In the latest recognition of its market-leading energy, infrastructure and project finance capabilities, Milbank LLP was honored as “Global Legal Adviser of the Year,” “Latin America International Legal Adviser of the Year” and “North America Legal Adviser of the Year – Energy” at the IJGlobal Awards 2020. In addition, Milbank received 19 “Deal of the Year” awards for the firm’s work advising on transactions in North America, Latin America, Europe, Africa and Asia.
The IJGlobal Awards recognize the best-in-class energy and infrastructure firms and transactions from around the world over the past year. This award cycle was particularly competitive, with an “unprecedented” response compared to previous years. Winners were selected for their exceptional performance in 2020 based on input from the publication and peer firms in each sector and region.
“These accolades highlight our position as the leading energy and infrastructure adviser globally,” said Dan Bartfeld, practice group leader of the firm’s Global Project, Energy and Infrastructure Finance Group. “We are proud to have once again advised on some of the most groundbreaking transactions in the global energy and infrastructure market, despite the year’s challenging circumstances, and we appreciate this additional vote of confidence from both our clients and our peer groups.”
Milbank transactions were honored in the following categories:
- North America Renewables Solar deal of the year – Highlander: 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.
- North America Renewables Onshore Wind deal of the year – Western Spirit: Milbank advised the tax equity investors in connection with the $1.76 billion financing for the Western Spirit wind and portfolio project in New Mexico.
- North America Refinancing Renewables deal of the year – Project Arcadia: Milbank represented HSBC, RBC, SMBC and Natixis in connection with a US$475 million bridge loan financing supporting the acquisition of a portfolio of 320MW of distributed generation renewable energy assets by TerraForm from AltaGas.
- North America Power deal of the year (US) – CPV Three Rivers Energy Center: 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.
- North America Water deal of the year – San Antonio Water Vista Ridge P3 Refinancing: Milbank acted as counsel to the bank lenders and hedge providers in connection with the refinancing of the Vista Ridge project, one of the largest public-private partnerships in the water sector and a landmark transaction for the United States P3 market.
- North America Oil & Gas deal of the year (US) – Whistler Gas Pipeline: Milbank represented the lenders and investors in connection with the $1.754 billion hybrid bank-bond financing for the Whistler Pipeline, a 446-mile natural gas pipeline in Texas.
- LATAM Refinancing Renewables deal of the year – INTI: Milbank represented the lenders in connection with the $225 million refinancing of the Moquegua, Panamericana Solar and Tacna Solar photovoltaic projects, located in Peru and sponsored by Solarpack and Ardian.
- LATAM Renewables Wind deal of the year – UEP Penonome II, SA: Milbank advised InterEnergy in a landmark first-time issuer Rule 144A green project bond financing by its portfolio wind and solar power generation companies UEP Penonomé S.A. as issuer, and Tecnisol I, S.A., Tecnisol II, S.A., Tecnisol III, S.A. and Tecnisol IV, S.A. as guarantors.
- LATAM Power Transmission deal of the year – Alupar Transmission Line: Milbank advised the lenders in connection with the financing for the 39.8-mile (125km), 500 kV Nueva Esperanza-La Virginia transmission line, as well as the Nueva Esperanza and La Virginia substations.
- LATAM Power deal of the year – EnfraGen Refinancing: 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.
- LATAM Refinancing Transport deal of the year – Project Alma: Milbank represented the sponsors in connection with the refinancing for Alto Magdalena, the first operational 4G toll road in Colombia.
- LATAM Transport M&A deal of the year – Alto Magdalena toll road refinancing: Milbank represented the sponsors in connection with the refinancing for Alto Magdalena, the first operational 4G toll road in Colombia.
- LATAM Transport Airport deal of the year – Lima Airport: Milbank represented BBVA, KfW, Scotia and SMBC as lenders in the $450 million financing to Lima Airport Partners (“LAP”) for the expansion of the Jorge Chávez International Airport, located in Lima, Peru.
- European Battery Storage deal of the year – Northvolt: 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.
- European Export Finance deal of the year – Northvolt: 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.
- African Mining deal of the year – Tasiast Gold Mine Financing: Milbank advised International Finance Corporation (a member of the World Bank Group), Export Development Canada and the commercial banks (ING and Societe Generale) in connection with the $300 million project financing for the Kinross-sponsored Tasiast Gold Mine located in Mauritania.
- APAC Editor’s choice as the best deal in the region – Clifford Capital's corporate restructuring and ADB's investment: Milbank advised The Asian Development Bank in connection with a $95 million investment in Clifford Capital Holdings, a specialist financing and distribution platform for infrastructure and other real assets globally.
- APAC Refinancing Geothermal deal of the year – Gunung Salak-Darajat Geothermal Plant Portfolio (550MW) Refinancing 2020: Milbank advised Credit Suisse, DBS Bank, Deutsche Bank and Barclays as joint bookrunners in connection with the dual-tranche issuance of US$1.1 billion in senior secured green bonds co-issued by subsidiaries of PT Barito Pacific Tbk that are operated by Indonesia’s largest geothermal producer Star Energy Geothermal Group.
- APAC Power deal of the year – Java 9 (1GW) and Java 10 (1GW) Power Plants: Milbank advised the lenders in connection with the financing of the 2,000MW Jawa 9+10 power project in Suralaya, Indonesia which is being developed by PT Indo Raya Tenaga, a special purpose project company.
“We are proud to be recognized as the go-to international law firm for innovative transactions in the Asia-Pacific region, many of them first-of-their-kind in their respective markets,” said David Zemans, Managing Partner of Milbank’s Singapore office and Asia Practice. “Our talented team of attorneys continue to deliver exceptional work on our clients’ most complex matters, and this recognition is a testament to the strength, diversity and seamless collaboration within the practice.”
John Dewar, a Global Project, Energy & Infrastructure partner and member of the firm’s London office, added: “We have seen tremendous interest in large-scale energy and infrastructure investments in Europe and markets around the world. We look forward to continuing to guide our clients as they push the frontiers of project financing and the energy transition.”
Last year, Milbank received ten “Deal of the Year” awards and was named the “Latin America Legal Advisor of the Year” by IJGlobal.
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.
