Rachel Croft

Primary Focus & Experience

Rachel represents sponsors, borrowers, lenders, export credit agencies and other parties in all aspects of project development and finance, particularly in the energy sector.

She provides clients with a global perspective on large-scale energy and infrastructure project financings, with a particular focus on the energy transition (including battery gigafactories, green metals, alternative fuels, hydrogen and green cement). She draws on significant experience with financing projects in sectors including digital infrastructure (including data centre development and financing), oil & gas (incl. liquefied natural gas (LNG)), renewable energy, energy infrastructure and energy storage. Her experience also includes advising on global shipping matters including vessel (including LNG carrier vessels, Floating Storage and Regasification Units (FSRUs) and cruise ships) financings and related development matters.

A selection of Rachel’s experience includes representing:

• Stegra in connection with the development and financing of its hydrogen and green-steel manufacturing facility in Sweden.
• The sponsor in connection with the development and financing of a green metals facility in Europe.
• The sponsor in connection with the development and financing of a green cement project in South America.
• The sponsor in connection with the financing of an offshore wind project in Europe.
• The sponsor in connection with the financing of a carbon capture, transportation and storage project in Europe.
• The sponsor in connection with the financing of the development of a solar project in the Middle East.
• The sponsor in connection with the financing of an LNG bunkering project in the Middle East.
• Novo Energy AB (a joint venture of Northvolt and Volvo Cars) in connection with the development and financing of an up to 30 GWh/yr lithium battery gigafactory in Sweden.
• FREYR in connection with the development and financing of a battery gigafactory in Norway.
• Energy Capital Partners on the acquisition, financing and subsequent sale of a number of power plants in the UK.*
• The initial purchasers on several secured and unsecured offerings by Viking Cruises.*
• GM Holdings in the US$980 million concurrent bank and bond project finance transaction for a portfolio of existing and new-build conventional and renewable electricity generation assets in Chile, awarded Americas Power Deal of the Year at Project Finance International (PFI) Awards 2021.*
• The sponsors on the acquisition and financing of four power plants with a combined 750MW of flexible generation capacity in Chile.*
• The sponsors in connection with the financing of the development and construction of a gas-fired power generation facility and related LNG regasification and import terminal in Chile, incorporating an FSRU.*
• CKPC in connection with the construction of its large petrochemical facility in Canada, which earned IJGlobal’s 2020 North American Petrochemicals Deal of the Year.*
• Nakilat Holdco L.L.C. (a joint venture between Teekay LNG Partners L.P. and Qatar Gas Transport Company Limited) on the refinancing of an existing US$450 million finance facility.
• Maran Nakilat Co. Ltd. on multiple financing arrangements for its fleet of LNG vessels – including a US$662.44 million Shari’ah compliant refinancing of three existing facilities and the acquisition and financing of two new vessels; a US$669 million refinancing of two existing facilities and the acquisition and financing of two new vessels and a US$807.44 million Shari’ah compliant refinancing of an existing facility and the acquisition and financing of one new vessel.
• DnB NOR Bank ASA and Crédit Agricole Corporate & Investment Bank as lead arrangers and agents in connection with the US$1.8 billion financing of four ultra-deep-water drill ships, to be owned by subsidiaries of Pacific Drilling Limited.*
• Eight export credit agencies from Japan, Australia, Korea, France, Germany, and the Netherlands, and a syndicate of 33 commercial lenders, on a US$20 billion project financing of the Ichthys liquefied natural gas (LNG) project in Australia sponsored by Inpex Corporation and TotalEnergies. This transaction was named Global Deal of the Year by Project Finance magazine, Asia-Pacific Deal of the Year by Project Finance International (PFI), Project Finance Deal of the Year by Asia-MENA Counsel, and Trade Finance Deal of the Year by Trade Finance.*

Recognition & Accomplishments

Rachel received her Bachelors in Jurisprudence from the University of Oxford. Prior to joining Milbank in 2022, she was a counsel in the London office of a leading US law firm.

She regularly writes on the rapidly evolving energy industry, including commentary on financing as part of the energy transition for the Journal of International Banking Law & Regulation. More recently, Rachel contributed to “Financing Options in the Oil and Gas Industry,” published in Practical Law, which explored the structures, financing options and risks typically associated with the oil and gas industry. Rachel also authored the chapter on ‘Ancillary Finance Documentation’ in the fourth edition of “International Project Finance Law and Practice”, published by Oxford University Press, 2025.

All deals marked * were completed at prior firms.