December 23, 2020

PFI Names Six Milbank Transactions as Deals of the Year


Further solidifying its position as a leading project finance advisor globally, Milbank LLP advised on six transactions recognized by Project Finance International (PFI) as 2020 “Deals of the Year.”

The recognitions were published in the annual PFI Yearbook and the Awards Roll of Honour on December 18, 2020.

PFI recognized projects worked on by Milbank attorneys across industry sectors, including conventional power, infrastructure and renewable energy, in the Americas, Asia and Europe.

Dan Bartfeld, practice group leader of the firm’s Global Project, Energy and Infrastructure Finance Group, noted: “We are honored to have our work continually recognized by PFI. The awards highlight first-of-their-kind and innovative transactions across the globe, truly capturing the depth and breadth of our team’s efforts on the deals. We have built a leading practice supporting our clients on these unique projects and are pleased to have this commitment to excellence acknowledged by a leading publication.”

Milbank transactions were honored in the following categories:

  • Latin America Power Deal of the Year – Glenfarne/EnfraGen’s Debt and Bond Financing: Milbank advised the initial purchasers and lenders in connection with a bank/bond financing by EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., valued at $1.76 billion.
  • Americas Transport Deal of the Year – Pamplona–Cucuta Toll Road: Milbank LLP represented the lenders in connection with the financing for the Pamplona-Cúcuta 4G Toll Road project in Colombia. The project is being developed by Union Vial Río Pamplonita S.A.S., as the project company, and Sacyr Concesiones, as sponsor.
  • North America Deal of the Year – Highlander Solar: Milbank represented the lenders in connection with the Highlander Solar Project, a 485MW utility scale solar project located in Spotsylvania County, Virginia. Once completed, the project is expected to be the largest solar PV project in the Eastern US.
  • US Power Deal of the Year – CPV Three Rivers: Milbank represented the financing parties in the $875 million financing of the CPV Three Rivers Energy Center, a gas-fired combined cycle power generation facility in northeastern Illinois, located in PJM. The transaction featured a bank tranche, fixed rate tranche and a 4(a)(2) private placement tranche.
  • Asia-Pacific Bond Deal of the Year – Star Energy Geothermal Salak and Darajat: Milbank advised the joint bookrunners in connection with Star Energy Geothermal Darajat II Limited and Star Energy Geothermal Salak Ltd.'s issuance of $320 million 3.25% guaranteed senior secured notes due 2029 and $790 million 4.85% guaranteed senior secured notes due 2038.
  • Europe Industrial Deal of the Year – Northvolt AB’s Car Battery Manufacturing Project: 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.

Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor on a wide variety of power, energy, oil/gas, natural resources and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital.