing its leading role in power generation deal work in Mexico, Milbank advised Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, on the acquisition, development and financing of the landmark 907 MW Norte III power plant. Described by PFI as “Latin America’s premiere power project financing this year,” the project will provide electricity to over 500,000 houses and will be one of the largest combined-cycle power plants in Mexico.
Latin American Deal – Milbank advised in connection with Stoneway Capital Corporation’s financing of a combined-cycle power plant in Buenos Aires.
Latin American Renewable Deal – Highlighting the firm’s strong reputation for working on innovative renewable energy financings, PFI stated that “the maturation of renewable power project finance in Latin America was encapsulated by Aela Energía’s deal backing a portfolio of construction-ready and operating projects in Chile.” Milbank advised the international lenders in the financing of Aela Energía’s Aurora project (129 MW) and Sarco project (170 MW). Both projects will be completed in the second half of 2018 and together will provide power to the equivalent of 460,000 households.
Asia Pacific Renewable Deal – Milbank advised a group of international banks as lead arrangers in a major power, energy and natural resources transaction that involved the multi-billion dollar acquisition of certain geothermal assets by the Star Energy Geothermal consortium. The assets, sold by affiliates of Chevron Corp., have a combined capacity of 650 megawatts – enough to power about 3 million homes in Indonesia. PFI described the transaction as “one of the largest cross-border financings into Indonesia on a commercial basis,” and highlighted the rarity of deals featuring a mix of international and domestic banks in countries such as Indonesia.
Milbank has one of the largest dedicated project, energy and infrastructure groups in the world with over 110 dedicated lawyers in its offices in the Americas, Europe and Asia. In 2017, the firm advised on more than 50 project, energy and infrastructure transactions globally with capital costs in excess of $35 billion.
