PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.

Organizations and individuals have been recognized in 32 separate categories, covering the best project sponsors, mandated lead arrangers, investment banks, law firms and institutional investors, as chosen by industry participants.

In addition, individual deals are singled out for special recognition across six categories, covering project finance and mergers and acquisitions in North America and Latin America.

Dozens of industry professionals including finance officials at leading developers, private equity executives, heads of project finance, attorneys and investment bankers determined the results in a poll run by PFR earlier this year.

“I have never seen such a strong response to our poll,” said Richard Metcalf, editor of PFR. “The winners should be extremely proud of the industry recognition that these awards represent.”

Click below to jump to a section:
PART I: SPONSOR AWARDS
PART II: MLA AWARDS
PART III: INVESTMENT BANK AWARDS
PART IV: INVESTOR AWARDS
PART V: LAW FIRM AWARDS
PART VI: DEALS OF THE YEAR 
Scroll down to see the winners:


PART I: SPONSOR AWARDS

North America Project Finance Borrower of the Year
Brookfield

North America Sponsor Finance Official of the Year
Paul Cutler, NextEra Energy

Latin America Project Finance Borrower of the Year
Zuma Energía

Latin America Sponsor Finance Official of the Year
Mario Fernandez, Macquarie Capital

Private Equity Sponsor of the Year
Capital Dynamics

Best Buyer of Power Assets in 2017
Capital Dynamics


PART II: MANDATED LEAD ARRANGER AWARDS

Americas Mandated Lead Arranger of the Year
MUFG

North America Mandated Lead Arranger of the Year
BNP Paribas

North America Project Finance Banker of the Year
Nuno Andrade, Santander

Latin America Mandated Lead Arranger of the Year
Natixis

Latin America Project Finance Banker of the Year
Ivan Oliveros, SMBC
and
Joana Pascual, IIC
(tie)

Renewables Mandated Lead Arranger of the Year
Santander

Conventional Power Mandated Lead Arranger of the Year
BNP Paribas


PART III: INVESTMENT BANK AWARDS

Americas Investment Bank of the Year
Goldman Sachs

U.S. Investment Bank of the Year
Morgan Stanley

U.S. Investment Banker of the Year
Chris Pih, Bank of America Merrill Lynch

LatAm Investment Bank of the Year
Citi

Canada Investment Bank of the Year
RBC Capital Markets

Renewables Investment Bank of the Year
Bank of America Merrill Lynch

M&A Advisory Firm of the Year
Credit Suisse

Project Finance Advisory Firm of the Year
Crédit Agricole

Tax Equity Advisory Firm of the Year
CohnReznick Capital

Project Bond Bookrunner of the Year
RBC Capital Markets

Restructuring Firm of the Year
Carl Marks


PART IV: INVESTOR AWARDS

Tax Equity Investor of the Year
U.S. Bank

Institutional Investor of the Year
BlackRock


PART V: LAW FIRM AWARDS

U.S. Law Firm of the Year
Milbank

U.S. Attorney of the Year
Jeff Greenberg, Latham & Watkins

Latin America Law Firm of the Year
Shearman & Sterling

Latin America Attorney of the Year
Horacio de Uriarte, Mijares Angoitia

Canada Law Firm of the Year
Torys

Canada Attorney of the Year
Scott Kraag, Torys


PART VI: DEALS OF THE YEAR


 North America M&A Deal of the Year
AES Corp. & AIMCo — Acquisition of sPower

AES Corp. and Alberta Investment Management Corp. acquired sPower from Fir Tree Partnersin a $1.58 billion deal in July paying $853 million in cash and $724 million in non-recourse debt. sPower owns a 1,274 MW portfolio of operational or under construction solar and wind assets in 11 U.S. states and a 10 GW-plus development pipeline in 21 states, as well as a 30 MW of solar generation in the U.K.

Sell-side financial advisers: Barclays (lead), CitiCohnReznick Capital and Marathon Capital

Buy-side financial adviser (buyers): Credit Suisse

Legal adviser (buyers): Skadden, Arps, Slate, Meagher & Flom

North America Renewables Project Finance Deal of the Year
sPower — Wind and Solar Portfolio Private Placement

The $421 million private placement was backed by 39 of sPower’s solar facilities and two wind farms and grouped into nine existing tax equity funds, making it one of the more complex project finance transactions to have been placed with institutional investors.

Lead placement agent: Citi

Co-placement agents: Credit AgricoleKeyBancRabobankSG Americas Securities and Wells Fargo

Joint-lead arrangers: Rabobank and Wells Fargo

Financial adviser: CohnReznick Capital

Legal advisers: Skadden, Arps, Slate, Meagher & Flom (placement agents' counsel)

North America Conventional Power Project Finance Deal of the Year
Starwood Energy — Compass Generation

Starwood Energy Group Global got more for less by plundering a hot term loan B market to refinance its Compass Power Generation gas-fired portfolio. By combining its 840 MW Marcus Hook facility with its Marco DM portfolio—the 173 MW Dighton and the 206 MW Milford facilities it had recently acquired from Dynegy—and refinancing all three assets together, Starwood was able to fund a $150 million dividend. Alongside the holdco term loan B, letter of credit facilities were issued at the level of Marcus Hook OpCo Cornerstone, which significantly reduced the cost of the letters of credit without impacting execution of the term loan B.

Sponsor: Starwood Energy Group Global

Lead Arrangers: MUFGMorgan Stanley

Latin America M&A Deal of the Year
Actis — Acquisition of SunEdison Assets

Actis Capital bought SunEdison's 578 MW operational portfolio and 1 GW project pipeline in early 2017 for $525 million as part of the Missouri-based renewables developer's high profile restructuring. The London-based emerging markets investor retained SunEdison's Latin America team and renamed the business Atlas Renewable Energy.

Financial advisers: Rothschild & Co. (seller)

Legal advisers: Clifford Chance (buyer), Skadden, Arps, Slate, Meagher & Flom (seller)

Latin America Renewables Project Finance Deal of the Year
Invenergy — Campo Palomas

Invenergy refinanced its 70 MW Campo Palomas wind project in Uruguay on August 2 with a $136 million 19.5-year amortizing private placement that was certified as a green bond by DNV-GL. The capital markets offering, which was structured as a B bond alongside a $4.4 million A tranche provided by the Inter-American Investment Corp., was oversubscribed. The deal was the first of its kind in Uruguay and the second to involve the IIC.

Sponsor: Invenergy

Placement agent: DNB

Legal advisers: White & Case (sponsor), Clifford Chance (IIC)

Latin America Conventional Project Finance Deal of the Year
Macquarie Capital and Techint — Norte III

Macquarie Capital and Techint Engineering & Construction put a $675 million mini-perm and $41 million letter of credit in place to finance the 907 MW Norte III combined-cycle gas-fired project in Ciudad Juárez, Mexico. The project secured a 25-year power purchase agreement with the Federal Electricity Commission and secured bridge financing in 2015, but complications arose when its sponsor Abengoa filed for bankruptcy in Spain later the same year. The bridge lenders hired New York advisory firm Carl Marks in to lead on the restructuring and find new owners. The new owners deemed a speedy financial close essential to get the 40% completed project finished.

Sponsors: Macquarie Capital and Techint Engineering & Construction

Coordinating leads: Natixis and Sumitomo Mitsui Banking Corp.

Lenders: BancomextCrédit AgricoleExport Development CanadaGE Energy Financial ServicesIntesa SanpaoloKorean Development BankKfW and Norinchukin Bank

Legal advisers: Milbank, Gonzalez Calvillo (sponsors), Paul Hastings, Mijares (lenders), Clifford Chance (bridge lenders)

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